Reply
Established Member
angiebabe24
Posts: 11
Registered: ‎08-25-2009
0

Orchard Bank/HSBC

I applied for the HSBC American Dreamcard featured on this site under the credit card finder and I was declined. Is it safe to say that since HSBC declined me for this card I shouldnt apply for an orchard card?
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Orchard Bank/HSBC

Not necessarily. Follow the process found here:

 

http://www.orchardbank.com/ecare/homepage/ourappprocess

 

to see if they have a pre-app for you. If they do you can then decide whether you want to app for it or not.

Frequent Contributor
Underh20
Posts: 322
Registered: ‎11-15-2008
0

Re: Orchard Bank/HSBC


creditwherecreditisdue wrote:

Not necessarily. Follow the process found here:

 

http://www.orchardbank.com/ecare/homepage/ourappprocess

 

to see if they have a pre-app for you. If they do you can then decide whether you want to app for it or not.


 

Not sure about with Orchard, but with HSBC that pre-app tool can sometimes suck.  I've seen where it indicates qualification for a certain card, and then the app is declined for a long list of reasons.  Personally I think they shouldn't be able to do that.
Contributor
Missy_Bell
Posts: 98
Registered: ‎08-09-2007
0

Re: Orchard Bank/HSBC

[ Edited ]

Hi, I applied for an Orchard card with them on 9/23/09. I was offered a $500 limit, $59 annual fee, and 16.99 interest rate. These were terms that were hard to take but I swallowed them because I am rebuilding after all and considered a risk. However, today when I received the card, I read the fine print and saw that it was $500 limit, $69 annual fee, and 19.99 interest rate. I called them up and asked why they did a switch on me and some guy who could barely speak English said they are raising ALL of their interest rates effective 9.30.09, after I applied. If I wanted the card, I had to accept it on their terms because it was "based on my credit". Not sure what happened in those 7 days which forced them to charge me an extra $10 on annual fee and 3% on interest rate....I can't see anything other than greed. 

 

I have read differing opinions on this board that this is a card that may/may not grow with you, so I was willing to take the chance because I am going to keep the balance low and pay it off quickly so I didn't want to quibble on an interest rate that won't really apply.

 

Just beware!

 

Best wishes. 

Message Edited by Missy_Bell on 10-02-2009 04:47 PM

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+