Combining Orchard and HSBC Card - Need Help with Possible Scenarios

[Anonymous]

Spoke to Shemar (so nice) who advised cards can be combined.  My Orchard card has a $59 AF and in the last year I have PAID a total of $35 for two CLI's totaling an additional $200 making my total CL a whopping $500. The biggest benefit to combining is saving $40 on my AF and a few percentage points on my APR. He stated I would keep my account account age (3 years) but could not confirm I would retain the total $500 upon the cards being combined. I told him my concern is I PAID for the additional increases and would hate to lose the extra spending power just so I can combine cards and lose an additional AF. Orchard felt I was only worthy of $300, but I should not have to lose the additional PAID FOR increases.

I am not sure what to do.  The Orchard card is not growing with me, whereas HSBC just gave me a $300 CLI after only one bill cycle and PIF. If I don't receive the full $500 for the combo, it will be like losing the CLI and have a negative impact on my available credit and utilization. What suggestions do any of you have? What part of the overall picture am I not looking at?

He said the process is not complete and until I sign and send in the paperwork. Not sure what the best decision is.  Thanks in advance for any input.

Edit to ask: Orchard history is 3 year. HSBC is 3 months.  Is it true that the history from Orchard will become the new history for my HSBC (3mos to 3 yrs)?

Message Edited by PurpleHaze on 05-29-2008 06:22 PM

[jaysdad2k]

I did this a couple of months ago, as recommended here.

I had an Orchard Gold from 8/06, originally at $300, but they bumped me to $500. I think they gave me one and I paid $10 for one. In May 07 they offered me another card at $300 with no interest for a year.

So, a couple of months ago I called about combining the cards.  They said they would send me the form. I sent it in, and called after about two weeks, since nothing had shown on my accounts.

Either they did it right then, or it hit that day. The CSR told me it was approved, and my new limit would be $800 total,  with the old card's history, and the newer card closed. Then I asked the ol' CLI question. He said, "Hey, it's done what you needed it to do. You've had good history with us for two years, and now you can get all those other cards. But we will only let you stay at $800."

I went to the Orchard website and all was done. I did notice my interest rate is 9.9%.

I have the Creditkeeper on it for $9.95 every month, so it is active. Another thing they do is let you pay over the minimum so I can pay 30 bucks and be at zero balance for 2 or 3 months.

I guess it did do what I needed to do. I have one less card with the total CL. And a little bit younger credit history.

[Anonymous]

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jaysdad2k wrote:

Either they did it right then, or it hit that day. The CSR told me it was approved, and my new limit would be $800 total,  with the old card's history, and the newer card closed. Then I asked the ol' CLI question. He said, "Hey, it's done what you needed it to do. You've had good history with us for two years, and now you can get all those other cards. But we will only let you stay at $800."

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        Confused about two things here: (1) you wrote the newer card was closed then at the end stated lost 1 year of history how and (2) What did they mean by will only let you stay at $800? Was he just referring to the fact that since the cards just combined you were not currently eligible for a CLI or something else?

[jaysdad2k]

The old card was from 8/06 with $500 CL, and the second was from 5/07 with $300 CL. When the two cards were combined I now have $800 total CL on a card from 8/06 but the newer card is now closed. I think this would affect the average open account age?

Does anybody have an opinion?

I won't get an updated FAKO till June 4 or 5. I'll see how it shakes out.

[jaysdad2k]

I asked for an increased CL, but they would not give it to me. They just left the CL at the combined $800.

[Anonymous]

i call hsbc to combine  a orchars and bb mc they told me they cannot do it. so i said  cancel my orchard because i do not want to pay a 29 so they waive my af.

[Anonymous]

I think the best reason for combing the same cards is the history.  It should be from the oldest date.  I did it with CAP ONE and they used oldest date.  why lose the 1 year history?

[Anonymous]

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jaysdad2k wrote:

The old card was from 8/06 with $500 CL, and the second was from 5/07 with $300 CL. When the two cards were combined I now have $800 total CL on a card from 8/06 but the newer card is now closed. I think this would affect the average open account age?

Does anybody have an opinion?

I won't get an updated FAKO till June 4 or 5. I'll see how it shakes out.

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There's no such metric as "average open account age."  There is only average age of accounts, which includes all accounts, open and closed.

Message Edited by cheddar on 05-30-2008 07:00 AM

[Anonymous]

sorry  read the date wrong.