Credit Cards

[quarius]

I have been with Orchard Bank since 09' and i just paid off the balance of about $500, and i never asked for a CLI until now and they only gave me an extra $100 increase. I feel like this is an insult to me from them. What garbage is this, when im done cleaning and getting some new lines this card is done for sure.

[Razeus]

Use them for what they are and be done with them.  Put them out to pasture and put them down.  Let this be motivation to put your sub-prime days behind you.

[quarius]

Im totally motived now after this BoBo of a CLI they insulted me with. 

[Revelate]

Honestly this is Orchard's long-standard CLI policy, and lines up in the C1 model as well.

Many small accounts, with a non-trivial AF, lending to subprime people.  They don't even try to compete against the premiere lenders, it's still blue-water competition in the subprime arena, but prime is absolutely red-water.

Orchard and similar are good for one thing: building out of whatever credit hole we've managed to mire ourselves in; once that's done, we should move on, and Orchard and the rest are absolutely expecting and accepting of that fact.  Their business model works for them and many, many customers; they're no longer working for you, but they also likely extended you credit two years ago when many other lenders probably would not have.  They served their purpose, it's not worth getting bitter or indignant over, just realize as you already have that there will come a time to move on from them.

[SpiceIslander]

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Revelate wrote:

Honestly this is Orchard's long-standard CLI policy, and lines up in the C1 model as well.

Many small accounts, with a non-trivial AF, lending to subprime people.  They don't even try to compete against the premiere lenders, it's still blue-water competition in the subprime arena, but prime is absolutely red-water.

Orchard and similar are good for one thing: building out of whatever credit hole we've managed to mire ourselves in; once that's done, we should move on, and Orchard and the rest are absolutely expecting and accepting of that fact.  Their business model works for them and many, many customers; they're no longer working for you, but they also likely extended you credit two years ago when many other lenders probably would not have.  They served their purpose, it's not worth getting bitter or indignant over, just realize as you already have that there will come a time to move on from them.

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Agree 100%!

[xi]

I got a bunch of new cards recently (mostly reporting now). Much higher score than I had when I first got my Orchard Card in late-2010 (570s to 770s). The Orchard was a relic from the past w/ a $400 limit and zero balance. 

At the time I asked Orchard for a CLI above $400, my score was in the high 700s and I had an average credit limit of $16,000 (AMEX gave me a few cards in the $15-21k range, Penfed gave me a couple in the $16k range, Chase gave me a couple in the $12-14k range). Orchard flat out denied a CLI. I called back a few weeks later and just cancelled it and they tried to make me feel bad for cancelling because "Orchard Bank was there or me when my credit was in poorer shape." 

Hate them and am glad to be rid of them. 

[OilFieldEngineer]

I am in a similar situation I have had Orchard Bank since 2008. Now my scores are completely turned around and I have a ton of prime cards. Today they offered a whopping 300 CLI and to cut my AF in half. I had to respectfully decline and cancel the account. The only annual fee that I am comfortable paying is for my United Club Card since I spend half my life at airports anyway. RIP Orchard Bank Card. 

[Burned2manybridgesB4]

I've read a few rumors on this site, saying today is the offical C1 takeover of orchard, and that supposedly new cards are to be issued starting in Oct.

I can't knock cap 1 too badly, since they've been nice when others weren't in the past. Same with orchard.

[OilFieldEngineer]

not knocking them as I explained to their customer service rep I feel like I have outgrown doing business with them and have no ill will whatsoever. I am just not willing to invest in an annual fee with a low credit line at this point in time. 

[Burned2manybridgesB4]

Yeah, I hear ya. I'm just sentimental, and also want to see how cap's going to "alter" the card. The days of cards matching others, in regards to CLs, is not what it used to be.

Orchard was, and will always be a builder. That's one of the reasons why the cap transition won't merit anything. I'm willing to bet the $100 cli/six month basis will be revoked, and this card will be their new "starter platinum."