Orchard Bank $50 fee for $200 CLI????

[Phoenix-rising]

Are you freaking kidding me?

I told DH to call Orchard bank two weeks ago via the backdoor number to ask for a CLI.  They were "nice enough" to bump up his limit from $600 to $800.

When I took a look at his online statement just now I see a $50 transaction that says CREDIT LINE INCREASE FINANCE CHARGE!

I've never heard of having to pay for a CLI.  Is this standard practice for sub prime CCCs?  When I tell DH about this he'll flip!  It's the only CC in his name right now and I'd hate to close it, but I know that's what DH will want to do.

Any suggestons???

[wahmom]

Yes I have heard of it. I DH just got approved for Orchard and that was listed in the terms. I've heard of several other cards doing the same thing. They take advantage of us who are trying to rebuild and make us pay enormous amounts of money to repair and rebuild.

This is what Orchard says:

If you request and are approved for a credit line increase a fee of as much as 50% of the increase may be charged. (Based on your creditworthiness)

[Anonymous]

Yep. Stands out in the credit terms as if they are pround of it. The funny part is you did get the increase. Most don't. Maybe it's time to look for another card.

[fishbjc]

Your scores are great!  Why are you messing w/Orchard?  Time to get a *big girl* card.

Bye-Bye Orchard!

[Phoenix-rising]

Ugh!  So it's true then.  I was hoping it was a bad dream.

I can't believe that they even hit people with the fee after turning them down for a CLI.

I never realized until recently just how cruel companies can be to good people who run into hard times.

The service rep that DH spoke with told him to call back every month to keep bumping up the limit based on his income level.  I thought it sounded like a plan, but at $50/month . . . .  I don't think so.

With any luck the app we just sent to Discover to make him a joint holder on my card will work.  Then he can kick Orchard Bank to the curb.

[Anonymous]

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fishbjc wrote:

Your scores are great!  Why are you messing w/Orchard?  Time to get a *big girl* card.

Bye-Bye Orchard!

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I think it's her DH who has the Orchard card.

[Phoenix-rising]

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fishbjc wrote:

Your scores are great!  Why are you messing w/Orchard?  Time to get a *big girl* card.

Bye-Bye Orchard!

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fish, I have plenty of big girl cards, but unfortunately DH doesn't.  He's only an AU on my CCs and I'm worried about what will happen to his scores when FICO08 hits.  He had a BK7 back in 2002 (long before we met) and has had trouble rebounding since then.  The Orchard card is DH's only CC unfortunately.  He used to have a Crap one card but they pissed him off and he cancelled that card a year ago.

[fishbjc]

OP:  Hopefully he will rebound and gain some momentum.  I've got DH on one Sears card as an au...it's got a 28 year history...that could be *bad news*...

[Anonymous]

They normally quote you the fee after they quote the CLI amount.  Not sure why that didn't happen for you guys.  Their charges range anywhere from $10 and up.  The first time I received a CLI from them for $100 I was charged $20 or $30 (can't remember). I called two months later and was $10 for an additional $100.  It is a pretty wack system which is why I am glad I combined my Orchard/HSBC cards.  For a company that states periodic/monthly reviews, I was only able to receive CLI's that I initiated.

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Phoenix-rising wrote:

Are you freaking kidding me?

I told DH to call Orchard bank two weeks ago via the backdoor number to ask for a CLI.  They were "nice enough" to bump up his limit from $600 to $800.

When I took a look at his online statement just now I see a $50 transaction that says CREDIT LINE INCREASE FINANCE CHARGE!

I've never heard of having to pay for a CLI.  Is this standard practice for sub prime CCCs?  When I tell DH about this he'll flip!  It's the only CC in his name right now and I'd hate to close it, but I know that's what DH will want to do.

Any suggestons???

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[Phoenix-rising]

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PurpleHaze wrote:

They normally quote you the fee after they quote the CLI amount.  Not sure why that didn't happen for you guys.  Their charges range anywhere from $10 and up.  The first time I received a CLI from them for $100 I was charged $20 or $30 (can't remember). I called two months later and was $10 for an additional $100.  It is a pretty wack system which is why I am glad I combined my Orchard/HSBC cards.  For a company that states periodic/monthly reviews, I was only able to receive CLI's that I initiated.

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Thanks for the feedback PurpleHaze.  It looks like your $200 in CLIs only cost you $20.  You got a bargain then. 

I wouldn't be surprised if they mentioned the fee and DH just blocked it out.  Sometimes I think he's a blonde underneath that brown hair.  He's also not one to read the fine print on anything.  That's my role and something I'm absolutely obsessive/compulsive about.