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New Member
dondino
Posts: 6
Registered: ‎10-07-2010
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Orchard Bank/HSBC sale to Capital One

I'm in an interesting delimma, hopefully someone can give me some advice.

 

Years ago, I was out of work for a period of time and went into default with a few credit cards, including Capital One which is now showing as a charge off on my credit report.  Right now, 4 years later, I'm rebuilding my credit and went the way of applying for an Orchard Band card, for which I was apporoved with a $320 credit limit.  I'm holding onto the card just for rebuilding my credit.

 

My question is, can Capital One "come after me" in any way now that they own (or soon will) all HSBC accounts, which includes my Orchard Bank card?

 

Thanks in advance,

Don

Frequent Contributor
stanggt03
Posts: 437
Registered: ‎05-21-2011
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Re: Orchard Bank/HSBC sale to Capital One

No, they will not. They probably would give you a new card if you were to apply. They may not be everyone's favorite CCC, but they're certainly one of the most forgiving.


Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


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Senior Contributor
john398
Posts: 3,517
Registered: ‎01-19-2009
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Re: Orchard Bank/HSBC sale to Capital One

+1000

 

Had a charge off with capital  one now have 3 cards with them

Regular Contributor
poet
Posts: 161
Registered: ‎06-17-2007
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Re: Orchard Bank/HSBC sale to Capital One

[ Edited ]

I have an Orchard Bank MC ($500 with recently-raised limit of 29.9%!) and a CapOne MC that's my "main" card ($1500 at 17.9 purchases/24.9 cash). My CapOne was as low as 11.99% right before they changed the terms under the new credit laws.

 

My dilemma is whether it's smart to pay down or pay off the Orchard Bank card. I suspect CapOne would like me to run a balance, but I got burned when HSBC and IKEA parted ways right after I'd PIF'd. (They lowered my credit limit before closing it--and even claimed I paid late, which I'm disputing like mad).

 

I decided to pay Orchard down to 1% UTIL and sockdrawer it. My next step is to throw more money at Wal-Mart (9.16.81 at 29.9%) and wean myself off of it. It is a nice juicy limit. With half the CapOne balance at 24.9% for a cash advance while traveling (complicated), I'd like to hack that down ASAP. Finally, I have Macy's (686.82 at 24.5%). My original plan was to pay everything off all at once, which is my tendency, but I want and need to put some money into other things (a long-delayed house repair, one month's pay cushion while I build an emergency fund), and this seems the best way to progress on all fronts.

 

Anyone have any insights about how or whether to ask CapOne to add my old limit to my existing CapOne card? Once everything is back in order, I want to go on a massive rate-lowering campaign across the board--mortgage, car, credit cards, everything--so this is the motivation for paying down the cards AND keeping them under 15% UTIL from this day forward, with the possible exception of work travel because my limit's so tiny.

 

Along those lines, I also wonder when would be the best time to call CapOne's back door and ask very nicely for a grownup's limit. As I move into heavier business travel on my own card (job-hunting and presentations), I'd like to be able to put an entire trip's expenses on one card if need be. Sometimes I can, but not without bumping up against the existing limit.


Starting Score: 550
Current Score: 673 EQ, 681 TU, 650 EX
Goal Score: 720

Update April 1: TU 615/EQ624
Update June 28: TU 641/EQ 626
Update Sept 21: TU 681, EQ 673, EX 650 (FAKO)
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Creditaddict
Posts: 20,046
Registered: ‎10-23-2007
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Re: Orchard Bank/HSBC sale to Capital One


poet wrote:

 

Along those lines, I also wonder when would be the best time to call CapOne's back door and ask very nicely for a grownup's limit. As I move into heavier business travel on my own card (job-hunting and presentations), I'd like to be able to put an entire trip's expenses on one card if need be. Sometimes I can, but not without bumping up against the existing limit.



HEHE, that's funny.... Cap1 has not really been doing customer initiated CLI. and it's probably going to be almost a year before we see Cap1 fully take over HSBC cards and send replacements ETC.  As far as your interest rates, I don't think Cap1 or HSBC are known for doing anything about that... you just need to pay off, get credit better and apply for better cards like Citi, Amex... Etc.

 

and to the original post, Cap1 once charged off, they will a lot of times issue a new $300 rebuidler card... run pre-approval... don't apply if you don't get pre-approved though!

Fico Scores: EQ 673 DCU, TU 678 Wally, EX 669 Chase(08-31-14)
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: Express $300
Over 45 Cards in between :smileytongue:
Regular Contributor
poet
Posts: 161
Registered: ‎06-17-2007
0

Re: Orchard Bank/HSBC sale to Capital One

Apparently, some people were getting CapOne CLIs without even asking for them:

 

http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Initiated-CLI/m-p/930646/highlight/true#M26...

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Capital-One-CLI/m-p/974804/highlight/true#M14...

 

I'd settle for a rewards card at my current interest rate. :smileyhappy:

 


Starting Score: 550
Current Score: 673 EQ, 681 TU, 650 EX
Goal Score: 720

Update April 1: TU 615/EQ624
Update June 28: TU 641/EQ 626
Update Sept 21: TU 681, EQ 673, EX 650 (FAKO)
I FINALLY got that car at the rate I wanted! Thanks, FICO Forums!

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Epic Contributor
Creditaddict
Posts: 20,046
Registered: ‎10-23-2007
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Re: Orchard Bank/HSBC sale to Capital One


poet wrote:

Apparently, some people were getting CapOne CLIs without even asking for them:

 

http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Initiated-CLI/m-p/930646/highlight/true#M26...

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Capital-One-CLI/m-p/974804/highlight/true#M14...

 

I'd settle for a rewards card at my current interest rate. :smileyhappy:

 


This is true but seems about as random as getting a CLI from Target... My friend still has his $500 9 year old Cap 1 card, 768 Fico and Citi at $7200, Amex at $4600 (brand new), and Bloomingdales.

Fico Scores: EQ 673 DCU, TU 678 Wally, EX 669 Chase(08-31-14)
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: Express $300
Over 45 Cards in between :smileytongue:
Frequent Contributor
snowangel
Posts: 291
Registered: ‎07-29-2011
0

Re: Orchard Bank/HSBC sale to Capital One

I know they were telling customers that they could not initiate a CLI request but after I called in solely to express my disappointment with them thus far (I went on and on for a good 10 minutes.)  the rep put in a request for a CLI at my request.  It was denied immediately.  I'm not sure if they did it or if  she knew the request would not go through (my account was less than a month old at that point).  I did receive a letter from them though explaining the denial:

 

Recently you contacted us about increasing your credit limit. We're writing to let you know that,
unfortunately, we were not able to approve the increase for the following reasons:
  Your Capital One account is too new
  Credit bureau information is missing or unavailable
  A credit limit increase on your account is not currently available upon request
In accordance with our policy, our associates have little power to reverse this decision. Although we
were unable to fulfill your request at this time, Capital One may periodically conduct account reviews
and increase the credit lines of those who qualify. If your line is increased after a Capital One initiated
review, we will notify you separately.
We regret any inconvenience and look forward to continuing to serve you. Thanks for being a Capital
One® customer.



EQ: 662 | TU: 682 | EX Plus: 764
SL baddies fall off between Jan '13 - Oct '14
Regular Contributor
Iincognito
Posts: 181
Registered: ‎04-21-2010
0

Re: Orchard Bank/HSBC sale to Capital One


snowangel wrote:

I know they were telling customers that they could not initiate a CLI request but after I called in solely to express my disappointment with them thus far (I went on and on for a good 10 minutes.)  the rep put in a request for a CLI at my request.  It was denied immediately.  I'm not sure if they did it or if  she knew the request would not go through (my account was less than a month old at that point).  I did receive a letter from them though explaining the denial:

 

Recently you contacted us about increasing your credit limit. We're writing to let you know that,
unfortunately, we were not able to approve the increase for the following reasons:
  Your Capital One account is too new
  Credit bureau information is missing or unavailable
  A credit limit increase on your account is not currently available upon request
In accordance with our policy, our associates have little power to reverse this decision. Although we
were unable to fulfill your request at this time, Capital One may periodically conduct account reviews
and increase the credit lines of those who qualify. If your line is increased after a Capital One initiated
review, we will notify you separately.
We regret any inconvenience and look forward to continuing to serve you. Thanks for being a Capital
One® customer.


heh, this is why I closed my accounts with them and never looked back. Unfortunately, I have two HSBC cards, so I fear that I will once again have to deal with them and end up closing another two cards.

 

Current Scores (as of 04/22/13): EQ FICO=795; TU FICO =766; EX =763

BankAmericard Cash Rewards ($20,000) | Amex Platinum (NPSL) | Amex Clear ($20,000) | Amex Blue Cash ($2,500) | Chase Freedom ($11,000) | PenFed Platinum Cash Rewards ($5,000) | Barclaycard Apple ($5,000) | Discover More ($6,500) | BankAmericard Cash Rewards [Authorized User] ($15,000)
Regular Contributor
poet
Posts: 161
Registered: ‎06-17-2007
0

Re: Orchard Bank/HSBC sale to Capital One

To close or not to close... that is the question...!

 

They've been good to me, but only like a casual date, not like a marriage. I may PIF this card and close it.


Starting Score: 550
Current Score: 673 EQ, 681 TU, 650 EX
Goal Score: 720

Update April 1: TU 615/EQ624
Update June 28: TU 641/EQ 626
Update Sept 21: TU 681, EQ 673, EX 650 (FAKO)
I FINALLY got that car at the rate I wanted! Thanks, FICO Forums!

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