Bobgnuheart Posted November 29, 2007 Report Share Posted November 29, 2007 HSBC sent me a pre-approval letter for a credit card. It is a good offer.The problem is I had a small limit credit card that I defaulted on about 5 or 6 years ago. (sad story, but ultimately my fault) I occasionally get a letter offering settlement, but I don't respond since the SOL for this debt is 3 years in my state. This card was with Orchard Bank which is now part of HSBC, who is making me the card offer now. (my credit has improved a god deal).My question is - what happens if I accept this offer.. will it reopen my old debt? Any trouble?Thanks for the replies Link to comment Share on other sites More sharing options...
Bobgnuheart Posted November 29, 2007 Author Report Share Posted November 29, 2007 HSBC sent me a pre-approval letter for a credit card. It is a good offer.The problem is I had a small limit credit card that I defaulted on about 5 or 6 years ago. (sad story, but ultimately my fault) I occasionally get a letter offering settlement, but I don't respond since the SOL for this debt is 3 years in my state. This card was with Orchard Bank which is now part of HSBC, who is making me the card offer now. (my credit has improved a god deal).My question is - what happens if I accept this offer.. will it reopen my old debt? Any trouble?Thanks for the replies Link to comment Share on other sites More sharing options...
willingtocope Posted November 29, 2007 Report Share Posted November 29, 2007 You need to really read the fine print...some CCs use this as a way to collect old debts. The defaulted balance gets added to your new card. Link to comment Share on other sites More sharing options...
newbie7069 Posted November 29, 2007 Report Share Posted November 29, 2007 Agree with willing.I merged the two threads, since they were asking the same question and multiple threads can get confusing. Link to comment Share on other sites More sharing options...
lovebug5 Posted November 29, 2007 Report Share Posted November 29, 2007 Based upon my personal experience with HSBC/Orchard, opening up a new TL with them did not re-open a previously defaulted account...Nor was the defaulted account's balance added to my new card. However, I would definitely read your Terms and Conditions (as was mentioned above) before accepting any offer.Good luck! Link to comment Share on other sites More sharing options...
lovebug5 Posted November 29, 2007 Report Share Posted November 29, 2007 Agree with willing.I merged the two threads, since they were asking the same question and multiple threads can get confusing.Thank you again, Moderator Newbie. Link to comment Share on other sites More sharing options...
newbie7069 Posted November 29, 2007 Report Share Posted November 29, 2007 Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted November 29, 2007 Report Share Posted November 29, 2007 Based upon my personal experience with HSBC/Orchard, opening up a new TL with them did not re-open a previously defaulted account...Nor was the defaulted account's balance added to my new card. However, I would definitely read your Terms and Conditions (as was mentioned above) before accepting any offer.Good luck!My wifes defaulted, but paid, HSBC had no affect on her recent approval on an orchard card. Link to comment Share on other sites More sharing options...
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