Reply
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Pulled one credit weed. Tried to pull another with less success.

I closed my Orchard Secured card yesterday.  Yes, Orchard Secured.
 
The guy didn't even try to get me not to close it.  "Is there a reason the account isn't meeting your needs any longer?"
 
"Well, yeah.  I got this card when I was rebuilding my credit.  It's secured, has an annual fee, a $500 limit, and no rewards.  In the meantime I have at least three good unsecured accounts with limits ranging from $7K to $15K, all of which offer me rewards with no annual fee."
 
"Oh, wow.  Yeah, ok, you obviously don't need this anymore.  Let's get you closed out."
 
After that, I tried to close my rebuilder Cap1, which had a $500 CL and was never eligible for CLI no matter how many times I called the backdoor number.
 
Before I canceled it, though, I asked for a CLI and an AF waiver.  The Account Specialist told me there were no offers available for me.  So, I told her to close the account.  Miraculously, she was suddenly able to give me a CLI to $1K.
 
Still not thrilled with it, though.  The $29 AF is due again in September, and if they won't waive it, I'll actually follow through and cancel it at that point.
 
Anybody have any guesses on how likely they'll be to waive the AF next month?  Permanently even?
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008
0

Re: Pulled one credit weed. Tried to pull another with less success.

If I got First Premier to do it, you can get Cap 1 to do it!
Established Contributor
Uncle_Money
Posts: 530
Registered: ‎07-28-2008
0

Re: Pulled one credit weed. Tried to pull another with less success.

Hi Cheddar,
 
UM here. I, too have a rebuilder card from Orchard bank. Not secured, though. I've had it for probably 3+ years now with a lousy $600 limit and some crazy $ss APR of like 29.99%!! No, I do not keep a balance on the card!! When I threatened to close the acct due to the APR, they too didn't even try to stop it!
Equifax Fico 785 as of 01/18/2012
Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008
0

Re: Pulled one credit weed. Tried to pull another with less success.

That's so strange because I have had my orchard card for 2+ years and they waived my annual fee so that I wouldn't close the card. I started at $500, went to $600, $800, $1000, $1100 (the last $100 they also gave me when they waived my AF).  It really is YMMV with all of these cards, isn't it?
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Pulled one credit weed. Tried to pull another with less success.



UpUpUp wrote:
If I got First Premier to do it, you can get Cap 1 to do it!


Thanks for the encouragement!  If they don't waive it, well, it's their loss anyway. :smileyhappy:

 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Pulled one credit weed. Tried to pull another with less success.

[ Edited ]


Uncle_Money wrote:
Hi Cheddar,
 
UM here. I, too have a rebuilder card from Orchard bank. Not secured, though. I've had it for probably 3+ years now with a lousy $600 limit and some crazy $ss APR of like 29.99%!! No, I do not keep a balance on the card!! When I threatened to close the acct due to the APR, they too didn't even try to stop it!



Wow!  That is a crazy APR.  Forgive me if I'm assuming incorrectly, but that really sounds like a default APR.  Did you maybe go over the limit or make a late payment at some point?  Orchard has low limits and AFs like any rebuilder card, but their APRs are actually usually pretty good.
 
I really didn't expect them to offer me anything worthwhile that would make me keep the account.  I did expect them to at least try though.
 


Message Edited by cheddar on 08-01-2008 09:51 PM
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008
0

Re: Pulled one credit weed. Tried to pull another with less success.



cheddar wrote:


UpUpUp wrote:
If I got First Premier to do it, you can get Cap 1 to do it!


Thanks for the encouragement!  If they don't waive it, well, it's their loss anyway. :smileyhappy:

 


That would be true. But, I think they'll do it! :smileywink:
Established Contributor
Uncle_Money
Posts: 530
Registered: ‎07-28-2008
0

Re: Pulled one credit weed. Tried to pull another with less success.

It is robbery. I agree, it sounds like a default APR but I never defaulted on that or any of my accounts! The acct reports a zero balance every month and that is that. My biggest problem was high utilization, which I'm happy to report is no more. I'm taking your advice because I'm going for Amex again soon so I want my utilization to be in the ideal range of 1-9%..
 
I hope you get what you want from them, though!
Equifax Fico 785 as of 01/18/2012
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Pulled one credit weed. Tried to pull another with less success.



Uncle_Money wrote:
It is robbery. I agree, it sounds like a default APR but I never defaulted on that or any of my accounts! The acct reports a zero balance every month and that is that. My biggest problem was high utilization, which I'm happy to report is no more. I'm taking your advice because I'm going for Amex again soon so I want my utilization to be in the ideal range of 1-9%..
 
I hope you get what you want from them, though!



Well, in that case, yes, I agree with you.  That is a ridiculous APR.  Thanks for your well wishes.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Valued Contributor
jmbfl
Posts: 1,185
Registered: ‎03-04-2008
0

Re: Pulled one credit weed. Tried to pull another with less success.

Cheddar -
 
I just got WaMu/Providian to toss me a bone and recind the $59 AF on my open account for one year. That was done by a supervisor after the CSR said it was impossible. I still loathe them, but a few more positive steps like that (did I say massive APR reduction?) and I might be forced to move them from hated state to tolerated state. Something tells me they will do litlle more for me until I give them the cold shoulder by transferring the balance off my closed accout.
 
If I can do it you can do it!

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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}