"Denied ?!"
My Best Buy® Credit Card Review
Written by: sreamer17y on 2010-07-27
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sreamer17y's review: 
I have had a past bankruptcy chapter 7 discharged June 30th,09. I have held a HSBC orchard bank secure card now for a year, with 100% on time payments, no inquiries on my credit report etc. My score was 578 at time I applied for this card. Since it was issued by HSBC and since I have a HSBC credit card already I thought I would go for it. They denied me for the best buy credit card because of my bankrupcty which is odd because I have held a HSBC credit card now for a year with no over limit, my debt to income ratio is low, no inquires, the ONLY bad mark on my report is a year old bankrupcy.
I have had a past bankruptcy chapter 7 discharged June 30th,09. I have held a HSBC orchard bank secure card now for a year, with 100% on time payments, no inquiries on my credit report etc. My score was 578 at time I applied for this card. Since it was issued by HSBC and since I have a HSBC credit card already I thought I would go for it. They denied me for the best buy credit card because of my bankrupcty which is odd because I have held a HSBC credit card now for a year with no over limit, my debt to income ratio is low, no inquires, the ONLY bad mark on my report is a year old bankrupcy.
3 Comments
Comment 1 by sfrancis
Re: Denied In May 2010... 
on 2010-07-27
They denied me for this card too and I have the Orchard MC unsecured. I'm not sure why, they didn't really say. I have only had the unsecured card for 2 months though. But still, I applied for a USAA MC and got approved 30 days after receiving the HSBC Orchard card. My scores: 605, 614, 640
on 2010-07-27 They denied me for this card too and I have the Orchard MC unsecured. I'm not sure why, they didn't really say. I have only had the unsecured card for 2 months though. But still, I applied for a USAA MC and got approved 30 days after receiving the HSBC Orchard card. My scores: 605, 614, 640
Comment 2 by cfmdev49
Re: Denied ?! on 2010-07-28
Bankruptcies are the kiss of credit death these days... Maybe in a few years the credit climate will change... But for now, if you have one, best not to apply for any unsecured card... The big credit card companies are just too sensitive to anything indicating an inability to repay the debt... And of course now, FICO is everything to them... Most prime cards want to see 740 whereas before, 680 would do it...
on 2010-07-28 Bankruptcies are the kiss of credit death these days... Maybe in a few years the credit climate will change... But for now, if you have one, best not to apply for any unsecured card... The big credit card companies are just too sensitive to anything indicating an inability to repay the debt... And of course now, FICO is everything to them... Most prime cards want to see 740 whereas before, 680 would do it...
Comment 3 by wanderer
Re: Denied ?! on 2010-07-29
As was mentioned in another post... BK's of any kind are tough. Today HSBC has really taken a cautious approach to card issuance. They have pulled their HSBC Cards (except the HSBC Premier). You can apply for the Household Bank and Orchard Bank today. They have focused most of their efforts on global which is where their roots remain (overseas). In time I think they will be back. Also, the used to allow three cards... So there is room to work. Credit is starting to flow again but very slowly.
on 2010-07-29 As was mentioned in another post... BK's of any kind are tough. Today HSBC has really taken a cautious approach to card issuance. They have pulled their HSBC Cards (except the HSBC Premier). You can apply for the Household Bank and Orchard Bank today. They have focused most of their efforts on global which is where their roots remain (overseas). In time I think they will be back. Also, the used to allow three cards... So there is room to work. Credit is starting to flow again but very slowly.
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Disclaimer: This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citibank. Review content is powered by Finance Globe.
