"After 3 Yrs, Account Now Closed "
Household Bank 2% Cash Back MasterCard® Review
Written by: binks on 2008-04-30
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binks's review: 
I originally got this card about 3 years ago to rebuild my credit after a divorce slaughtered it. After building up to a $1,650 CL (from what was initially a $500 CL), they sent me notice that they were raising the APR to 18%. When I called and threatened to close the account, they offered to reduce the APR by 2 points, but it irritated me that they did it in the first place, since I PIF each month and have done so for the last 12 months. After talking to them, I applied for a Sam's Club Discover through GEMB and got approved for $1,800, then applied and got approved for a Best Western card through Barclays, with a CL of $5,500. I then called Orchard back and closed the account; it was the whole process that I had to go through that irritated me. When the CS Rep asked why I was closing, I told her the truth; she made no effort to keep my business. Honestly, it was time to move on anyway, so I'm not that concerned.
I originally got this card about 3 years ago to rebuild my credit after a divorce slaughtered it. After building up to a $1,650 CL (from what was initially a $500 CL), they sent me notice that they were raising the APR to 18%. When I called and threatened to close the account, they offered to reduce the APR by 2 points, but it irritated me that they did it in the first place, since I PIF each month and have done so for the last 12 months. After talking to them, I applied for a Sam's Club Discover through GEMB and got approved for $1,800, then applied and got approved for a Best Western card through Barclays, with a CL of $5,500. I then called Orchard back and closed the account; it was the whole process that I had to go through that irritated me. When the CS Rep asked why I was closing, I told her the truth; she made no effort to keep my business. Honestly, it was time to move on anyway, so I'm not that concerned.
4 Comments
Comment 1 by hjm331
Congrats! 
on 2008-04-30
Congrats on the new card. Honestly, you should've kept it because it was your oldest card that you had a good payment history. Your FICO scores are going to take a hit for sure, but I don't know how bad it is going to effect your credit report.
You should've just sockdrawered the card. Usually, creditors give you 90 days to re-open an account as it is not permanently closed for 90 days so try opening it back and just sockdrawer because you really need the 3 year history back.
on 2008-04-30 Congrats on the new card. Honestly, you should've kept it because it was your oldest card that you had a good payment history. Your FICO scores are going to take a hit for sure, but I don't know how bad it is going to effect your credit report.You should've just sockdrawered the card. Usually, creditors give you 90 days to re-open an account as it is not permanently closed for 90 days so try opening it back and just sockdrawer because you really need the 3 year history back.
Comment 2 by arod
That True Hjm331 on 2008-04-30
It's true the advice here is true try to open it if there is no annaul fee just sock drawer. But I agree with HJM331...
This happen to a friend of mine...
Take Care.
Alex
on 2008-04-30 It's true the advice here is true try to open it if there is no annaul fee just sock drawer. But I agree with HJM331...This happen to a friend of mine...
Take Care.
Alex
Comment 3 by meya
I Understand on 2008-04-30
Yes I do agree with hjm331, but at the same time I can understand how you feel about HSBC Bank especially Orhcard. Don't feel bad about your scores taking a hit because you are doing it for the best cards. They will come back up in no time.
on 2008-04-30 Yes I do agree with hjm331, but at the same time I can understand how you feel about HSBC Bank especially Orhcard. Don't feel bad about your scores taking a hit because you are doing it for the best cards. They will come back up in no time.
Comment 4 by binks
An Important Fact I Forgot... on 2008-04-30
In reading these posts, I realized I forgot to mention that this card wasn't my oldest card by any means. Many years ago (well over 10), I was able to open a card with a parent as a co-signer (back with banks allowed co-signers on accounts), and my mother has been using the card on behalf of both of us... With an excellent credit record on that account. Between that card and an auto loan that Ive been paying on for the last four years, Ive got the "length" thing covered on my credit record. Ive also had two department store cards and a gas card for the last few years. My fault for not saying that the first time.
The HSBC card had an annual fee of $15. that's what started this whole mess, the account came up for renewal and they raised the rate. I wasn't willing to pay the AF under the new terms for a card I PIF each month.
The point I was trying to make is to use Orchard Bank for it's intended purpose... To rebuild your credit... Then move on.
on 2008-04-30 In reading these posts, I realized I forgot to mention that this card wasn't my oldest card by any means. Many years ago (well over 10), I was able to open a card with a parent as a co-signer (back with banks allowed co-signers on accounts), and my mother has been using the card on behalf of both of us... With an excellent credit record on that account. Between that card and an auto loan that Ive been paying on for the last four years, Ive got the "length" thing covered on my credit record. Ive also had two department store cards and a gas card for the last few years. My fault for not saying that the first time.The HSBC card had an annual fee of $15. that's what started this whole mess, the account came up for renewal and they raised the rate. I wasn't willing to pay the AF under the new terms for a card I PIF each month.
The point I was trying to make is to use Orchard Bank for it's intended purpose... To rebuild your credit... Then move on.
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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.
