New HSBC Direct Rewards Platinum Discover

[Anonymous]

Applied for discover at discover site, got this as a counter offer with a 300 credit line and a 69 af. Im a rebuilder and I am looking for something to replace my first premier card, so I didnt mind. Plus, next best thing to having a discover card and with a year or so of good payment history, might be good enough for an actual Discover. Was able to call and cancel my First Premier card, so happy, that thing had a 79.9%apr, this will be much better, and hopefully HSBC will be a little less stingy with clis..  Any experience with this card?

[Creditaddict]

you wont get any cli. you should also apply for capital one and maybe store cards... macys, GEMB backed cards, Gap, banana, ikea, old navy, dillards, etc.

you need at least 3 open accounts, but don't expect this hsbc discover to go anywhere, they are currently on a cli FREEZE

[Anonymous]

Are they still offering this card if you don't qualify for a discover card when you apply? I have heard some bad things about this card but at the same time for those of us rebuilding it is a nice consolations and thus not a complete waste of a credit inquiry. I really want the Motiva Discover card, and a Amex Zync!

[Anonymous]

Im definatly in the middle of the rebuilding stage. I went to the Discover website and did not receive a denial from denial, just an instant approval from HSBC Direct Rewards Platinum Discover and it asked me if I wanted to accept the annual fee. I have really wanted a discover card, so even if this is the next best thing, I will take it, knowing that in a year or so I can try again and hopefully get a Discover card. But Im just happy to have the discover logo for now ;-).. I have quite the credit card portfolio, just over the past 4 months and most are from GEMB, I have noticed that once GEMB starts loving on u, they dont stop! LOL I have the following, I messed my credit up from college 6 years ago and next year the last of my baddies will fall off all of the rest of my credit reports.

I had a first premier card, but the interest was 79.9% Yikes, and when I got all the other cards I decided to cancel it, they would not lower the apr or give me an increase, so bye bye..

Capital One, started at 300, increased to 500 in just 2 months in the credit steps program (I luv cap 1) 0% apr for a year, will get auto increases every 90 days

05/2010 JcPenney Instant in store approval 200 credit line

06/2010 Walmart 1200 couldnt believe it, they gave me 1200 highest credit line I have and my fav store, so perfect;-)

06/2010 Chevron/Texaco Approved instantly online 350 , also GEMB

07/2010 Direct Rewards Platinum Discover 300 AF 69  HSBC

08/2010 Best Buy RewardZone 100 (Toy Limit but nice percentage for rewards if no cli in a year, will cancel) HSBC

08/2010 Paypal Buyer Credit 500 GEMB, still even after inquires, they still love me.. hehe

So at this point I am at a credit freeze, obviously I am very lucky to get theese, well, HSBC could keep the Best buy 100 cl, but I will take it in hopes it will grow in 12 months. I just dont see how Walmart can give me 1200 but Hsbc only gives me 100? lol The last of my baddies fall off next year, so I will focus on clis with these and see what is worth keeping in 6-12 months. Im hoping to add a few more prime, at least a capital one, discover or something like that within a year and I will drop both HSBC cards for the trade.

Much luck all and hope you are doing well in the credit game..

[lajntx]

That`s AWESOME!

I have been looking to change my portfolio a bit. I just got approved the terms were 21.99% and a $69 AF

This now gives me:

C-1 Secured Mastercard ... $250 limit... I am adding $25 every payday so it should be 300 by the end of the month

Orchard Mastercard.... $300 limit

En route: HSBC Discover.

Wanting to do: Add a secured VISA from either BofA or US Bank`s Skypass and close the Orchard to give a nice round out of MC, Visa, and Disc.

[austinguy907]

You will tend to see lower limits when you're stacking up your initial accounts and starting over.  This is normal.  No one likes to be the big limit first when someone is reentering the credit arena.  Let them grow  a little bit before you go pulling the trigger again.  12 months should be good to purge all of your inquiries and build payment history with each of them.  Try to not favor 1 over another as they will all need usage to report and build your score.  Try to rotate through 1/2 of them every other month and let <10% of the CL report each month of usage and you will gain the most benefit from your efforts.  Even though you will see your score start rising you will need to resist the urge to apply for something new every couple of months. 

[lajntx]

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@lajntx wrote:

That`s AWESOME!

I have been looking to change my portfolio a bit. I just got approved the terms were 21.99% and a $69 AF

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UPDATE: Recieved card today, so it only took a week total from approval to having the card. Downside - the usual HSBC/Orchard no frills $300 limit 

Since were are near the last friday of the month, which seems to be the day Orchard/HSBC likes to use for reporting purposes, I went ahead and paid the account down to $1 to avoid any chance of encountering  the standard non reporting by this brand if the balance is 0, and to not take any additional hits points wise for having a new account AND over 30% when it does hit.