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Orchard Bank just tried to Save me?

Frequent Contributor

Re: Orchard Bank just tried to Save me?


Repo-ed wrote:

So I called the 503 #  on the back of the card, so that I could cancel it.

 

The short of the long, is I was transferred to a US based CS, after being initially routed to Peggy.  I advised that I wished to cancel the card, at which point she asked why. I simply said I was wishing to consolidate accounts, and I no longer needed my Orchard Card.  She said she respected my decision, but wanted to offer me some things, to perhaps get me to stay?

 

She offered to increase my CL, but without a guarantee on the amount.  She offered to waive the AF that was coming up next month. She offered to enable a 2% cash back on all purchases.

 

Did something recently change w/ them?  This is a first...

 

In the end, I closed the account, because she couldn't tell me if it was a SP or HP.  Past CLI request was a SP.  Had she stated SP, I would have gone through with it, and dependent upon the amount, I would have possibly kept the card.

 

Surprisingly though - of all the save tactics she used, she didn't put me on hold to find out the SP or HP, as I clearly made that my only real issue with moving forward.

 

Oh well.  I didn't ask for anything, and they offered me a bunch.  Anyone else get this recently?


It is nice that they made the offer, but by making the offer contingent upon a HP, it really would have been like applying for a new card.  If Repo-ed asked for the CLI or the cashback, that's one thing, but to offer it as an incentive to stay and then indicate that you may have to "pay" for it with a HP isn't likely to result in too many successes. 


Current:
TU (5/14/14): 796 (Inquiries; 8/23/13)
EQ (3/23/14): 791 (Inquiries: 8/23/13)
EX (9/24/13): 780 (Inquiries: 7/2/12; 11/20/12; 7/30/13; 8/23/13)

Goals: No new inquiries for 2014, 800 for all CRs by 12/31/14
Message 11 of 20
Valued Contributor

Re: Orchard Bank just tried to Save me?


GST2008 wrote:

Repo-ed wrote:

So I called the 503 #  on the back of the card, so that I could cancel it.

 

The short of the long, is I was transferred to a US based CS, after being initially routed to Peggy.  I advised that I wished to cancel the card, at which point she asked why. I simply said I was wishing to consolidate accounts, and I no longer needed my Orchard Card.  She said she respected my decision, but wanted to offer me some things, to perhaps get me to stay?

 

She offered to increase my CL, but without a guarantee on the amount.  She offered to waive the AF that was coming up next month. She offered to enable a 2% cash back on all purchases.

 

Did something recently change w/ them?  This is a first...

 

In the end, I closed the account, because she couldn't tell me if it was a SP or HP.  Past CLI request was a SP.  Had she stated SP, I would have gone through with it, and dependent upon the amount, I would have possibly kept the card.

 

Surprisingly though - of all the save tactics she used, she didn't put me on hold to find out the SP or HP, as I clearly made that my only real issue with moving forward.

 

Oh well.  I didn't ask for anything, and they offered me a bunch.  Anyone else get this recently?


It is nice that they made the offer, but by making the offer contingent upon a HP, it really would have been like applying for a new card.  If Repo-ed asked for the CLI or the cashback, that's one thing, but to offer it as an incentive to stay and then indicate that you may have to "pay" for it with a HP isn't likely to result in too many successes. 



GST2008 wrote:

Repo-ed wrote:

So I called the 503 #  on the back of the card, so that I could cancel it.

 

The short of the long, is I was transferred to a US based CS, after being initially routed to Peggy.  I advised that I wished to cancel the card, at which point she asked why. I simply said I was wishing to consolidate accounts, and I no longer needed my Orchard Card.  She said she respected my decision, but wanted to offer me some things, to perhaps get me to stay?

 

She offered to increase my CL, but without a guarantee on the amount.  She offered to waive the AF that was coming up next month. She offered to enable a 2% cash back on all purchases.

 

Did something recently change w/ them?  This is a first...

 

In the end, I closed the account, because she couldn't tell me if it was a SP or HP.  Past CLI request was a SP.  Had she stated SP, I would have gone through with it, and dependent upon the amount, I would have possibly kept the card.

 

Surprisingly though - of all the save tactics she used, she didn't put me on hold to find out the SP or HP, as I clearly made that my only real issue with moving forward.

 

Oh well.  I didn't ask for anything, and they offered me a bunch.  Anyone else get this recently?


It is nice that they made the offer, but by making the offer contingent upon a HP, it really would have been like applying for a new card.  If Repo-ed asked for the CLI or the cashback, that's one thing, but to offer it as an incentive to stay and then indicate that you may have to "pay" for it with a HP isn't likely to result in too many successes. 


^^^This.

 

 

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 12 of 20
Moderator

Re: Orchard Bank just tried to Save me?


GST2008 wrote:

It is nice that they made the offer, but by making the offer contingent upon a HP, it really would have been like applying for a new card.  If Repo-ed asked for the CLI or the cashback, that's one thing, but to offer it as an incentive to stay and then indicate that you may have to "pay" for it with a HP isn't likely to result in too many successes. 


Would've been fine for me, but I'm not afraid of a little math, let alone a single inquiry.  Oh noes!  It would've made no difference on my FICO score now, and would've only been a transient impact for *maybe* five months out the year it was on... and it'd be on the backhalf of the penalty curve at that point too, pretty minimal.

 

Like I said earlier, I think this forum vastly overestimates the impact of inquiries and honestly, trading an inquiry for a longer-term financial reward is the smart thing to do: whether that's refing your mortgage or auto loan, or getting a 2% to everything reward perk when you're subprime.  I won't get anything close to that for *years* (Repo-ed may beat me by call it six months so it's applicable there too) when the inquiry penalty is minor, and only lasts for a year anyway.  

 

My personal opinion anyway, but while I know math is hard, it's well worth doing sometimes.  You have to actually use your credit report, and your FICO score, to derive any financial benefit out of it.  That's the long term goal, not some pretty epeen score. Smiley Wink  I think that fact gets lost on this forum sometimes... there's far too much emphasis on short-term FICO score increase and maintenance, when it is absolutely a long-term project.

 

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 13 of 20
Valued Contributor

Re: Orchard Bank just tried to Save me?


Revelate wrote:

GST2008 wrote:

It is nice that they made the offer, but by making the offer contingent upon a HP, it really would have been like applying for a new card.  If Repo-ed asked for the CLI or the cashback, that's one thing, but to offer it as an incentive to stay and then indicate that you may have to "pay" for it with a HP isn't likely to result in too many successes. 


..... but while I know math is hard, it's well worth doing sometimes.  You have to actually use your credit report, and your FICO score, to derive any financial benefit out of it.  That's the long term goal, not some pretty epeen score. Smiley Wink  I think that fact gets lost on this forum sometimes... there's far too much emphasis on short-term FICO score increase and maintenance, when it is absolutely a long-term project.

 

 


+10  BINGO !

Message 14 of 20
Valued Contributor

Re: Orchard Bank just tried to Save me?


pipeguy wrote:

Revelate wrote:

GST2008 wrote:

It is nice that they made the offer, but by making the offer contingent upon a HP, it really would have been like applying for a new card.  If Repo-ed asked for the CLI or the cashback, that's one thing, but to offer it as an incentive to stay and then indicate that you may have to "pay" for it with a HP isn't likely to result in too many successes. 


..... but while I know math is hard, it's well worth doing sometimes.  You have to actually use your credit report, and your FICO score, to derive any financial benefit out of it.  That's the long term goal, not some pretty epeen score. Smiley Wink  I think that fact gets lost on this forum sometimes... there's far too much emphasis on short-term FICO score increase and maintenance, when it is absolutely a long-term project.

 

 


+10  BINGO !


AMEN! I get intimidate going into the Credit Card part of this forum because its pretty intense lol

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Message 15 of 20
Moderator Emeritus

Re: Orchard Bank just tried to Save me?


..... but while I know math is hard, it's well worth doing sometimes.  You have to actually use your credit report, and your FICO score, to derive any financial benefit out of it.  That's the long term goal, not some pretty epeen score. Smiley Wink  I think that fact gets lost on this forum sometimes... there's far too much emphasis on short-term FICO score increase and maintenance, when it is absolutely a long-term project.

 

 


+10  BINGO !


AMEN! I get intimidate going into the Credit Card part of this forum because its pretty intense lol


Agree to that!  If you already have inquiries, pile on more if they will help you in the long term. at least they all fall off at the same time! Sometimes adding a new account will be more beneficial in the long run than not "inquiring"


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Message 16 of 20
Valued Contributor

Re: Orchard Bank just tried to Save me?

Guys.  I'm not at ALL saying, I do not agree with you; however, I was not going to authorize a potenial HP for a $100CLI.

 

If she told me with confidence it would be an SP, all of this would be a moot point, as I would have kept the card.

 

But she could not and I wasn't going to push her to go seak out the answer, just to come back and tell me it was an SP (for the sake of getting me to pull the trigger), and get a crappy CLI AND INQ

 

Despite my recent INQ(s), I do not use credit (part of the reason why I'm here to begin with), but realize I need some to get some.  So each of my INQ/CC have a specific role to play:

Amazon - I shop there for 99% of my things

Belk - I shop there for the other 1% and I work there p/t for the 40% discount

Walmart - Monthly score

Zync - backdating

Barclay Visa - to replace Orchard and Cap1 secured so I can reserve rental cars (as that is all they were used for anyway)

 

Orchard -my first CC I picked up to begin my path of rebuilding and only used it to rent cars (now closed)

Cap1 secured - pick-up a new and positive TL (now closed)

 

So the possible HP was not worth it to me in the short or long run.  It would have just been another card to try and manage to some degree.

 

As always with credit - to each their own, and YMMV Smiley Happy

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 17 of 20
New Contributor

Re: Orchard Bank just tried to Save me?

I can see why people are inquiry sensitive.. like when I look at creditkarma, it shows 15 inquiries in the past 2 years (only 2 within the past 1 year) and then it shows me a big huge "GRADE F" for that section. Even though the new FICO formula only looks at the past 12 months, right?

Creditkeeper 6/12
TU: 678
EQ: 665
EX: 673
Walmart FICO: 680 (6/12)
Message 18 of 20
Moderator

Re: Orchard Bank just tried to Save me?


SlabOfBacon wrote:

I can see why people are inquiry sensitive.. like when I look at creditkarma, it shows 15 inquiries in the past 2 years (only 2 within the past 1 year) and then it shows me a big huge "GRADE F" for that section. Even though the new FICO formula only looks at the past 12 months, right?


The old FICO formulas only counts inquiries within the last 12 months too.  Counting numbers isn't always accurate either, I have 9 inquires on TU, 7 of which are from auto-loan shopping over a 3 day period... every version of FICO '98 or later rolls that up into a single inquiry score wise. 

 

CreditKarma's advice and scores should almost unilaterally be ignored.  The benefit from that service is basically free access to the report data held by Transunion.  Beyond that, just take everything there with a bemused tolerance. 

 

 

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 19 of 20
Contributor

Re: Orchard Bank just tried to Save me?

Not really surprised now that they are owned by cap 1

Credit Karma - 636 8-12-12 USAA
Credit Rebuilding Mode - Cap 1 Plat(500CL) SHOW MC(300CL)
Clean Up Mode - Goal - No New Apps till 6/2013
Message 20 of 20