06-14-2010 04:18 PM
For those looking to rebuild credit, and interested in a Orchard Bank or HSBC secured card, get ready to wait a good month of so before you get any reply back. The online application process tells you to fill out the application, print it, and mail it with your minimum of $200 deposit. Seems pretty easy enough. I sent my a app and deposit off on May 16th.
Today, I get a letter from HSBC. In the letter, they say they cannot process my application because they need a photo ID, and a couple of more forms I need to fill out. Great. Fine. I will fill out and sign the forms and return them. But it would of been nice to know that when I mailed my application and deposit. Anyways, just a warning to anyone interested in the card, be prepared for a good ole month before getting a reply, and probably another couple of more weeks after that to get the card. I recently got my Cap One secured and IIRC, it took about two or two and a half weeks to get the card. Cap One also sent me a letter saying they recieved my application and will be sending my card soon during the process.
I guess I shouldnt complain, I am needing their services to rebuild my credit. I wish I wouldve known though, I wouldve probably went for a secured card through Citi, but I think they take quite some time as well. Maybe the next stop will be a secured card through BoA. Also, during the wait time, I checked the online app status on HSBC's website with nothing there to see. Even called CSR and they told me it will 30-45 days. I sent a postal money order so I didnt know if they cashed it yet. I'll update once or even if I get the card. Sending off the additional required paperwork off tonight.
06-14-2010 06:53 PM
It took me 2 rounds of paperwork, a trip to local branch, follow up phone calls. I got my card in about 5 months.
The form has a incorrect PO box on it and the deposit check could not be located, so I had to make the deposit at the branch. A few months after I got my card, I got the original check back and a letter asking me to reapply,
I did not let it bother me and I like the card.
Hope you have better luck.
06-30-2010 06:47 AM
6/29: Got a call from a rep at HSBC. She left me a voicemail to call her back since I couldnt answer the call.
6/30: Called the rep back. She just needed to verify my work number since I listed my cell number as my work number on the app. She thought it might be because I work from home. I told her that was correct, I do work from home and that will be the best number to reach me. She told me that was basically all she needed to know, thanked me for calling her back, and stated she will go ahead continue to open my account.
I'll update once I get the card in the mail. Been kind of watching the mail for the card for the last couple of weeks. Was a bit concerned when I got the call yesterday, but it was just to verify some info.
06-30-2010 07:15 AM
Thanks for the info! I sent in an application with a $1,000 check last week. I'd read from someone else on here that it took them about 6 weeks, so I'll just put it on the back burner of my mind for now.
06-30-2010 10:28 AM - edited 06-30-2010 03:08 PM
Yeah, it wouldve been probably best for me to app for it and forget about it too. I was looking forward to actually checking the mail the last few weeks to see if the card has arrived and always come up disappointed. The Cap one secured card is my first credit card in about 6 or 7 years now. Im started to get excited to have credit cards again. But this time I learned my mistakes from the past, and have gained alot of knowledge from lurking on this forum. I'll behave and be more responsible with these new cards.
06-30-2010 12:20 PM
Congrats with your new cards !
06-30-2010 01:50 PM
It's funny how I took for granted the cards I used to have. I was looking through my credit report and sighed wistfully at the days of $4k CLs.
I got a $500 unsecured from CapOne last month and felt like I was officially getting back on my feet. I sent off for the $1k secured Orchard and plan on just sitting tight for awhile while I continue to DV/PFD/GW the heck out of the stuff on my credit report!
07-06-2010 04:24 PM
My highest limit was on a single CC was about $2,500. I started with my first CC when I was 18, and got into alot of trouble with them by the time I was 22 or so. I also just totally gave up on the credit game and figured if I waited years, then my accounts would just fall off my credit report. But of course it caught up to me when I was looking to buy a vehicle and will come up again when I look to buy a home in a few more years. So here I am, I lurk on this forum almost daily and hope to get my credit clean and my score up. Looks like we are in the same situation, but you seem to be ahead of me since you're able to be approved for an unsecured card.
Anyways, here is another update from HSBC. Got a letter in the mail today from the rep I spoke to last week. The letter states my account is opened, it listed my savings account routing and also the account number. Also stated I will receive my new Orchard secured CC in the mail anywhere from 10-14 days from the date of my account opening which is going to be June 30th. So it seems I should have the new card possibly by the end of the week or early next week. Once I get it, I will keep it away from my wallet and remember to use it once a month for gas and then PIF. It will get the same kind of action my CapOne secured is getting now.
07-06-2010 05:02 PM
You weren't kidding about the waiting game. I mailed my stuff off two weeks ago - no communication, no cashed check, nada. Sigh. Patience is a virtue with these people.
I hear you on the credit thing. I botched my credit about a year, year and a half ago. I got scared off, and didn't touch anything. (Read: lived without a credit card for that amount of time which was SCARY) I figured I would be better off just keeping my head down, and my score didn't do a damn thing. I applied for that CapOne offer, and saw a nice little score bump. Too funny that the thing I was avoiding was the thing that would have helped me a bit.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.