The biggest drag right now on our credit scores is high utilization. Especially my husbands, which he got into a cycle of overlimit charges, pay the minimum, the first of the month it's back overline due to the charges. ugh!
He has a very low limit Cap1 card and a slightly higher HSBC one. Any idea what it would take to increase the limits, preferably without a hard pull? We're looking to buy a house in a few months and a lower utilization would probably be the best way to bump the scores.
I have accounts with both HSBC and Cap 1. Here are my experiences:
Never a hard pull, but very small CLIs, if any. I suggest calling the backdoor # and giving it a try. You have nothing to lose. However, I wouldn't expect a large increase from them.
If you have an Orchard card, it is a soft pull and once again, very small increases here. At least for me.
If you have a standard HSBC card, it is almost ALWAYS a hard pull. They've used Equifax for me. Overall, I've learned that HSBC is stingy with CLI's.
Uncle Money's favorite bank ==> Bank of America!!
- Uncle Money
I tried using my Orchard online, just to show some activity since it has been months since I have used either that or Household....I got a message saying the card could not be verified, so tried with Household, same message.
So I called the backdoor number listed for Orchard to see if there was a problem on either card, found there was none, and most likely what I was getting was a glitch in the system on the site I was trying to order from (Zeb's General Store, my Amex worked with np). While the rep had me on the phone she said let me take a look at your history....then asked if I wanted a 500 cli on the HH and a 100 on the Orchard...both were given with a manual review in house, no pull. I was sure to ask before accepting! She told me she could not do an apr reduction right now, but to call again in a few months and I would probably have "good results". I hope those good results might be an upgrade to a higher tier HSBC.
Capital One, I have two cards, one 5 years old, one 4 years old. They are the low tier cards with the 300 to 3000 limit...the first they auto'ed to 500 in about 6 months, the second I asked for at a year, again they went to 500, and there they stay. My most recent call to them to see about cli was only two months ago, they told me to call them in 6. I have a perfect record with them, they did get a lot of utility before I had my primes....what I really want from them is to combine these limits and convert me to a no hassles reward card.
I have never been late on either, they are getting on my nerves, though they did lower my interest rate to 7.9...it had been 12.9.
HSBC's subprime cards, Orchard and Household, are the fee for increase cards. HSBC has a prime lending department, too. GM Flex and the Weekend card are examples of their prime market. As for their prime cards, I never now if they will do a soft or a hard pull as I have experienced both. If you want a CLI, be prepared for hard pull.
I have 2 Orchard cards, & have never gotten ANY kind of inquiry, whether it was an auto-CLI or at my request.
Household auto'ed me several times, started with that infamous rebuilding 300, auto'ed periodically to 1,130, then yesterday's call upped me to 1,800. I didn't have a pull or fee for the CLI given the circumstances of my having to call them.
Orchard has been stingier, 300 start with one auto to 600 then yesterday's offer upping me to 700. No pull or fee there either, but like I said, I called them to check on any problems that may have been hanging up either card processing while trying to order something online.