I just called Orchard today. I explained to the CSR that when I activated my card back in August, I was told that after six months I would be eligible to be reviewed for a CLI. My sixth statement just posted yesterday, so I was calling to request such a review. She told me that they are undergoing a change in their computer systems and that they would be reviewing accounts for CLIs starting March 21. She told me that my account has been beautifully managed, and if I call back after March 21 that they would be happy to put in the request. I don't know if this is true or if it's just a song and dance, but I thought that I'd pass along the date I was given to my fellow FICO folks.
As for those who have recently closed their accounts, I don't blame you. I don't expect this card to grow much over time, even if I do get a CLI. But, it's doing its job of rebuilding for me, so I am happy that it is serving its intended purpose. Eventually I hope to be able to move on to something better and cancel it, too.
Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
@trappedatuf wrote:You would think that a card that helps people rebuild would want to leverage all that history and try and save some of it's clients and push them into a higher limit card. I've had the Orchard Bank 2% Gold card for over 6 years! I started with a $300 CL and then, I think two years into it and after being told they are not offering CLI's several times, they upped it to $500. Recently I called to complain about the annual fee and they bumped it to $800 a few months back. I was just frustrated with this card and figured I don't need this low limit haunting me, so I called and cancelled it today. Of course I tried one last ditch CLI request and got denied! I have good FICO scores (I applied and got an AmEx Platinum right after I closed this) so it just seems Orchard Bank is very near-sighted and just expects people to close these accounts and move on one day. I personally think it's a stupid business model, right?!?
Not really. They fully expect customers to move on, they have low limits and typically high fees. Most of their customers don't spend a lot on their credit cards anyway, so this is how they maximize profitability without having to keep a large sum of money around to cover the increased exposure of higher CL's across their customer base.
It's the same business model as Cap One's subprime division, just C1 had some prime products as well; now with the merger there's really no reason for C1 to change those cards out. Note C1's reluctance to PC around products too for similar reasons, high fee + low limit = profit with low risk exposure.
i just called orchard and asked for a credit limit increase. she asked for my yearly income and if i would let them check my credit. i agreed. i got a 250.00 increase. so now my limit is 1150.00. i will wait and see what kind of alert i get whether or not it was a hard or soft pull.
Starting Score: EQ 505 jul09