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Posts: 9
Registered: ‎02-12-2008
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Orchard Bank vs. Capital One

Hey everyone.  I currently have an Orchard Bank Platinum Credit Card that I got back in February of last year.  It was when I had a low credit score and was trying to rebuild my credit.  It has a $300 limit.  My score has since gone up to 635 (Equifax) from 569 and I have been receiving lots of advertisements for Capital One credit cards with pre-approved limits up to $1,200.  A friend of mine said that Capital One has changed the way they report credit on your credit reports from the way they used to and that they are a great company to be with.  At least better than Orchard Bank.  Should I apply for a Capital One card?  What are the chances of me getting one and what would my limit be with a score of 635?  Should I get the Capital One card and leave the Orchard Bank card open just for credit history length?  Should I try and get a Capital One card and, if successful, cancel the Orchard Bank card?  Or should I forget about Capital One and just request a credit limit increase with Orchard Bank since it has been almost a year with the card?  I have had no missed payments.  I know this post has about 5 different scenarios, but I am looking for the best one to help my credit.  Thank you in advance for all advice, help, and input anyone can give me.  Also, my score has mainly jumped from paying down a large debt to almost nothing on an old retail credit card, not from charging and paying off the $35-$100 I charge each month to the Orchard card (although I know it helps).
Epic Contributor
Posts: 29,452
Registered: ‎10-23-2007
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Re: Orchard Bank vs. Capital One

Call HSBC and ask for CLI

Apply for Capital One but be prepared for another $300 limit but at least it does have credit steps that gives you cli every 6 months and sometimes you can call right before the 6 months and get additional cli.


Is HSBC your only credit period right now?


in that case I would also suggest like a target or Macy's if you shop at either, I prefer Macy's because you can get CLI every 3 months without additional credit pulls and eventually get a visa with them 

Established Contributor
Posts: 794
Registered: ‎08-05-2008
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Re: Orchard Bank vs. Capital One

Also, beware of the pre-approved Cap 1 offer. I have Orchard, I received a Cap 1 offer, I applied and was declined. They (Cap 1) pull all three credit reports.

"Evacuate, in our moment of triumph? I think you overestimate their chances."
New Visitor
Posts: 1
Registered: ‎07-18-2007
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Re: Orchard Bank vs. Capital One

I've had an Orchard Bank card for years and years and years, with a perfect payment history, never overlimit, always paid more than minimum, etc, and they have never increased my credit limit.   Every time I call they tell me: "We periodically review our accounts for CLI, but we are not able to give you a CLI at this time."  I have gotten CLI from all of my other cards.  I did, however, negotiate an interest reduction with them. 
Valued Member
Posts: 35
Registered: ‎10-01-2008
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Re: Orchard Bank vs. Capital One

Capital One can be a great card to help build and rebuild credit, but their pre approval can also mean the credit steps program and an inital 300 credit limit.

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