Jump to content

Denied for Orchard-gold, what was I thinking!?


Recommended Posts

Hi folks,

Stupidly, I was looking into applying for another line of credit and saw that Orchard was offering a "silver" card that looked do-able. So, I went to their site to apply and did the intitial questionaire and when I got my results I was NOT offered the Silver, but was offered the Gold...along w/the secured credit which I already have. So, I apply and got denied. I feel so STUPID, what was I thinking???? Still haven't heard back from Walmart, but have decided to just work on the ones I got, paying in full/on time and going from there and maybe in another 6 months I can try again. Any thoughts on how to get inquiries off???? I know some folks do it, but I have no idea how to do it.

So far I have...

Target (200.00 cl) -I made my 1st pmt prior to receiving billing and PIF. Is it good to continue this trend, or do only SOME credit issuers like this practice?

Macy's (100.00 cl)-Haven't used yet.

First Premier (250.00 cl) -Good util amt.

Orchard Secured (200.00 cl)-Paid in full

Amex (AU only, I know-won't matter after Sept-500.00 cl)-Good util, amt.

Feel free to PM me. Thanks. Also, what's the best way to monitor one's three CR's AND get their FICOS?

Elyse

Link to comment
Share on other sites

Fico scores and more information about your credit history is needed, any baddies? You might want to look at the Bank of America secured, normally unsecures in 9-12 months.

TrueCredit (3 in 1 monitoring) - $11.21/month --> Walmart

http://www.truecredit.com/orderOrigination?op=Basics:Right&product=CreditMonitoring&cb=WalMart

EQ FICO - Score Watch $5.95/month

http://www.coastalfcu.org/credit_reports.htm

TU FICO - myFICO® Identity Theft Security Deluxe $4.95/month

http://www.myfico.com/Products/IDF/Description.aspx

EX FICO could be bought at www.myfico.com, use coupon code CPPSAVINGS

Link to comment
Share on other sites

Thanks. I think I got to go back to the drawing board a bit. :( I just signed up with Truecredit via the link you gave and here are my FICO's...

Transunion:538

Experian: 537

Equifax: 550

The biggest hard hitter is my/our lates on my/our mortgages. We've been suffering some financial hardship...my husband was having health related issues and he's suppose to be applying for something via our insurance so he can get some back pay, but it's hurt us. Here are the other "baddies" to...

1. Bk-Dismissed. Date filed 10/2000. Dismissed 04/1/2002 (I simply couldn't pay it anymore, stupidly DID NOT sell my home as I should've)

2. Sentry Credit (med bill) Date opened: 08/19/2003 Amt: 469.00 (current bal showing as -0-, so unsure what they're up to, is NOT reporting as sold to another lender or whatever)

3. NCO Financial (old power bill) Date opened: 11/15/2002 (they've only recently started re-reporting! AH's!) Amt: 378.00

4. OSI (old tickets-driving w/out proof of ins, exp tabs) Date opened: 09/05/2002 Amt: 686.00

5. Pacific Northwest Collections (vet bill) Date opened: 04/2002 Amt: 445.00 (orig. amt was 257.00)

6. Unique Ntl Col: PAID as of a couple yrs back. Date opened: 08/28/2002

Dang, 2002 was a crappy year!!

But yah, more work for me to do...that's for sure. :( Wish I would've taken a look at this again PRIOR to applying to Walmart or Orchard. Ok, we all have our moments where we're idiots and this was mine. :(

A couple of "silver linings..." are; My Target Redcard is not reporting yet. PIF on that first billing...(yippee), and I am (more than likely) going to be starting at a new job by Sept. 1st. Oh, and I think my BK may be due to roll off by this October! Trying to stay positive.

Elyse

Link to comment
Share on other sites

Elyse,

Don't beat yourself up. That won't get you anywhere. If your reports are not up there yet then you can try again later. I have a feeling that you will get that job and things will improve then. I know it is hard but you need to pull out some extra patience for a couple more months. We're here for you...

Link to comment
Share on other sites

BigJohn how many collections could you have possibly started with to get that many removed and so small a change in scores? Looks like your EQ was most plagued by CA's.

You probably get this question a lot!

I should probably re-word that to "26 negatives removed".

EQ: 5 CA's deleted, 2 CO's deleted

EX: 5 CA's deleted, 1 Co deleted, 1 negative TL turned positive

TU: 11 CA's deleted, 1 negative TL deleted.

remaining:

EQ: 3 CA's remaining, one is a duplicate, other drops off 11/07

EX: 6 CA's remaining (one ca listing 5 times) all six to drop 11/07

TU: 4 CA's remaining, due to drop off 11/07.

Most of my negatives had been poisoning my CR by listing them as open-ended or installment accounts and reported each month as a CO. I had not seeked credit in almost 7 years, except for 1 car loan so I am being pinged by not having any positive TL's except for the car loan.

Right now, I have 5 new TL's that haven't started reporting yet to include, an Auto refinance (9% reduction in rate to 9%) and 4 CC's. One CA is either going to delete their TL in exchange for full payment ($200) or will be sued for credit poisoning, and another CA is going to delete 5 collection accounts that are not mine (father with the same name). I hope to see some good numbers with FICO soon. I hope to be above 640 with all CRA's. With any luck, in 6 - 12 months I can hit 700. I'm not sure what my FICO was before I started repairing, but I suspect it was in the mid 500's.

Link to comment
Share on other sites

Did you say you already had an Orchard secured card when you applied? I have an orchard gold card and was approved for another HSBC card. They approved me during the pre-screening but denied me when I applied. The reason that I got in the mail a week later was that I cannot have another HSBC credit card within 2 years of opening one. (My Orchard card was only about 6 months old then). So it might not have a thing to do with your credit. :-)

Link to comment
Share on other sites

Did you say you already had an Orchard secured card when you applied? I have an orchard gold card and was approved for another HSBC card. They approved me during the pre-screening but denied me when I applied. The reason that I got in the mail a week later was that I cannot have another HSBC credit card within 2 years of opening one. (My Orchard card was only about 6 months old then). So it might not have a thing to do with your credit. :-)

I applied for the Ochard Card 6/19 and got unsecured mc. Then when I called to find out when they would start reporting they offered me an HSBC auto refinance. I felt lucky and let them pull another CR and was approved for a 50% reduction in APR. All 5 of my new TL's have been within the last 2 weeks. I had no inq's and after all the inquiries, my FAKO's did not change. I hope that once these accounts start reporting it will be a boost in score, but it probably won't happen. Oh well, I'm on the way to rebuilding.

Link to comment
Share on other sites

Did you say you already had an Orchard secured card when you applied? I have an orchard gold card and was approved for another HSBC card. They approved me during the pre-screening but denied me when I applied. The reason that I got in the mail a week later was that I cannot have another HSBC credit card within 2 years of opening one. (My Orchard card was only about 6 months old then). So it might not have a thing to do with your credit. :-)

Hadn't even thought of that, not sure I knew it. I've only had my Orchard card a year--IF that, I think I've actually had it 8-9 months.

Elyse

Link to comment
Share on other sites

Deanna was right...here is the letter I just got yesterday...

June. 29, 2007

REF# xxxxxxxxxxx

Dear Elyse,

We are writing to you regarding your application for a Orchard Bank credit card issued by HSBC Bank Nevada, N.A.

Unfortunately, we are unable to approve your application due to the following reason(s):

*You already have the maximum number of accounts allowed with HSBC.

If you have any questions, please call 1-800-828-9538 or visit us online at www.orchardbank.com. Please note you will need the above reference number when you call.

Sincerely, Orchard Bank Lending Services Department

I have ONE secured card w/ them. It is 9 months old.

Elyse

Link to comment
Share on other sites

I got the same reason for denial. I swear when I got my card, under the terms it stated that you could have no more than 2 cards. I'm positive I read that, I wouldn't have applied if it said you could only have 1 card for 2 years.

Link to comment
Share on other sites

I got the same reason for denial. I swear when I got my card, under the terms it stated that you could have no more than 2 cards. I'm positive I read that, I wouldn't have applied if it said you could only have 1 card for 2 years.

You know I thought it was 2 cards too....hmm, maybe they changed the rules.

Link to comment
Share on other sites

Well that bites.. I got an unsecured Orchard a month ago with a FICO of 600'ish. Now my score is 651 and soon to be higher and I was planning on trying for another Orchard since I thought you could have two.. :( I did get an American Express Gold "pre-selected offer". I think I will wait on that one though.. LOL

Link to comment
Share on other sites

Hi folks,

Ok-so something told me I should go ahead and call that 1-800 number to ask some questions. The main being, "do I have to close my secured card w/ HSBC before I can reapply for another card?"

I was told by a rep named Mary that, "you can have more than one card-but you need to have received an offer from us (them), you can't just go and apply...and it needs to be a different sort of card" she then added, "if you pay off and close your secured, we'll give you this one with a 300 CL." I asked, "well, what if I close my acct and than come to apply for this and am now denied?" She said, "No, that won't happen because your application is already here...the supervisor will just over ride your denial..." I asked her, "what do you think I should do?" she said, "Well, after a total of 18 months your acct would've been reviewed anyway and it would've gone to unsecured status...(so, that's 8 more months) however, this is a good card and it's unsecured and when you close your other one, you will get your deposit back."

Mary was extremely understanding, kind and tactful and I appreciated her honest imput. So--I went w/ her advice.

I did go ahead and pay off my secured acct and closed it. I sort of feel a bit sad about it, not sure why---probably because they were the first ones to give me a chance and they've been really good to me, I made sure to tell them that. So, I'll call Wednesday and get my other line of credit w/ them. They said it takes a couple days for the payment to kick in, along with acct closure and once I call and they can verify I paid/closed the other acct than I can get my new card.

Side note; when I was sent over to customer care to pay off/close my acct, I was told that for a consumer to close their OWN acct is NOT bad on your credit files, he said it's those that close it w/ a balance remaining that looks bad. He said ALWAYS pay your acct in full PRIOR to closing. Not sure if that's accurate advice, but it sounded pretty fair. The acct I closed had a great payment history and had aged a bit, so I imagine I will suffer some point loss along with when my Target acct begins reporting, but I figure it's part an parcel. I will report the change in my FICO as soon as I see one.

My personal suggestion? Call HSBC customer care and tell them what card/account you DO have and ask if you can apply for another and if so, which one should you apply for.

I am really so happy about how this has turned out. Sometimes it does pay to call and ask some questions.

Elyse

Link to comment
Share on other sites

Well that bites.. I got an unsecured Orchard a month ago with a FICO of 600'ish. Now my score is 651 and soon to be higher and I was planning on trying for another Orchard since I thought you could have two.. :( I did get an American Express Gold "pre-selected offer". I think I will wait on that one though.. LOL

I can't believe that you would only get a secured card with a 600 score. Mine was about 560 when I applied and I was approved for a unsecured.

I did the pre aproval deal and it only brought up secured. I waited until my rewards 660 visa (high limit) card started reporting and did the pre approval again. This time it brought up the gold card.

DEANNATX,

Thanks for the info

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.