"Approved For $1600"
Household Bank Platinum MasterCard® Review
Written by: zooe on 2010-07-29
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zooe's review: 
Hi, Newbie here! I applied and was instantly approved for $1600 limit. I have to say, I was kinda shocked because I just recently paid off a closed Orchard card with a $300 limit and I know these cards have the same bank; HSBC. As of May, my CS was 625, up from 612 in March. All of my cards are closed except for 1 (I fell behind 18 months ago after losing my job and decided to close my accounts so they would waive late fees and cut interest rates --I regret that but...). I still have 4 cards that are closed with balances. 4 more closed cards have been totally paid in full over the last 12 months. I'm doing a balance transfer from 3 of the closed accounts onto this one for 0% APR for 12 months.
Does anyone know how doing a balance transfer from a closed account, onto a new one will affect my credit? Any advice would be greatly appreciated.
Hi, Newbie here! I applied and was instantly approved for $1600 limit. I have to say, I was kinda shocked because I just recently paid off a closed Orchard card with a $300 limit and I know these cards have the same bank; HSBC. As of May, my CS was 625, up from 612 in March. All of my cards are closed except for 1 (I fell behind 18 months ago after losing my job and decided to close my accounts so they would waive late fees and cut interest rates --I regret that but...). I still have 4 cards that are closed with balances. 4 more closed cards have been totally paid in full over the last 12 months. I'm doing a balance transfer from 3 of the closed accounts onto this one for 0% APR for 12 months.
Does anyone know how doing a balance transfer from a closed account, onto a new one will affect my credit? Any advice would be greatly appreciated.
5 Comments
Comment 1 by gxc
Re: Approved For $1600 
on 2010-07-29
I'm not certain about the balance transfer. But how long was your Orchard Bank card open for?
on 2010-07-29 I'm not certain about the balance transfer. But how long was your Orchard Bank card open for?
Comment 2 by ari
Re: Approved For $1600 on 2010-07-29
When you close an account with a balance on it, you are lowering your over all amount of credit available to you, which comprises 35% of your credit score. Its difficult to explain in this limited amount of space but it sounds like you need to study about what comprises a credit score. Here's what makes up your credit score: 35%payment history, 35%credit utilization, amount of time you've had credit, amount of new credit, and types of accounts. To put it simply, pay your bills on time, use under 28% of your available credit, and keep the new accounts to a bare minimum.
on 2010-07-29 When you close an account with a balance on it, you are lowering your over all amount of credit available to you, which comprises 35% of your credit score. Its difficult to explain in this limited amount of space but it sounds like you need to study about what comprises a credit score. Here's what makes up your credit score: 35%payment history, 35%credit utilization, amount of time you've had credit, amount of new credit, and types of accounts. To put it simply, pay your bills on time, use under 28% of your available credit, and keep the new accounts to a bare minimum.
Comment 3 by zooe
Re: Approved For $1600 on 2010-07-29
I just opened it. I applied for the purpose of doing balance transfers.
on 2010-07-29 I just opened it. I applied for the purpose of doing balance transfers.
Comment 4 by zooe
Re: Approved For $1600 on 2010-07-29
To:GXC
sorry, I didn't read your question correctly. The Orchard Bank credit card was open for 3 years.
on 2010-07-29 To:GXC sorry, I didn't read your question correctly. The Orchard Bank credit card was open for 3 years.
Comment 5 by wanderer
Re: Approved For $1600 on 2010-07-29
Congrats! You have a good card. At one time there was one of these in my wallet. HSBC took care of me.
on 2010-07-29 Congrats! You have a good card. At one time there was one of these in my wallet. HSBC took care of me.
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Disclaimer: This content is not provided by Capital One Bank (USA), N.A.. 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 Capital One Bank (USA), N.A.. Review content is powered by Finance Globe.
