CLI - Orchard Bank

[phumanr]

All,

I have recently gotten over $10K CC limits in new cards....I went back to Orchard Bank to give me a CLI from a 300 CL I have with them...they only approved me for 100 for a 400 CL.

How do I get Orchard Bank to give me a reasonable limit because of my history with them and good FICO scores?

Phumanr

[laryn41]

they probably charged you a fee too for that CLI.

[phumanr]

Yes, they did and I almost wanted to cancel the card right then and there! But, I am careful, because I don't want anything to mess up my scores right now,

Phumanr

[Anonymous]

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phumanr wrote:

Yes, they did and I almost wanted to cancel the card right then and there! But, I am careful, because I don't want anything to mess up my scores right now,

Phumanr

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I've always found Orchard hard to deal with. I was originally given a $300 CL on a Silver CC at 14.99%APR. Then I was ratejacked to 29.99% because they invoked the "universal default" rule on me. Over the next 14 mos, I was denied twice for CLI and finally had to pay for $100 just like you. Later, they upgraded me to Gold, but left the same APR and CL in place. Card looks nice, but did not help.

Then I used the preapproval screen at HSBC, not Orchard, and was preapproved for an HSBC Platinum card, but when I applied, I got denied on the bogus "you can only have one card" rule. I then went to the corporate office and presented my case along with a hard copy of their own terms and conditions and threatened to close my Orchard account and file a lawsuit. (You can't sue with open account because of arbitration clause in fine print)

After about a week, they decided to give me the Platinum card and close the Orchard card, transferring my balance over to the new HSBC card with 14.99% APR. And as a reward, they gave me a free $100 CLI. So now I am at $500, after 18 mos with no missed or late payments and almost always paying more than minimum and sometimes PIF. Yipee!

I don't know whether to keep it or close it out since all of my other cards (with one exception and I am for sure closing it) have CLs starting at $1000 and going up to $2500 each. Oh yeah, I still have an annual fee (the only one), but it dropped from $69 to $39 per year. Am I supposed to be impressed?

[Anonymous]

Call and close-out the car and tell them the low limit is hurting your credit score. Normally, they will send out to another department who will double your limit (for free). This is what they offered me, but I still closed the account.

[Anonymous]

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Doodah wrote:
Call and close-out the car and tell them the low limit is hurting your credit score. Normally, they will send out to another department who will double your limit (for free). This is what they offered me, but I still closed the account.

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Thanks for the advice. I think I will wait a few days until I get the new Platinum card. They have already closed the Gold and are transferring the balance over. I will then pay it off and call to close instead of activation and see what they do for me. With my luck, they will probably show me the door, but that is okay. I have enough other TLs anyway.

[Anonymous]

If this helps, I just called them today to cancel.  I had a $300 limit and a $79 AF on a "platinum" card.  I just got a wamu card for $3000 and a cap1 for $1000 so I told them I don't want or need their card.  They transferred me to an "account manager" and gave me a $200 CLI to stay. I told them I still didn't want the card b/c of the AF and she assured me that they would review the account and get back to me.  I've only had the card for 4 months so it's awhile before the next AF comes up so I decided to wait and see what happpens.

hope this helps! GL

[Anonymous]

I can't stand Orchard Bank either!  I have had mine for 9 months, PIF every month - $300 limit from the start.  One month, I paid a couple days late and they dinged me with a fee but luckily, they didn't report it to the credit bureau.  When they put the fee on for being late, it went over my credit limit, so they charged me for that too.  It was an oversight on my part. 

I called two weeks ago to close my account with the hopes of them giving a CLI... they sent me to the Account Manager and I explained to him that I need a limit increase on this card or it will not be any use to me to keep it.  He said, "Well, I see that you were late and went over the limit, so I will be happy to credit you those fees.  I will review your account for a CLI and you will receive something in the mail in a few days with your new CLI information."  OK fine for me... but obviously, that is their line.  I told them I didn't want them to pull my CR and he assured me he wouldn't (and he didn't).  I called back yesterday and told them I wanted to close my account - gave the same reason.  They said they were sorry but I needed to give the account more time with them if I wanted them to increase my limit.  I told them no and they agreed to cancelling it.  End of story! 

They stink!

Ficos:

TU:  610

EQ: 635

EX: 591

[dallasjetfan]

I just closed my account with Orchard Bank. They would not manually review my year old account to try to become secured. I just got approved for 3 new CC's, so I told them I don't need them anymore. My new philosophy is, you only get one shot at my business now!!

[Anonymous]

Why would you pay a fee for a CLI?  I used to have the Household rebuilder and they told me the same thing.  Told them I didn't see the point. A month later they increased it without me asking. ou already hve good cards...dump em.