topic Re: pre-approved for Orchard & HSBC, Capital One? in Credit Cards

pre-approved for Orchard & HSBC, Capital One?

Anonymous — Sat, 02 Jan 2010 20:30:26 GMT

pre-approved on Orchard & HSBC, Orchard Gold & HSBC Platinum Mastercard, are these good to have? I also tried Capital One but they only suggested that i apply for their reg Capital One card. Does that mean I wouldn't get approved for it?

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Sun, 03 Jan 2010 08:47:53 GMT

@mnegron1969 wrote:
pre-approved on Orchard & HSBC, Orchard Gold & HSBC Platinum Mastercard, are these good to have? I also tried Capital One but they only suggested that i apply for their reg Capital One card. Does that mean I wouldn't get approved for it?

It depends on what your credit is like.

Orchard will virtually never grow with you and some HSBC cards won't either. You need to realize that just because your Orchard / HSBC site says you're pre-approved, there is still a considerable chance they will decline you once you actually submit your application. It all depends on what your credit is like.

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Sun, 03 Jan 2010 22:32:56 GMT

@Anonymous wrote:
@mnegron1969 wrote:
pre-approved on Orchard & HSBC, Orchard Gold & HSBC Platinum Mastercard, are these good to have? I also tried Capital One but they only suggested that i apply for their reg Capital One card. Does that mean I wouldn't get approved for it?
It depends on what your credit is like.

Orchard will virtually never grow with you and some HSBC cards won't either. You need to realize that just because your Orchard / HSBC site says you're pre-approved, there is still a considerable chance they will decline you once you actually submit your application. It all depends on what your credit is like.

Hi mnegron1969,:

The orchard cards, I have 2, have been very good rebuilders for me. The on line pay site is very straight forward and the one time I had a problem with a service charge, they were very nice about helping me get it rectified. Nothing bad to say about Orchard.

No experience with Cap One.

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Mon, 04 Jan 2010 00:54:53 GMT

Thanks for the replies. I wasn't sure about Orchard or HSBC. Right now i have limited credit but good credit if that makes sense. I have a mortgage, installment loan, Walmart card, a closed credit card from 2007, this is on TU & EQ. EX has the above plus 3 paid collections & 1 unpaid medical collection. I can't afford anymore inquiry hits so I was checking on pre-approval sites. Capital One just suggests I apply for the regular card there are no offers for me at this time so I'm scared to apply and get denied. I joined a CU but was denied for their Visa too. I was shocked when I got approved for Walmart I had to call in and answer some questions but was approved for $300. I was trying to get a major bank card. I have always paid cash and have fixed my credit to the point I qualified for a home purchase a yr ago this month. I want to build up my score. I have 718-TU, 678-EQ, & 624-EX. These are actual scores.

Message Edited by mnegron1969 on 01-03-2010 07:53 PM

Message Edited by mnegron1969 on 01-03-2010 07:54 PM

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Mon, 04 Jan 2010 01:33:04 GMT

@mnegron1969 wrote:
Thanks for the replies. I wasn't sure about Orchard or HSBC. Right now i have limited credit but good credit if that makes sense. I have a mortgage, installment loan, Walmart card, a closed credit card from 2007, this is on TU & EQ. EX has the above plus 3 paid collections & 1 unpaid medical collection. I can't afford anymore inquiry hits so I was checking on pre-approval sites. Capital One just suggests I apply for the regular card there are no offers for me at this time so I'm scared to apply and get denied. I joined a CU but was denied for their Visa too. I was shocked when I got approved for Walmart I had to call in and answer some questions but was approved for $300. I was trying to get a major bank card. I have always paid cash and have fixed my credit to the point I qualified for a home purchase a yr ago this month. I want to build up my score. I have 718-TU, 678-EQ, & 624-EX. These are actual scores.
Message Edited by mnegron1969 on 01-03-2010 07:53 PM
Message Edited by mnegron1969 on 01-03-2010 07:54 PM

Both Orchard and Cap 1 are major bank cards. Either one should fit the bill. As it has been mentioned, Orchard will not grow the way other cards will, but if you are just looking to build positive history it will do the job. I run my cell phone bill through mine each month and pay it off when it hits the account. The card just sits quietly in my sock drawer and builds good payment history.

Cheers

Message Edited by charliebrown1370 on 01-03-2010 05:33 PM

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Mon, 04 Jan 2010 02:05:38 GMT

mnegron1969 wrote:
Thanks for the replies. I wasn't sure about Orchard or HSBC. Right now i have limited credit but good credit if that makes sense. I have a mortgage, installment loan, Walmart card, a closed credit card from 2007, this is on TU & EQ. EX has the above plus 3 paid collections & 1 unpaid medical collection. I can't afford anymore inquiry hits so I was checking on pre-approval sites. Capital One just suggests I apply for the regular card there are no offers for me at this time so I'm scared to apply and get denied. I joined a CU but was denied for their Visa too. I was shocked when I got approved for Walmart I had to call in and answer some questions but was approved for $300. I was trying to get a major bank card. I have always paid cash and have fixed my credit to the point I qualified for a home purchase a yr ago this month. I want to build up my score. I have 718-TU, 678-EQ, & 624-EX. These are actual scores.

You have a thin credit file, plus unresolved and resolved baddies on EX. If you feel you need a CC at this time choose one of the cards you mentioned and then continue to resolve your unpaid collection. Unresolved baddies can be a definite credit show stopper.

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Mon, 04 Jan 2010 02:09:25 GMT

@mnegron1969 wrote:
Thanks for the replies. I wasn't sure about Orchard or HSBC. Right now i have limited credit but good credit if that makes sense. I have a mortgage, installment loan, Walmart card, a closed credit card from 2007, this is on TU & EQ. EX has the above plus 3 paid collections & 1 unpaid medical collection. I can't afford anymore inquiry hits so I was checking on pre-approval sites. Capital One just suggests I apply for the regular card there are no offers for me at this time so I'm scared to apply and get denied. I joined a CU but was denied for their Visa too. I was shocked when I got approved for Walmart I had to call in and answer some questions but was approved for $300. I was trying to get a major bank card. I have always paid cash and have fixed my credit to the point I qualified for a home purchase a yr ago this month. I want to build up my score. I have 718-TU, 678-EQ, & 624-EX. These are actual scores.
Message Edited by mnegron1969 on 01-03-2010 07:53 PM
Message Edited by mnegron1969 on 01-03-2010 07:54 PM

When you say that you are pre-approved for HSBC / Orchard, I'd imagine you are talking about their website pre-approval tool. If that is the case, when you actually accept the pre-approval they will pull your credit report and you will have one more inquiry. If you apply for CrapOne, you will likely find three new inquiries -- one from each credit bureau. On the positive side, the chances of HSBC / Orchard actually going through and approving you are great. With CrapOne it is a toss up.

Although HSBC / Orchard are decent secured cards even though they will likely never grow, there are better ones out there. One of the best secured cards around are from Navy Federal Credit Union, but their membership field is restricted. You might look into Citibank or Bank of America secured cards as they will generally unsecure within 9 to 18 months.

Regarding your scores, are you sure you have an EX FICO of 624? The reason I ask is that EX no longer furnished consumers with their FICO score.

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Mon, 04 Jan 2010 02:11:58 GMT

@Anonymous wrote:
mnegron1969 wrote:
Thanks for the replies. I wasn't sure about Orchard or HSBC. Right now i have limited credit but good credit if that makes sense. I have a mortgage, installment loan, Walmart card, a closed credit card from 2007, this is on TU & EQ. EX has the above plus 3 paid collections & 1 unpaid medical collection. I can't afford anymore inquiry hits so I was checking on pre-approval sites. Capital One just suggests I apply for the regular card there are no offers for me at this time so I'm scared to apply and get denied. I joined a CU but was denied for their Visa too. I was shocked when I got approved for Walmart I had to call in and answer some questions but was approved for $300. I was trying to get a major bank card. I have always paid cash and have fixed my credit to the point I qualified for a home purchase a yr ago this month. I want to build up my score. I have 718-TU, 678-EQ, & 624-EX. These are actual scores.
You have a thin credit file, plus unresolved and resolved baddies on EX. If you feel you need a CC at this time choose one of the cards you mentioned and then continue to resolve your unpaid collection. Unresolved baddies can be a definite credit show stopper.

Exceptional advice!

While a secured card helps you rebuild, without taking care of the baddies you really aren't going to improve much. Many prime lenders wouldn't approve you even if your FICO was 800+ so long as there are baddies still showing unresolved.

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Mon, 04 Jan 2010 18:01:12 GMT

ok, so should I apply with Orchard or get a secured card? I have one unpaid medical and I don't even know who with. I would have to contact the collection agency and see who it is and then write the original creditor a letter to see if they will take a cut on payment its over $350 and I can't afford that right now. To the person who asked about my EX score of 624, yes it is the actual score. I have a friend who works for a lender and I had her pull my credit scores to see where I stood. I will forget about Capital One. I'm looking into my bank, I have a friend there too, whom I've delt with for over 10 yrs to see if I would have a chance at qualifying for a VISA if not they have a secured card as well. Maybe I can start there.

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Tue, 05 Jan 2010 01:31:06 GMT

@mnegron1969 wrote:
ok, so should I apply with Orchard or get a secured card? I have one unpaid medical and I don't even know who with. I would have to contact the collection agency and see who it is and then write the original creditor a letter to see if they will take a cut on payment its over $350 and I can't afford that right now. To the person who asked about my EX score of 624, yes it is the actual score. I have a friend who works for a lender and I had her pull my credit scores to see where I stood. I will forget about Capital One. I'm looking into my bank, I have a friend there too, whom I've delt with for over 10 yrs to see if I would have a chance at qualifying for a VISA if not they have a secured card as well. Maybe I can start there.

I could be wrong, but I think both will equally help you.

Without wanting to waste an inquiry, you might try for the card you feel least likely to get declined for.

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Tue, 05 Jan 2010 04:23:26 GMT

I got my Orchard and HSBC at the same time. I applied for Orchard and they automatically sent me both cards.CI got auto clis from Orchard.

HSBC does not grow with you at all

Cap One has been the best.

This was post BK.

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Tue, 05 Jan 2010 05:40:00 GMT

Orchard is HSBC. So is HHB.

Re: pre-approved for Orchard & HSBC, Capital One?

Anonymous — Tue, 05 Jan 2010 07:47:49 GMT

They sent me both cards. Orchard & HSBC at the same time. Orchard was a better card.

[Edited; please be respectful of others in your posts. - Lel]

Message Edited by Lel on 01-04-2010 11:47 PM