06-11-2013 05:30 AM - edited 06-11-2013 06:14 AM
Hi guys, I'm also new to this forum. For the past few months I have been researching and reading these posts. I have an OB card since 2011 and never received an increase. I have called on several occasions and have been denied without an explanation, I sent an email to the OB CEO yesterday and have spoken to an EO representative who informed me that they would have to do a HP in order to consider an increase, also told me that the card I have is to rebuild credit and normally does not qualify for an increase but she would research and would be contacting me by Friday (fingers crossed).
Since reading these posts I have requested an increase from my Cap1 and went from $500 to $600 not much of an increase but at least got one. I have applied for the BarclayCard and initially was denied but called the Recon number and plead my case they approved me for $500, WooHoo!!!!. I have also been able to get several other cards so I'm on my way to increasing my score and responsible borrowing.
My question to you guys is by keeping the OB card open will that deter prime lenders from considering me for their cards?
Also, I think I have hit a wall with opening new accounts I would really like to obtain an AMEX or Discover card, how long should I wait between my last new credit and applying for new credit? Thanks for all your info.
06-11-2013 05:47 AM
OP, I split your post to form a new one here. I had to edit the title, but changed nothing else. If you'd like to change the title, click "Options" and then "Edit Message".
06-11-2013 06:00 AM
Regarding the question of whether having an Orchard card would hurt your chances with prime cards:
I know on my credit reports my Orchard card shows as Capitol One now, just like my other two Capitol One cards, so I don't think having an Orchard card would hurt you now (if it ever did before, like having an FP could hurt your chances with AMEX).
06-11-2013 06:12 AM
Now that it is Capone, there is less likelihood of that.
For a CLI you should simply wait until the conversion and then it will be a soft pull, or so they say. They might change that later, who knows it is Capone!
06-11-2013 06:13 AM
You have to start somewhere...a lot of people here started with HSBC/Orchard Bank and FP. I think after showing a decent amount of positive history with either, who you have credit with matters less and less.
06-11-2013 06:16 AM - edited 06-11-2013 06:17 AM
IME, I was approved for prime cards like Amex, Discover, PNC, mortgage and others with the then-OB and then-HSBC TLs reporting (pre-CapOne takeover). Nobody cared they reported.
ETA...IMO, wait a year between apps. That'll improve your odds and you'll have a higher score in the process.
06-11-2013 10:46 AM - edited 06-11-2013 10:49 AM
Liz44 wrote: My question to you guys is by keeping the OB card open will that deter prime lenders from considering me for their cards?
To my knowledge the scoring algorithms don't distinguish between subprime and prime cards, as long as they are unsecured. That's not to say an underwriter wouldn't make an assumption if they saw it. But closed cards stay on your report for ten years, so closing it wouldn't help you.
Since Capital One bought them out most of us have seen the name on our CR change from Orchard to Cap1. At the very least you should keep it open long enough for that to occur, if it hasn't already.
My personal plan is to wait for the transition to be complete, and ask the EO to upgrade the card to a Green Cash or World MC. Then instead of a closed subprime, any nosy underwriter will see my oldest card is a prime high limit.
As far as chances with prime cards; I hold a Amex Unicorn card, one of the most prestigious and difficult to obtain, as well as a Chase Freedom Signature. When talking to the recon reps at chase, at no time did they mention my Orchard card as a negative. My starting limit with Orchard was 300 in 2008. I don't think it will hurt your chances.
06-11-2013 11:21 AM - edited 06-11-2013 11:21 AM
That's awesome! Definitely gives me hope. I have been working on my credit pretty hard as well. But I went on an app spree the last two months and did pretty well for myself now I just need to figure out how to stop myself from submitting any new apps. The last one I tried was last week for the Discover it card, sadly declined due to one baddie and excessive inquiries according to the rep when I called to recon. I must stay away from applications and good deals for the next 6 to 12 months.
06-11-2013 01:50 PM
Welcome to the forum, I don't know how long you have had your accounts,
best to garden for awhile, especially the Barclay's
06-11-2013 02:28 PM
My orchards showed up as HSBC and they have since been closed. They never affected my ability to obtain the cards I desired. My denials are usually due to too many inquries.
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