12-25-2012 07:47 PM
I have no reason to keep it open, I already have a relationship with Cap One that supersedes this (crappy) relationship!
12-26-2012 12:22 AM
12-26-2012 05:33 AM
As everyone's credit journey is different, this is my complaint about Orchard. I'm sure everyone has a different experience. As for your comment about being "stuck" with low limit cards, I don't recall complaining about any other than Orchard. I am not obsessed with ridiculously high CLs, just cards that are useful & beneficial to me.
12-26-2012 06:06 AM
12-26-2012 06:06 AM
12-26-2012 08:24 AM
It depend on everyones situation, it's all different, Orchard bank is nothing but a stepping stone but I think for myself and most of us, Orchard bank helped me to re-established my credit and build that foundation for growth, I do agree though that once we get to a certain point of creditworthiness, Orchard Bank has done their purpose and we should move on to better credit card and close that one out. The bad thing about Orchard is they never hardly give cli increase and if so, it's only $100 at a time. Very slow process.
12-26-2012 08:41 AM
12-26-2012 09:04 AM
OB was the first to give me credit, and I was stuck at 300 for almost a year, then got a 270 CLI. After that, I called them every six months and got a 200 CLI with a soft pull every time. I am at 1170 now, one of my lowest credit limits, but it's steadily creeping up.
I contacted the Capital One executive office for some help with another card, and also talked to a rep about the Orchard Card. She told me that the OB cards would be converted over to Capital One products in the next few months, and after that they could do PC, CLI, etc on them. Until then they had no access to them. She gave my number to her counterpart over at Orchard who called me the same day.
That rep eliminated my annual fee forever on the Orchard card. She asked if there was anything else I wanted, and I told her I wouldn't mind a limit increase. She said that normally they can do soft pull increases, but because they were transitioning over to Capital One, they couldn't do any. She said that after my card became a Capital One, I should call customer service and ask for a CLI.
I was seriously considering closing that card, as I didn't want to pay an annual fee again. But now that it's free, I can keep it. It is my oldest revolver, and I'd rather keep it open.
If your annual fee is coming due in the next month, you should call general customer service and see if they will waive it. That's what they did for me last year. That would buy you another year to see what happens with the card. Who knows, another year or two and that line could be a 10k World Mastercard from Cap1.
12-26-2012 09:29 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO