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HSBC/Orchard Bank Limit Increases

Established Member

HSBC/Orchard Bank Limit Increases

Can anybody comment on Orchard Bank's practices regarding credit card limit increases?  I've had one of their cards with a $300 limit for 5 months and would like a limit increase for the sole purpose of boosting my FICO scores.  I know the effect would be relatively small, but every little bit helps.  Does Orchard Bank increase limits for these intro cards?  If so, when?  Is it automatic, or must you request an increase?  Is there a typical increase amount?  Thanks in advance.


Starting Score: EQ 683, TU 617, EX ?
Current Score: EQ 716, TU 785, EX ?
Goal Score: 750+


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Message 1 of 51
50 REPLIES
Established Member

Re: HSBC/Orchard Bank Limit Increases

I just received an auto CLI of $200, had the card since May.  I've never bothered to call and ask for one since I've read on this oard and others that OB basically doesn't grow with you, just use it to build and age.


Starting Score: TU 607, EQ 574, EX 656
Current Score: TU 645, EQ 603, EX ?
Goal Score: 750+


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Message 2 of 51
Moderator Emeritus

Re: HSBC/Orchard Bank Limit Increases


DrBlackBelt wrote:

would like a limit increase for the sole purpose of boosting my FICO scores.  .


Hi Dr,

 

FICO doesn't score on CL's, so a CLI will not boost your scores unless your utilization is impacted. 

If you're keeping low utilization on your current CL, a higher CL will not power up your FICO scores.

What's your current utilization at?

Just puttin' syrup on something, don't make it pancakes.
Message 3 of 51
Regular Contributor

Re: HSBC/Orchard Bank Limit Increases

I have had my Orchard card for 3 years and a few months. Still at my $300 limit that I started with. They did make it unsecured after 11 months though. I got an HSBC card almost a year ago. I asked for a CLI after about 6 months and was denied because I have a 6 year old $173 collection on my report. Other people have been reporting getting increases though. It might be because I never use those cards because they are my lowest CL and I don't really understand the rewards.

Message 4 of 51
Established Member

Re: HSBC/Orchard Bank Limit Increases

I didn't fully realize that FICO scores are independent of CL's and only dependent on utilization.  Thanks for pointing this out.  Because my current limit is only $300, my utilization varies quite a bit from month to month, although I'm not charging very much.  I expect such variability to diminish this year, however, as it will no longer be used for unexpected expenses.  I also intend to be more careful about paying it down to $0 or close to $0 at the end of each month so it will be reported at this level.  On a related note, I am planning to purchase a new car later this year.  Will CC limits impact auto loan application acceptance or terms?


Starting Score: EQ 683, TU 617, EX ?
Current Score: EQ 716, TU 785, EX ?
Goal Score: 750+


Take the FICO Fitness Challenge
Message 5 of 51
Moderator Emeritus

Re: HSBC/Orchard Bank Limit Increases


DrBlackBelt wrote:

I didn't fully realize that FICO scores are independent of CL's and only dependent on utilization.  Thanks for pointing this out.  Because my current limit is only $300, my utilization varies quite a bit from month to month, although I'm not charging very much.  I expect such variability to diminish this year, however, as it will no longer be used for unexpected expenses.  I also intend to be more careful about paying it down to $0 or close to $0 at the end of each month so it will be reported at this level.  On a related note, I am planning to purchase a new car later this year.  Will CC limits impact auto loan application acceptance or terms?


I would be surprised if they do - but you might want to post this question over in the Auto Loans forum.

 

Balances on CC will have an impact, of course, because your amount due monthly will impact your cash flow.  And they'll be pulling an auto-enhanced FICO.  So if you've behaved on previous auto loans that should be a big help.

 

And lastly, why do you want to go off and get a new car???  Here's my favorite car link Smiley Wink 

Just puttin' syrup on something, don't make it pancakes.
Message 6 of 51
Established Contributor

Re: HSBC/Orchard Bank Limit Increases

HSBC is on some b.s. right now. I've had their regular card since 03 and plat since 05. Both have $1,200 limits no CLI's since 09. Called last Oct. and was told HSBC wasn't giving CLIs to anyone at this time, it was a management decision. Weird huh?

Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Message 7 of 51
Established Contributor

Re: HSBC/Orchard Bank Limit Increases

@JonStur --  Like you, I have a so-called prime card from HSBC. I don't think they want any prime customers at all based on the way they treat us.

 

Their so-called business decision to not issue CLIs leads me to believe either:

 

 

  • HSBC has such bad management that they are unable to determine who is a good credit risk vs. who is a bad credit risk
  • HSBC is so distressed that they can't afford to extend any additional credit

 

I could be wrong, but -- if either of those reasons are correct -- they don't instill any confidence in me.

 

 

Message 8 of 51
Regular Contributor

Re: HSBC/Orchard Bank Limit Increases

Yup same thing happened to me in 2009 I asked for an increase and they didn't even attempt to pull my credit they just said they were not giving increases at this time.

 

I've had orchard since 2007 and I did get increases in the past by calling but that was in the day that they actually gave increases to customers.

Message 9 of 51
Established Member

Re: HSBC/Orchard Bank Limit Increases

I read the article you suggested via the link you provided.  Thanks.  I definitely agree with 90% of what it said; vehicle purchase habits profoundly affect your financial health.  That's why I keep my vehicles a good long time (currently own a 1997 Buick and a large 2003 SUV).  My reasons for wanting to purchase a new car versus a used one are several.  First, I'm not a "car guy" and don't know the first thing about evaluating a used car, performing my own auto repair/maintenance, etc.  Therefore, I'm willing to pay a bit more up front for the peace of mind that comes with knowing how a car's been treated and maintained.  Second, used car prices are a bit inflated these days because people are holding onto their cars longer.  Third, auto manufacturers are continuing to offer some pretty sweet financing deals on new cars, and interest rates on loans for new vehicles are generallly lower than those for used vehicles.  Last but not least, I feel that the current generation of new cars boasts some significant improvements (fuel economy, safety, technology) over the previous generation.  Do I NEED a different car at all, new or otherwise?  Strictly speaking, no, but realistically, the SUV will have to be replaced in a few years, and I definitely don't want two concurrent car payments.  Also, the auto industry is on the rebound, and it's somewhat likely that the ubiquitous low APR offers will start to dry up this year.


Starting Score: EQ 683, TU 617, EX ?
Current Score: EQ 716, TU 785, EX ?
Goal Score: 750+


Take the FICO Fitness Challenge
Message 10 of 51