"Approved For $1600"

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Written by: zooe on 2010-07-29

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zooe's review: Callout Comment

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.


Comment 1 by gxc
Re: Approved For $1600 User Icon on 2010-07-29

Remarks 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 User Icon on 2010-07-29

Remarks 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 User Icon on 2010-07-29

Remarks I just opened it. I applied for the purpose of doing balance transfers.
Comment 4 by zooe
Re: Approved For $1600 User Icon on 2010-07-29

Remarks 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 User Icon on 2010-07-29

Remarks 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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