"Approved Moments Ago"
Household Bank 2% Cash Back MasterCard® Review
Written by: faith on 2008-05-31
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
faith's review: 
I've had an Orchard Bank Platinum Mastercard since 2006, started with $300 credit limit and now have a limit of $1,950 (received $200 limit increase last week). Applied for the Household Bank 2% Cash Back card and was instantly approved for $2,000 credit limit. Haven't checked credit score within last 30 days, however I opened 4 new credit card accounts end of April and was approved for 2 more today. Credit score will no doubt take a small hit but it's temporary, the trade off in the long run will be worth it.
Pay your bills on time every time, try not to carry a balance and you'll be rewarded.
I've had an Orchard Bank Platinum Mastercard since 2006, started with $300 credit limit and now have a limit of $1,950 (received $200 limit increase last week). Applied for the Household Bank 2% Cash Back card and was instantly approved for $2,000 credit limit. Haven't checked credit score within last 30 days, however I opened 4 new credit card accounts end of April and was approved for 2 more today. Credit score will no doubt take a small hit but it's temporary, the trade off in the long run will be worth it. Pay your bills on time every time, try not to carry a balance and you'll be rewarded.
17 Comments
Comment 1 by arod
Congrats 
on 2008-05-31
This card has better credit limit than orchard at least in my experience I have this card but I don't use it.
But its great my limit is $1000
Congrats, Good credit line,
Good Luck,
Alex
on 2008-05-31 This card has better credit limit than orchard at least in my experience I have this card but I don't use it.But its great my limit is $1000
Congrats, Good credit line,
Good Luck,
Alex
Comment 2 by hjm331
Congrats! on 2008-05-31
You're absolutely right. Your score will take a hit but when those new accounts become a year old and as long as you make your payments on-time, you will get those points back and some more. Try not applying for new cards for another 12 months and let these age.
Good Luck
on 2008-05-31 You're absolutely right. Your score will take a hit but when those new accounts become a year old and as long as you make your payments on-time, you will get those points back and some more. Try not applying for new cards for another 12 months and let these age.Good Luck
Comment 3 by meya
Nice Info on 2008-06-01
I have been hearing some good things about this card. And yes, you will take a hit, but don't let that bother you especially if you are on the right track with your credit.
on 2008-06-01 I have been hearing some good things about this card. And yes, you will take a hit, but don't let that bother you especially if you are on the right track with your credit.
Comment 5 by faith
Re: Approved But Done on 2008-06-01
I'm completely satisfied with the approved credit cards and will check credit score same time next year. As I stated in my first post, I already had the Orchard Bank MasterCard. I received a Capital One Platinum MasterCard around the same time (2005). This past April I was approved for the Citi PremierPass, AMEX Blue, Discover More, and BOA Platinum Plus. I checked my score and it decreased 15 points. By the same token, I can only assume that on time payments since April may have offset the inquiries because I was approved for the WAMU ESPN Visa Card and the Household Bank 2% Cash Reward Card yesterday. The limits on the new cards range from $2,000 to $8,500, Orchard Bank $1,950 and Capital One's limit is $4,500. A CSR from Capital One also informed me when I tried to get the APR decreased that my account status was upgradeded in April... Didn't know that. They lowered my limit by 2%, still in the 20's, which is high considering the most recent cards have been from 0% to 12%. I'm happy with the results, even though I know my score has temporarily taken a hit. I own my home and have a year left for car payment so I have no plans for major purchases within the next few years so I can live with the temporary credit score dip.
For someone coming from Chapter 13 (discharged in 2004) to being rewarded for on time payments for the last 4 years, again I'm extremely happy and have learned a valuable lesson in making a good name with your creditors. I preach it all the time, pay your bills on time, every time and pay your balance in full every month.
on 2008-06-01 I'm completely satisfied with the approved credit cards and will check credit score same time next year. As I stated in my first post, I already had the Orchard Bank MasterCard. I received a Capital One Platinum MasterCard around the same time (2005). This past April I was approved for the Citi PremierPass, AMEX Blue, Discover More, and BOA Platinum Plus. I checked my score and it decreased 15 points. By the same token, I can only assume that on time payments since April may have offset the inquiries because I was approved for the WAMU ESPN Visa Card and the Household Bank 2% Cash Reward Card yesterday. The limits on the new cards range from $2,000 to $8,500, Orchard Bank $1,950 and Capital One's limit is $4,500. A CSR from Capital One also informed me when I tried to get the APR decreased that my account status was upgradeded in April... Didn't know that. They lowered my limit by 2%, still in the 20's, which is high considering the most recent cards have been from 0% to 12%. I'm happy with the results, even though I know my score has temporarily taken a hit. I own my home and have a year left for car payment so I have no plans for major purchases within the next few years so I can live with the temporary credit score dip. For someone coming from Chapter 13 (discharged in 2004) to being rewarded for on time payments for the last 4 years, again I'm extremely happy and have learned a valuable lesson in making a good name with your creditors. I preach it all the time, pay your bills on time, every time and pay your balance in full every month.
Comment 6 by tynece
Household HSBC And Orchard on 2008-06-04
Are all in this together. ithink they offer pretty good cards for when you are trying to rebuild your credit. I would recommend one of their cards over centennial or salute. At least the apr is reasonable with the HSBC family cards. I also like the fact that you can see the card you prequalify for before you go for it.
on 2008-06-04 Are all in this together. ithink they offer pretty good cards for when you are trying to rebuild your credit. I would recommend one of their cards over centennial or salute. At least the apr is reasonable with the HSBC family cards. I also like the fact that you can see the card you prequalify for before you go for it.
Comment 7 by dee9090
1800 Limit Now on 2008-07-31
I got a $200 credit increase. I have had these card for 11 months now. I started out with 4 accounts with HSBC, to of them Orchard 300.00, Household MasterCard 300, and HSBC MasterCard 1000, also have a Direct Rewards discover 300.00. I consolidated my Orchard, Household and HSBC, which brought my limit to 1600(transferred to the Household account). Increase brings it to $1800.00
on 2008-07-31 I got a $200 credit increase. I have had these card for 11 months now. I started out with 4 accounts with HSBC, to of them Orchard 300.00, Household MasterCard 300, and HSBC MasterCard 1000, also have a Direct Rewards discover 300.00. I consolidated my Orchard, Household and HSBC, which brought my limit to 1600(transferred to the Household account). Increase brings it to $1800.00
Comment 9 by hjm331
RE: Dee on 2008-07-31
How did you get 4 cards from HSBC? I thought they had a limit of 2 cards.
on 2008-07-31 How did you get 4 cards from HSBC? I thought they had a limit of 2 cards.
Comment 10 by dee9090
HSBC Cards on 2008-07-31
HSBC (discover) I applied online for the regular Discover card and was denied, but they offered me the HSBC discover. The other cards was pre approved offers.
on 2008-07-31 HSBC (discover) I applied online for the regular Discover card and was denied, but they offered me the HSBC discover. The other cards was pre approved offers.
Comment 11 by dee9090
Fee For Increase on 2008-07-31
They charged a fee of 50.00 to get the increase...
on 2008-07-31 They charged a fee of 50.00 to get the increase...
Comment 13 by mrrob
Good For You on 2008-08-01
Congrats on the CLI. I didn't know that you could combine accounts with HSBC. Good luck
on 2008-08-01 Congrats on the CLI. I didn't know that you could combine accounts with HSBC. Good luck
Comment 14 by ding
Combining Accounts on 2008-08-01
Yes, you can combine accounts, I am getting ready to do the same. I have 3 accounts with HSBC. Menards is the best one. The others are actual credit cards. they told me to switch it to the one with the lower apr and that I will still keep my credit history.
on 2008-08-01 Yes, you can combine accounts, I am getting ready to do the same. I have 3 accounts with HSBC. Menards is the best one. The others are actual credit cards. they told me to switch it to the one with the lower apr and that I will still keep my credit history.
Comment 15 by thomas1
Account Consolidation on 2008-08-02
Guys and Gals beware: If you consolidate accounts, be sure to close the newest one to transfer the credit line into the older account, otherwise you WILL lose FICO points along with the history.
I've done hundreds of these at Citi, and we always suggest this method. Especially if you are closing a 5 year old tradeline into a 6 month tradeline, it will hurt your scores some. Be careful!
Also, didn't know HSBC did consolidations either. Always something new we learn on here, lol
on 2008-08-02 Guys and Gals beware: If you consolidate accounts, be sure to close the newest one to transfer the credit line into the older account, otherwise you WILL lose FICO points along with the history.I've done hundreds of these at Citi, and we always suggest this method. Especially if you are closing a 5 year old tradeline into a 6 month tradeline, it will hurt your scores some. Be careful!
Also, didn't know HSBC did consolidations either. Always something new we learn on here, lol
Comment 16 by baystate
RE: Consolidating HSBC Cards on 2008-08-02
I also have 2 HSBC Mastercards. I called to consolidate them, but oppted to consolidate to the newer one because the interest rate is better and no AF. I will end up taking a score hit because the older account is 6 years old.
on 2008-08-02 I also have 2 HSBC Mastercards. I called to consolidate them, but oppted to consolidate to the newer one because the interest rate is better and no AF. I will end up taking a score hit because the older account is 6 years old.
Comment 17 by danny
Dee?? on 2008-08-02
I just consolidated both my capital one cards into one also.
Hey I see you didn't combine the Direct Rewards Discover? Was HSBC not able to include it in the consolidation?
I have a Direct Rewards Discover and an Orchard Bank that I would like to merge as well.
on 2008-08-02 I just consolidated both my capital one cards into one also.Hey I see you didn't combine the Direct Rewards Discover? Was HSBC not able to include it in the consolidation?
I have a Direct Rewards Discover and an Orchard Bank that I would like to merge as well.
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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.
