HSBC Orchard - How far will it grow?

[haulingthescoreup]

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beamMEup wrote:

... We'll get a CU card in six months, but that doesn't qualify as a bank card. 

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I just wanted to clear up some confusion on this. A Visa or MC from a credit union does qualify as a bank card, as opposed to a retail card, for instance.

But to the irritation of many here, CC's from credit unions and from small/ regional banks don't carry quite as much weight as those from the traditional banks. So it appears that my USAA World MC or PenFed Platinum Visa doesn't deliver quite the punch that these Orchard cards. (HSBC being a major bank.) But they do count and help.

If you don't have any other bank cards, you'll probably want to get one or two from a national bank issuer when the time comes to optimize your scoring mix. Whichever ones are still in business, that is.

[Anonymous]

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@haulingthescoreup wrote:

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@Anonymous wrote:

... We'll get a CU card in six months, but that doesn't qualify as a bank card. 

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I just wanted to clear up some confusion on this. A Visa or MC from a credit union does qualify as a bank card, as opposed to a retail card, for instance.

But to the irritation of many here, CC's from credit unions and from small/ regional banks don't carry quite as much weight as those from the traditional banks. So it appears that my USAA World MC or PenFed Platinum Visa doesn't deliver quite the punch that these Orchard cards. (HSBC being a major bank.) But they do count and help.

If you don't have any other bank cards, you'll probably want to get one or two from a national bank issuer when the time comes to optimize your scoring mix. Whichever ones are still in business, that is.

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It is frustrating!  DH has Alliant, which is a lovely card but does not count as a bank card.  CU's just don't get a fair shake here.  But it is good to know these things so when life comes at you with things like mortgages & refinancing, you can be all spiffed up and polished.  You only need one bank card.  You can locate federal banks at www.federalreserve.gov/releases/lbr/,  You'll find Discover, AmEx, and CapOne are included on the list.

 I have the HSBC (rebuilder card), which I'll probably outgrow shortly, but my goal is to get polished up so that I can have two GOOD bank cards in 2010. 

Isn't it a little disgusting (sorry!) that HSBC figures more highly in this category than Alliant????  Go figure.  But, as Hauling said, HSBC is a national (international) bank, CU's are in a different category.  Honestly, who knew?????

Message Edited by beamMEup on 08-06-2009 07:44 PM

[armymom]

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@Anonymous wrote:

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armymom wrote: Does Orchard do a soft or hard pull on CLI??  I called CS and asked if they did a hard pull.  He stated there was always a possibility when doing a CLI.  I don't want  a hard pull. 

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Me neither!

I would call the backdoor number and get a different CSR.  I've had the same conversations with 3 different CSR's and they all assure me they do a soft pull and if that doesn't work, they will only go forward to a hard pull at your request.  All 3 CSR's have been right - both DH & I haven't had a single hard pull.  (In fact we haven't even had soft pulls show up).  I'm just really clear with them and they have been really clear with me as well.  Maybe you hit a greenie CSR??? 

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Did you call the backdoor number on MyFico?  If not can you PM it to me?  I just called the one posted here, twice actually.  One CSR says yes they do a hard pull and the other said it would possible be a hard pull.   

[Anonymous]

Yep I did the backdoor listed here:  800-395-6090

[Anonymous]

Once you have a Orchard Card, from that point forward they only do a soft pull on your credit!!!

[Anonymous]

Worked!  Got a 100 increase today!  I should call again tomorrow to try again?  I'm so excited that it hapened!

[Anonymous]

Way to go!  I'm excited for you too!  Didn't you post on another thread that you'd only gotten $20 in increases in 4 years before hearing about this $100 per call thing?  So yep - call again. 

I'm glad Orchard is helping us rebuilders out - I just wish they would automatically give us the CLI when we're eligible instead of having us call in - BUT I'm more than happy to call in for every $100 CLI they're willing to give me - especially knowing that it's not a hard pull.  Happy happy joy joy.  Just remember to call in every day or so until they say there's no more CLI available for you.  Then wait six months before calling again.

Good work!!!  It's kinda like asking someone out on a date and having them say yes!  Someone really cute (like my DH - who always says yes when I ask him out on a date).

[Bird123]

Yes that was me with the 20 bucks in four years!  (Well my DH)  We definately will call again tomorrow.  It is exciting when that guy (or girl) says, yes I will go out with you!  Same feeling!  LOL.  Thanks for this valuable info!

Message Edited by Bird123 on 08-07-2009 10:20 AM

[Anonymous]

My friend I just told about this just called me and told me they got a manager when they called the back number!!!  They got $300 in one whoop!! 

[Anonymous]

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@Anonymous wrote:
My friend I just told about this just called me and told me they got a manager when they called the back number!!!  They got $300 in one whoop!! 

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Yay!  Maybe they got tired of the $100 per day limit.  Then we'd just have to call once every six months.....(Wouldn't it be great if they just automatically but those CLI's in???  Then we wouldn't have to call at all!)