Reply
New Member
Posts: 4
Registered: ‎06-11-2013
0

Can Orchard hurt my prospects with prime cards

[ Edited ]

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.

height="50" width="50" border="0">Starting Score: CS 654 CK 630 Q 645
Current Score: CS 654 CK 630 Q 645, TU FICO 686, EQ 665
Goal Score: 700
Take the myFICO Fitness Challenge

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Can Orchard hurt my prospects with prime cards

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".

Frequent Contributor
Posts: 375
Registered: ‎01-20-2012
0

Re: Can Orchard hurt my prospects with prime cards

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).

 

Good luck!

Current: EQ 673 September2013 / TU 696 September2013 (Walmart)
Start: EQ 584 Feb2012 / TU 629 July2012

Wallet: BofA Cash Rewards Visa Sig $5000 / Lowe's $6000 / JCP $3900 / eBay MC $3200 / Barclaycard Rewards $2000 / Walmart $3300 / CapOne NHRC $2000 / CapOne Platinum #1 $2000 / Amazon $1700 / Discover It $1000 / CapOne Platinum #2 (former Orchard) $750 / Amex Zync $500 Autopay
Valued Contributor
Posts: 1,241
Registered: ‎10-15-2011
0

Re: Can Orchard hurt my prospects with prime cards

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!

 

 


Yeah, back to a seedling because of Huntington Bank offering me $150 to open a checking account... Well of course I had to app for the Voice card while I was at it....
Valued Contributor
Posts: 1,174
Registered: ‎05-17-2010
0

Re: Can Orchard hurt my prospects with prime cards

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.    

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Can Orchard hurt my prospects with prime cards

[ Edited ]

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.

Valued Contributor
Posts: 2,665
Registered: ‎06-05-2008
0

Re: Can Orchard hurt my prospects with prime cards

[ Edited ]

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.

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

New Member
Posts: 4
Registered: ‎06-11-2013
0

Re: Can Orchard hurt my prospects with prime cards

[ Edited ]

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. Smiley Sad  I must stay away from applications and good deals for the next 6 to 12 months.

height="50" width="50" border="0">Starting Score: CS 654 CK 630 Q 645
Current Score: CS 654 CK 630 Q 645, TU FICO 686, EQ 665
Goal Score: 700
Take the myFICO Fitness Challenge

Valued Contributor
Posts: 1,214
Registered: ‎02-03-2013
0

Re: Can Orchard hurt my prospects with prime cards

Welcome to the forum, I don't know how long you have had your accounts,

best to garden for awhile, especially the Barclay'sSmiley Happy


Starting Score TU 667 EQ 663 EX 655
Current Score TU 752 EQ 749 EX 757 Last Update 3/2015
Garden Club 04/10/2013 (Goal 2015 or Longer)



Frequent Contributor
Posts: 367
Registered: ‎06-02-2008
0

Re: Can Orchard hurt my prospects with prime cards

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.


AmEx PRG (NPSL) | AmEx Costco ($8.2K) | AmEx Delta Gold ($19.3K) | AmEx BCE ($5K) | Chase United Explorer ($10K) | Chase Sapphire Preferred ($7.5K) | Chase Freedom ($8.2K) | Discover it ($3K) | Capital One Quicksilver ($2.5K) | PayPal Extras ($2.5K) | Lowes ($3.3K) | Walmart ($4.3K) | Amazon ($2.5K) | Restoration Hardware ($8.8K) | Crate & Barrel ($8.3K)
--
Homeowner since 05/29/13
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.