Logged on to pay my Orchard Cards today, and saw a message that HSBC has sold their credit card business to Capital One. I have two Orchard cards and a Discover card through them--I'm wondering if they will eventually be closed by Capital One. I had a WAMU card that was closed by Chase when they bought them out. I've had all three cards for at least 4 years, I haven't applied for a Capital One card in a few years, but was denied because of BK, though I never IIB'd them. Anyone have any additional information? The Q&A section they posted was lame, at best.
Your discover card is probably safe. ANy other cards...who the hell knows. Cap one may keep them, or may close them out.
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The deal won't be completed probably until the 2nd quarter of next year. It's anyone's guess how CapOne will handle the existing HSBC cards.
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My understanding is that CapOne is buying the credit card business of HSBC but not actually acquiring the bank. It would seem odd to buy the credit cards and then cancel them all.
I've had an HSBC secured MasterCard since 3/2007. I've generally been happy with it--it is a bare bones card but it has played its role in helping me to rebuild credit--and as such I think gotten value for my $35/year membership fee. A recent experience with HSBC was unsatisfactory, though:
This experience definitely smells (to me) like it has something to do with the upcoming deal, although I cannot prove it. In the above thread, someone said that the fraud detection might have been triggered by a real attempt at fraud--my intuition tells me this is wrong but I cannot be 100% sure.
Back in the 1990's, when Wachovia acquired Central Fidelity, Wachovia cancelled my Central Fidelity VISA card. At the time, though, I was a bit past due (30 days) with my Central Fidelity card, so it was perhaps understandable. I was allowed to pay off the card under the existing terms (Wachovia didn't accelerate payments), but I couldn't get a Wachovia card or make new charges on the Central Fidelity card.
I definitely would like to keep the HSBC card as it is my oldest card in my credit rebuilding process. Given that Capital One has its own secured credit card program, it seems reasonable to believe such cards might survive.
I'm a bit concerned because I once had a Capital One card that was cancelled when I had my credit problems. It was listed on my credit report (before it aged out after 7 yrs) as a "Settlement Accepted". This wasn't entirely accurate because it was paid in full, albeit late--the "Settlement Accepted" gave the inaccurate impression that it was settled for less than the full amount due. I'm not sure if the prior poor history will cause problems for CapOne giving me a card--my old CapOne card was unsecured but HSBC is secured.
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I am concerned over this as well. I have an unpaid chargeoff with capital one from 6 years ago. I am afraid that they are going to close the only line of credit I am able to get.
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Being is at is your only line of credit, just hold on and hope for the best. However, I would add a secured card so you aren't left with nothing if it does get closed. Also, you need at least two open cards to build up your scores with so you should get on getting another card anyway.
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Being is at is your only line of credit, just hold on and hope for the best. However, I would add a secured card so you aren't left with nothing if it does get closed. Also, you need at least two open cards to build up your scores with so you should get on getting another card anyway.
I agree with you. I have tried to get a secured card and have been rejected due to my cap one chargeoff. Do you have any idea where I might stand a good chance of getting approved for a secured card? I have looked into local CU's, none of them offer them. I cannot join any of these military CU's because I do not quality.
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Received Dear John letter from Crap One informing me that they have CLOSED my HSBC Discover card....Good!!!! saves me from calling them to close it...