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Orchard Bank to Capital One ...

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Revelate
Moderator Emeritus

Re: Orchard Bank to Capital One ...

My letter came late last week on my baby $300 Orchard.  Hello, and welcome to the Cap One blah blah blah.

 

Pretty boilerplate, though I admit that I didn't read it very carefully other than their emphasis that there would be no changes at all to my payment method through the Orchard web site, nor any change on my payment history from a credit reporting perspective just the creditor name would be updated... received a jury summons the same day which was admittedly distracting trying to read C1's form letter. 

 




        
Message 11 of 19
suzeeh
Established Member

Re: Orchard Bank to Capital One ...

I just got off the phone with Capital One.  I have a Capital One Visa and Mastercard and an HSBC.  They will not combine.  Darn it!

Message 12 of 19
BullsEye10
New Contributor

Re: Orchard Bank to Capital One ...

Good ... then I wasn't the only one they told that to.

 

I think I am going to just cancel the Orchard Bank .. it served its purpose and now is just a "toy" limit that I have no need for.

 

Thanks to all for the input.

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Message 13 of 19
Anonymous
Not applicable

Re: Orchard Bank to Capital One ...

why wouldn't you just cut it up or store it somewhere safe for emergencies? Closing your card is just going to lower your available credit, which will hurt your credit score!

Message 14 of 19
Revelate
Moderator Emeritus

Re: Orchard Bank to Capital One ...


@Anonymous wrote:

why wouldn't you just cut it up or store it somewhere safe for emergencies? Closing your card is just going to lower your available credit, which will hurt your credit score!


Old thread, but that's only the case if one carries a balance in general, and if the Orchard card (300-500 CL most likely) is trivial in comparison to other tradelines, it's not much of a loss.  Add that to the fact that Orchard vis a vis Cap One traditionally has made their money on annual fees (39, 59, or 79 in Orchard's case AFAIK) it's an expense that may be better used otherwise than simply leaving it around.

 

As an illustrated example, my own case: I have a $300 CL Orchard, and a total aggregate CL of $4300 across my three cards.  $4300->$4000 isn't a substantial loss, and I'm stuck behind the $59 AF on it.  While I'll keep it open for 23 months, odds of my keeping it beyond that unless my scores don't continue to improve to about the 680 range (I have some derogs which make it doubtful I'll break 700 for years) are vanishingly small.  




        
Message 15 of 19
TiggerDat
Valued Contributor

Re: Orchard Bank to Capital One ...

Maybe they will change the card terms to one without an annual fee.  But good luck as this card is now a CapOne card and may never get a CLI. 

 

CapOne does offer promotions for accounts, but some times you have to call and ask for offers on the account.  (It does not appear they ever offer a CLI though for most people.)  Maybe you can bargain for them to waive the fee or alter the terms and conditions.  I had an account with them that had not seen a CLI in over two years and I used the card for 7 times it's credit limit.  They refused to waive the $39 annual fee, so I did close the account.  There was a small drop in my credit score, since I am thinking longer term than they are I don't care.  It will report positive to my score for 7 more years.  The new account with a higher limit had a more positive impact to my credit score.  It was a trade off.  I do have another card with them and a Household Card, which will be merged into the system later.  I will never close the Household card or any card without an annual fee.  The rewards seem better than the Capital One cashback card that I have.  At some point I will have to close that card if they don't give a CLI and waive the fee.  I don't think it is wise to hold my breath at this point.  I am hoping they notice the new competitor's card with 5 times the limit!

 

My scores are in the 680s.  Don't apply for too many, but try and get a card with a higher limit, this will impact your score positively.  Some have mentioned that was one way for CapOne to possibly give you a CLI.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 16 of 19
san_antonio_bear
New Member

Re: Orchard Bank to Capital One ...

http://rebuildcreditscores.com/capital-one-credit-card-holders-lead-consumer-complaints/

 

this is a report about capital ones history of complaints

Message 17 of 19
indiolatino61
Valued Contributor

Re: Orchard Bank to Capital One ...


@BullsEye10 wrote:

I just got notice that my Orchard Bank card is now a Capital One card.  

 

Considering I already have a Capital One card, should I ask them to simply combine the credit limits and close the Orchard Bank?

 

Thanks! 


A friend just tried that and it is not possible at this time, according to the CSR with whom she spoke.

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Message 18 of 19
EaglesFan2006
Established Contributor

Re: Orchard Bank to Capital One ...


@indiolatino61 wrote:

@BullsEye10 wrote:

I just got notice that my Orchard Bank card is now a Capital One card.  

 

Considering I already have a Capital One card, should I ask them to simply combine the credit limits and close the Orchard Bank?

 

Thanks! 


A friend just tried that and it is not possible at this time, according to the CSR with whom she spoke.


I don't think CapOne will do it even after the transition is fully complete.  I have two CapOne cards now, and I asked to try and combine limits and cards, and they refused on two different occasions.  They say you can only transfer balances between cards, but not limits.

Message 19 of 19
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