So I wanted another bullet in the chamber to build another positive revolving trade and applied with Orchard, knowing the likelihood was pretty good I'd get approved. That was like 3 weeks ago, before an unexpected amazing points jump due to several factors. Honestly I didn't care that I hadn't heard back because my conditions changed and I can now qualify for a better card, but for giggles I called them. My troubles are over! Wow....$300. I can spend....oh, about 30 bucks to carry good utilization. Burger King, anyone? So now that I'm stuck with this thing, my question is this. Does it matter that the limit is so low, or does the utilization carry the most weight no matter the high limit? In other words, even though it's almost useless as a credit line, will carrying a $30 balance on a $300 limit have the same effect as carrying a $300 balance on a $3000 limit? Or....does the formula factor in more than just the percentage of util? My logic tells me that other creditors would see the low limit and determine that I'm automatically subprime. Hopefully I'm wrong. Interested to hear from anyone else who has the low-limit Orchard card and how it has affected your over-all score after....say 6 months of on time payments and low util.
Never Give Up!!
