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Orchard Bank Credit-approved .. I think

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butterflyblu
New Contributor

Orchard Bank Credit-approved .. I think

After reading all about Orchard Bank on myfico I decided to go ahead and apply.  I was approved for the classic card $39.00 fee.  I put in my routing number and acct number for the fee during the application process. 

 

Now what happens?  do they call for employment verification, and  run my credit. Just confused on their process.

 

Thanks!

Message 1 of 7
6 REPLIES 6
mxp114
Valued Contributor

Re: Orchard Bank Credit-approved .. I think

Message 2 of 7
butterflyblu
New Contributor

Re: Orchard Bank Credit-approved .. I think

Thanks for the link to that.  I looked up my application and it says "unable to finalize the application" so I called them and the CSR said something to the affect that the fee has to be held for 10-14 days then, after that it should be sent to me?  ugh, she was very vague so I am kind of confused.  It hasn't been taken out of my account yet so who knows.. strange process Orchard Bank.

Message 3 of 7
coldnmn
Mega Contributor

Re: Orchard Bank Credit-approved .. I think

Your approved, it takes time for them to record the payment and deduct from your account. I found when you make a payment don't make the full payment. For an example When I first got the card I payed in full under $100 those funds were available the next day. The next month I owed about $180 and payed in full. They held the funds for the whole 14 days before making them available. Now I make small payments. They wouldn't make funds available by calling the either. Pretty sad when they hold $180 on a $300 limit when I paid $59 annual fee and they hold back funds half the month. If you pay by BillPay I have read they make it available the next day. 

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 4 of 7
john398
Senior Contributor

Re: Orchard Bank Credit-approved .. I think


@coldnmn wrote:

Your approved, it takes time for them to record the payment and deduct from your account. I found when you make a payment don't make the full payment. For an example When I first got the card I payed in full under $100 those funds were available the next day. The next month I owed about $180 and payed in full. They held the funds for the whole 14 days before making them available. Now I make small payments. They wouldn't make funds available by calling the either. Pretty sad when they hold $180 on a $300 limit when I paid $59 annual fee and they hold back funds half the month. If you pay by BillPay I have read they make it available the next day. 



They should only do that the first few months although I am sure ymmv

Message 5 of 7
coldnmn
Mega Contributor

Re: Orchard Bank Credit-approved .. I think

That could be. I know Cap1 was that way but at least they would release the funds after calling. It served its purpose and was worth the $59 annual fee. Feb I had 2 cards with $600 limit total. Now I have 6 cards with $8700. So now I say goodby and thank you to Orchard. Just trying to relay some of the payment frustration I had with Orchard so they will know what to expect. 

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 6 of 7
butterflyblu
New Contributor

Re: Orchard Bank Credit-approved .. I think

Geeze, holding funds for a payment, strange.   I will keep an eye out over the next few days and see what happens.   Thanks for info! Smiley Wink

Message 7 of 7
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