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Orchard Bank/HSBC sale to Capital One

Established Contributor

Re: Orchard Bank/HSBC sale to Capital One

I'm wondering, if and when it does go through, will Cap1 still report it as an HSBC account on credit reports or will they report it as another Cap1 account...it would probably be better for HSBC cardholders for it to remain as a seperate account.

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Message 11 of 20
Established Member

Re: Orchard Bank/HSBC sale to Capital One

Im unsure what to do. I have the HSBC card as a rebuilder card since a bankruptcy in 2008. I also was recently given a Capital one(not sure which one) credit card with a higher APR and a higher limit. Both are paid in full but I will not need two capital one cards. Im also guessing that capital one will increase my APR on my orchard once it migrates over anyhow. Im not sure if I should just close it now as a PIF or hang on to it. Its only a 300 dollar card so not much can even be done on the card. Any ideas? Thank you..stephanie

 

ps my scores are not what you see below..its in the 630's!

Capital one Car loan
Kohls( 400)
NFCU Cash Rewards 7500k
Rooms to Go(3k)

Zero CC debt:-)

Message 12 of 20
Super Contributor

Re: Orchard Bank/HSBC sale to Capital One

I have two cap ones and one HSBC (BBRZMC with $300CL).

 

Wonder how cap one will deal with that. They might just cancel one card.

 

 




Message 13 of 20
Senior Contributor

Re: Orchard Bank/HSBC sale to Capital One


CS800 wrote:

I have two cap ones and one HSBC (BBRZMC with $300CL).

 

Wonder how cap one will deal with that. They might just cancel one card.

 

 



You should not have an issue, I have 2 Capital One Rewards Cards and 1 Sony Rewards Cards, and they are all under capital one account

Message 14 of 20
Senior Contributor

Re: Orchard Bank/HSBC sale to Capital One


stephanieL wrote:

Im unsure what to do. I have the HSBC card as a rebuilder card since a bankruptcy in 2008. I also was recently given a Capital one(not sure which one) credit card with a higher APR and a higher limit. Both are paid in full but I will not need two capital one cards. Im also guessing that capital one will increase my APR on my orchard once it migrates over anyhow. Im not sure if I should just close it now as a PIF or hang on to it. Its only a 300 dollar card so not much can even be done on the card. Any ideas? Thank you..stephanie

 

ps my scores are not what you see below..its in the 630's!


My 2 major cards are Capital One and Household.  I plan to wait and see what happens, before making any decision.   I don't see any reason to close the card based on a guess.  

Message 15 of 20
Valued Contributor

Re: Orchard Bank/HSBC sale to Capital One

I wonder if Best Buy will resume the agreement with CapitalOne or seek a new lender? Never been in a situation where a co-branded card is up for sale to a new lender. I assume Cap1 would just convert RZMC into some rewards card.

Message 16 of 20
Contributor

Re: Orchard Bank/HSBC sale to Capital One

Now is the time to Dispute any negative HSBC accounts if they don't belong on your credit file...Files might get lost

in the transfer getting you a deletion due to HSBC not responding in the time needed.

 

Hey you never know Smiley Wink

Message 17 of 20
Senior Contributor

Re: Orchard Bank/HSBC sale to Capital One


mxp114 wrote:

I wonder if Best Buy will resume the agreement with CapitalOne or seek a new lender? Never been in a situation where a co-branded card is up for sale to a new lender. I assume Cap1 would just convert RZMC into some rewards card.



Don't be so sure, when they took the Sony card over from Chase they kept it a Sony card

http://ficoforums.myfico.com/t5/Credit-Cards/Chase-Sony-card-transition-to-Capital-One/td-p/954820

Message 18 of 20
Valued Contributor

Re: Orchard Bank/HSBC sale to Capital One

Thanks for info, I had no idea that an entire portfolio could be moved and the new bank would simply accept all of the accts. So what happens if you wanted to stay with Chase? Were you forced over to CapitalOne?

Message 19 of 20
Established Member

Re: Orchard Bank/HSBC sale to Capital One

I agree I would keep the card if it had a higher credit available. With three hundred dollars after having it for 3 years its really hard to make any major purchases. I went ahead and closed it , leaving me with just  Capital one, target, khols a car loan and a furniture loan. Thanks for the response:-)

Capital one Car loan
Kohls( 400)
NFCU Cash Rewards 7500k
Rooms to Go(3k)

Zero CC debt:-)

Message 20 of 20