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Orchard Bank / HSBC credit card application declined


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Hello,

I was using the Orchard bank site and ran their pre-approval system which said I was qualified for an unsecured card, so I applied.

Then they reject the application stating:

Based on a review of your total relationship and all your accounts with HSBC, we are unable to approve your application because of "serious delinquency on at least one other account".

Now I had a HSBC credit card, but that card was included in a Chapter 7 Bankruptcy, so how can it be seriously delinquent anymore? Plus, seems strange to say pre-approved yet then decline, so I wasted a credit inquiry on Equifax.

They do not say a credit report was used in their decision. Is this something I can somehow dispute since it is their own internal records which seem to be inaccurate, yet they are declining based upon this?

Thanks.

-William

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I was using the Orchard bank site and ran their pre-approval system which said I was qualified for an unsecured card, so I applied.

Then they reject the application stating:

All these pre-approved offers mean is that you are "pre-approved" to apply, nothing more. You got sucked in! To survive in this world that's been created for us, you have to look at everything like a lawyer.

A particularly cynical lawyer.:twisted:

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They were denying all credit card apps and credit line increases due to Cap One buying them......thats what i was told by a customer service rep several months ago.

Does that *sound* logical? Not really.

This just means that the rep snowed you with something just to get you off the phone because you didn't qualify for their card. Sorry.

 

I got one of these about a year ago with a $300 unsecured credit line. It's almost not worth it.

Agreed.  Try getting in touch with Orchard to request a credit line increase... fat chance, no info is available to get in touch with them.

 

Thing is with this card, is that almost always, monthy, you will push credit utilization WAY past what is an acceptable level, sometimes 50% or even more!

 

Try renting a car - They put a hold on $300, which is essentially using 100% of your 'available credit' and guess what.... DING, DING, DING.... the credit score goes down...

 

Not worth it.

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I advise to not ever use any of these big banks for any services (checking, credit card, mortgage, car loan, whatever).  These companies have shoddy computer systems and disreputable staff all the way up to the boardroom.  Run away.  Find a local or small town bank.  In big cities, find one headquartered in the suburbs or a small down in the direction closer to you.  Lucky for me I do live in a small town that has 2 locally headquartered banks and a couple more in adjacent small towns.

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I also agree with Torden.  I use a bank headquartered in the smallish city I live in (not Seattle as I live in Washington State) and has been in business for right around if not over 100 years.  I can go to the headquarters and get assistance if I need to.  The tellers and loan officers are also very friendly and have no problem using their own cell phones if the land line phones go down.  I needed to withdraw money from my account one time and the land lines were all down in my area.  The teller used her own cell phone which was working to call the main branch down town to verify my funds.  She gave me my money using actual hand written paper records as the computers were also down due to the phone lines.  No National bank would be willing to do this that I know of.  I have never had any issues with my local bank.  They have even waived fees for me with out needing a hard luck story on occasion. 

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Speaking of fees, since that is the big revenue source for banks, what would happen if a new bank came along and offered, with advertisements, lower fees like half as much.  Many banks (like the local ones) do have lower fees (and as mentioned above, easier policies to waive them).  They just don't advertise.

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