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smismar
Posts: 6
Registered: ‎01-14-2009
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If I cancel my Orchard Bank card will I be able to get an HSBC card?

A few months ago, I got an Orchard Bank card. I then tried to sign up for an HSBC card and got denied because of my Orchard Bank card. My husband has worse credit than me and got an HSBC card with rewards and a lower annual fee.
Established Contributor
jbh
Posts: 763
Registered: ‎07-04-2008
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Re: If I cancel my Orchard Bank card will I be able to get an HSBC card?

Bumping this for you. Seeking the same answer.
Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008
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Re: If I cancel my Orchard Bank card will I be able to get an HSBC card?

I would like to know this as well.. if no one knows i might have to be the guinnea pig and try it.
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Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007
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Re: If I cancel my Orchard Bank card will I be able to get an HSBC card?

I think whoever is in this situation should call the backdoor number and ask
Contributor
andytisk
Posts: 78
Registered: ‎12-27-2008

Re: If I cancel my Orchard Bank card will I be able to get an HSBC card?

I tried this a while back and here is what i got from a credit analyst and then his manager. With HSBC if you have two of their products, you cannot have anymore. So if you have a Orchard card and Best Buy card, that is two HSBC products. This means you cannot have anymore. Also if you were to cancel one to apply for another, they have another stipulation. You can only be approved ONCE every 12-18 months for a new product. So if you got any, or applied for any HSBC credit products within the last year I would not suggest applying as it will only be a hard inquiry, and they can't do anything about it (at least this is what I was told by 3 CSRs, 2 credit specialists, and 1 manager, I was pissed because it was a hard pull after being pre-apporved by them, and then a denial and they didnt take off the hard pull :smileysad:  ) Hope this helps.
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Creditaddict
Posts: 21,553
Registered: ‎10-23-2007
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Re: If I cancel my Orchard Bank card will I be able to get an HSBC card?

2 products is wrong.

 

my friend has Best Buy, Saks, Neiman Marcus.

 

I think the 2 products only counts for 1 HSBC credit card and 1 Orchard Credit Card 

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
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Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008
0

Re: If I cancel my Orchard Bank card will I be able to get an HSBC card?

Ok guess I will keep the orchard open another year.. then look into getting an HSBC card and dropping orchard.
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Established Contributor
203bravo
Posts: 736
Registered: ‎08-25-2008
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Re: If I cancel my Orchard Bank card will I be able to get an HSBC card?

They will give you products as long as you meet their underscoring guiedlines.  All lenders that I'm aware of don't want to issue 2 new accounts at the same time (think of as they are doubling their risk)

 

If you have a good enough credit score, wait a few months and re apply.  I really do like the idea of calling and asking for a different product.  But remember that it may have different guidelines as well.

 

As far as the store branded cards (bestbuy, target, etc) keep in mind that the stores bear some the risk of these cards as well and set some of the risk guidelines for the issuance.

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Creditaddict
Posts: 21,553
Registered: ‎10-23-2007

Re: If I cancel my Orchard Bank card will I be able to get an HSBC card?


203bravo wrote:

They will give you products as long as you meet their underscoring guiedlines.  All lenders that I'm aware of don't want to issue 2 new accounts at the same time (think of as they are doubling their risk)

 

If you have a good enough credit score, wait a few months and re apply.  I really do like the idea of calling and asking for a different product.  But remember that it may have different guidelines as well.

 

As far as the store branded cards (bestbuy, target, etc) keep in mind that the stores bear some the risk of these cards as well and set some of the risk guidelines for the issuance.


how would the store be taking any risk if they don't manage the account themselves.
bestbuy is a HSBC card... HSBC issues it and takes the risk
Target is different because they have there own bank and back there own cards.
but store that don't have there own banks don't have anything to do with the credit card. 

 

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
65 Cards and Counting :smileytongue:
Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008

Re: If I cancel my Orchard Bank card will I be able to get an HSBC card?

Ok, you are speaking very broadly about lenders and nothing you wrote pertains to HSBC.  And doubling the risk... WHAT??  If you find me worthy of lets say, $1000 credit, and you give me one card at $500 and another at $500, the risk is the same because IM THE SAME PERSON!  And of course even if that odd logic worked, you are still more often doubling your profit.

 

You say if your score is good, wait a month and apply again.. If you read above you would see that that wouldnt work.  And your store branded card info made no sence. 

 

 

 


203bravo wrote:

They will give you products as long as you meet their underscoring guiedlines.  All lenders that I'm aware of don't want to issue 2 new accounts at the same time (think of as they are doubling their risk)

 

If you have a good enough credit score, wait a few months and re apply.  I really do like the idea of calling and asking for a different product.  But remember that it may have different guidelines as well.

 

As far as the store branded cards (bestbuy, target, etc) keep in mind that the stores bear some the risk of these cards as well and set some of the risk guidelines for the issuance.


 

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