04-20-2011 08:29 PM
I got a letter from this place telling me I was "pre-selected" for their card. They gave this website. I looked at the fine print and it appears to be from HSBC, but I'm still nervous. also, can anyone tell me if I have any chance of being approved IF this is a legit offer and IF I apply?
My credit score is 714. I'm a college student, my income isn't high. I have only one line of credit, Paypal's buyer credit... used up $300 of my $800 balance but I have never been late. I also am a co-signer on someone else's car, a decision I regret although it has perfect payment history, because it makes me look like I have way more credit extended than I can afford even though I don't have anything to do with the car
I would like to have a proper credit card, because Paypal buyer credit is neither MasterCard nor Visa, but I don't want a wasted inquiry on my record.
04-20-2011 08:38 PM
Yes, it's HSBC.
You can apply and may be approved for something like a $300 limit.
You can also go to Household Bank's or Orchard Bank's main page and they offer a "soft inquiry" pre-approval. It's a decent starter/rebuilder card, particularly if they keep the annual fee at $39 or $49 as opposed to the higher fee they sometimes require (I've read). You will not get frequent CLIs with either of these cards. They don't respond well to requests for CLIs either (they usually just say they don't offer them).
Have you considered Chase Freedom? I've heard of some low-limit "starter" approvals on that card. Amex Zync (maybe?)
Your utilization approaching 50% won't help. May improve your prospects if you paid that down below 10% first.
04-20-2011 11:51 PM
Thank you. I have a couple inquiries on my record that will be over a year old in the fall so maybe I will wait until then and apply for a student-focused credit card somewhere. I was pleased to at least get this offer as it shows my credit is on the right track, doesn't it? I got this and a pre-approval for First Premier, but after reading around I discover how bad First Premier is and shredded it. I've never gotten any other offers because until recently I had some negatives on my credit report. I got them all removed, though. Unfortunately the inquiries were from before I knew I had the negatives, and I wish I could take those back