HSBC Declined

[cadavis0609]

Hsbc declined me for 2% cashback mastercard because I have opened an Orchard within the last 18 months, after I finally got ahold of someone that could do something about it, I asked him if I could pay the balance off and close the orchard card and then call back and be approved for this one. He told me I stand a very good chance as long as I do it within 60 days because my credit was approved but that little disqualifier stopped it. Anybody ever done anything like this? I'm afraid of closing orchard and then not being approved and not having the cashback card either. Any suggestions?

Edit: Forgot to add that the cashback card has a higher limit too.

Message Edited by cadavis0609 on 09-29-2008 11:57 AM

[goodgirl-badcredit]

Hello i just wanted to ask if you have another HSBC backed card. Because I just applied for the 2% cash back card and on the paperwork it states that you can only have  a maximum of 2 HSBC cards

[cadavis0609]

Yes, orchard is backed by HSBC. Its their sub-prime branch.Thats why I'm considering closing it for the cashback card.

[goodgirl-badcredit]

Sorry I meant to say 2 existing HSBC accounts. According to their policy you can have 2 HSBC cards.

[TangMeister]

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@cadavis0609 wrote:

Yes, orchard is backed by HSBC. Its their sub-prime branch.Thats why I'm considering closing it for the cashback card.

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I believe what the prior poster was asking is, do you currently have TWO HSBC backed cards (which includes Orchard Bank cards and some store charge cards)? They have a maximium limit of 2 cards, so you should have been allowed one more if Orchard is your only HSBC CC.

Edit: They asked again just as I was asking. Sorry for the double clarification.

Message Edited by TangMeister on 09-29-2008 12:23 PM

[cadavis0609]

No, I only have the one HSBC account.

[FretlessMayhem]

As far as the maximum accounts go, I know that Orchard counts, and I'm pretty sure the Direct Rewards Discover counts also.

Their software apparently checks open accounts after it checks your credit, so you're still stuck with a hard pull.

[first48]

I applied for the Orchard Bank Card first and was approved and told me I would receive my card in 10 to 14 days.  A few days later I applied for the HSBC and was approved and was told the same thing.  When I looked back on Orchard I was declined because I was approved for the HSBC.  I don't know what their credit mechanisms are but they are definitely weird. I also have a Best Buy and a Direct Rewards.

[cadavis0609]

Anyone think I'm going to damage my scores by paying off and closing orchard and opening an HSBC with a CL that is 200 higher than my orchard. Orchard is only 5 months old so age really isn't gonna matter?

[Anonymous]

I have four HSBC cards.  The first one I got is an Orchard.  I got the last one about two months ago.