Orchard Bank/HSBC

[Anonymous]

 I have no idea why HSBC/Orchard is sending me a bunch of so called Pre-Qualified offers in the mail, it doesn't make sense, can't the see my report and score on their soft pulls? It's in the 400's last time I checked. Doesn't make any sense to me. They have sent 6 offers to me in the last week with pre-qualified codes.

  Anyway a few weeks I tried one, it did not say approved or denied, it just said we need to review your application.

 About 4 days later, the status was changed from Your application is under review, you will be hearing from us in 10-14 days to Your application is under review, we are unable to finalize your application, you will be hearing from us in 10-14 days.

  About a week ago I got a letter from HSBC card services that said to supply residential address so I wrote the address down and sent it back but the status still remains the same.

  Has anyone been denied after getting a status of "We are unable to finalize your application" ??

       Or has the account technically (but not officially) been approved since they use the word Finalize?

           I know that when a lender wants to finalize a loan application, that means you got the loan in most cases.  I am not sure about HSBC though.

           I'd wish they would say yes or no.

             Seriously, they shoudn't be mailing me the offers with my score and a LOT of recent baddies, unless HSBC lowered their requirements greatly, which doesn't make sense when even ugly First Premiere raised theres a bit.

              Thanks.

[st3v3n]

I been hearing this from a lot of people, who post the same situation.

It seems like Orchard Bank just want your application fee....I'm quite surprise because I have a credit card with them.

[Anonymous]

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@st3v3n wrote:

I been hearing this from a lot of people, who post the same situation.

It seems like Orchard Bank just want your application fee....I'm quite surprise because I have a credit card with them.

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    Interesting, I was never informed of an application fee, the mailed offer and online application never mentioned an app fee but that may be coming in the next letter. Who knows.

[Wolf3]

I went through 2 rounds of paperwork with them, and I eventually got my secured card. You can not predict outcome, but patience may pay off.

[Anonymous]

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@Wolf3 wrote:

I went through 2 rounds of paperwork with them, and I eventually got my secured card. You can not predict outcome, but patience may pay off.

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     Maybe they will end up offering me a secured, but the offers they are mailing me are for unsecured cards. It doesn't make any sense to me:

  Here is an excerpt:

      With your great credit score, you have earned this offer and have pre-qualified on an unsecured

 Platinum Mastercard with 0% APR on purchases until 2011.

    My EQ score (Plus/FAKO) is 380 and has been at 400 or below for a while.

             Now they are acting like FP was before the new laws took effect (They would send me about two offers a week back then but Orchard/HSBC is sending about three a week now)

   I don't get it, when they do a pre-screen to send out pre-qualifications, don't they see the whole credit report when they soft pull it for marketing purposes??

        Either that, or most of their regular customers left and they are trying to make up for it by getting back into the sub-prime market (just kidding LOL!)

        LEE

[ludawg23]

I recently got an offer from them

On the outside of the letter, it said "Don't thank us, you've EARNED this"

APR = 28.99% lol no thank you

My score is around 680-690

[Anonymous]

  I still don't understand them, I got tired of waiting so I called CS to check and they just told me to wait for mail, I tried to explain that I already sent the reply back.

 Anyway, I was expecting to be told "NO!" due to 400+ CS and  a few very recent baddies (30-60 days) [This is also why I was wondering why the keep sending me those Pre-Qualified offers with a horrible CS like that???]

 Anyway, I called the backdoor number to HSBC application status (stickied in this forum) and was told that I was actually approved a day or so ago for an unsecured card no processing fee and a $300 limit, she didn't know the annual fee yet but she spoke English. (LOL!)

   Don't know if it will be the same terms as the original offer I was invited to (0% APR on purchases and low APR on BT's (if allowed). Probably not.

  She also offered the same advice as mentioned elesehwere in these forums for a better chance at a CLI in the future:

 Run a balance but keep it low (Example, you owe $75.00 pay about $70.00)

 Keep the utilization down low

 Always pay on time and more than the minimum if not almost PIF.

  Evidently it looks like they have lowered their requirements for some reason while others are raising them.

      I didn't mention my CS unless they did another hard and realized they goofed. LOL!!

        I'll see what happens if and when I get the card, probably got the $79 annual fee but who knows??

           Still it makes me wonder if they are losing some of their main prime customers and are trying to make up for it by going back to the almost subprime market?

        BTW, on a side note, does anyone here actually know the Moneygram Biller ID for Orchard Bank/HSBC, there are about 20-30 different biller codes on Moneygram's site for them. (HSBC)

          I don't usually use them, I usually use Amscot's Bill-Pay Service (costs $2.00 and posts in 2-3 days and is considered guaranteed funds)

  Lee

[armymom]

Congratulations on being approved!  My cs were about where yours are when Orchard gave me a chance.  Just pay on time and in full if possible.  In time you'll be able to move on to greener pastures.

[Anonymous]

Congrats! 

That is around where I was as well when I apped them. They started me at $300 with a $69 AF and 3 years later I'm at $1100. They were the stepping stone I needed (along with Cap1) to start rebuilding my credit. In the past 8 months I've been able to get a $2K Nordstrom card (increased to $5K several months ago) and a $2800 Barclay/Apple card. If they won't waive the AF this year I'll likely drop them because they've served their purpose. 

Between using that card and my Cap1 responsibly,  getting some collections off with PFD, and letting some old stuff fall off, I've gone from a very low CS (high 300's-very low 400's) to high 600's. 

Good luck! 

[Anonymous]

My Son received the same offer from Orchard.  Looks like the terms are 19.99% V interest rate, $49 annual fee and $19 fee due upon application.  He has pretty bad credit and only has one other Bank One card with a $200 limit.  But he was approved after they verified his phone number.  He was approved for $300.00 limit.  His credit scores are in the 500's.  Just thought I would through that out in case anybody was interested.