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Moderator Emeritus
LadyFICO
Posts: 273
Registered: ‎04-13-2007

Re: Orchard Bank?

NWM:
Is the increase for bofa automatic after a year like cap one from 300 to 500? I have the same cap one card but only had it since feb so I still have a couple of months before I see the increase.
 
I'm still having a hard time getting a prime card any suggestions? I was hoping better offers would come in but it may still be to soon. All my updates still haven't hit the bureaus.
Moderator Emeritus
LadyFICO
Posts: 273
Registered: ‎04-13-2007

Re: Orchard Bank?

Tuscani:
I have 2 orchards both will be aging to 1 year mark in June. I have always paid on time and more than the min and no budge in the limit. I had requested one around xmas and was denied are they strict when under a year? Do you think I just need patience and the increase will come?
Contributor
devhip
Posts: 210
Registered: ‎04-28-2007

Re: Orchard Bank?

Yes, I've also seen conflicting reports of Orchard being really stubborn with increases, or offering them within 6 months. Personally, I don't care about the credit limit for the dumb card. I have a BofA Platinum with enough high limit for my needs. My main goal now is buidling positive tradelines. I am confident that fairly soon I'll be qualifying for prime products with much higher limits. I am in no hurry to have lots of credit. I spent 4 years getting out of debt. And you know....it's kinda nice! Really, I just want the tradeline.
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007

Re: Orchard Bank?



LadyFICO wrote:
NWM:
Is the increase for bofa automatic after a year like cap one from 300 to 500? I have the same cap one card but only had it since feb so I still have a couple of months before I see the increase.
I'm still having a hard time getting a prime card any suggestions? I was hoping better offers would come in but it may still be to soon. All my updates still haven't hit the bureaus.





I had to bug them. Repeatedly. I am sure they did a manual review. I also have had an account relationship with them for several years now. From what their reps (I spoke with five total) told me, you get a CLI in about six months with good credit. Dinged credit is nine or ten months. Pockmarked credit, a year. Cratered credit, maybe 18 months. Keep your payments on time and that utilization low. Because of a financial emergency I let my utilization hit 99% eight months ago and that probably set me back a couple months.

Get those TLs, be faithful with them, and sooner or later the CLIs will come. It may be like water wearing down rock, but the rock does wear down.
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in a credit-scoring postnuclear Stone Age...
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007

Re: Orchard Bank?



devhip wrote:
Yes, I've also seen conflicting reports of Orchard being really stubborn with increases, or offering them within 6 months. Personally, I don't care about the credit limit for the dumb card. I have a BofA Platinum with enough high limit for my needs. My main goal now is buidling positive tradelines. I am confident that fairly soon I'll be qualifying for prime products with much higher limits. I am in no hurry to have lots of credit. I spent 4 years getting out of debt. And you know....it's kinda nice! Really, I just want the tradeline.





Credit card TLs feed off of each other. I'm pretty well convinced that any creditor looks at TLs similar to their own and gives them more weight than other TLs. This is not to say that you can use and abuse other TLs and get repos and charge-offs and whatnot. But I do believe that when you go for a CLI, it helps a lot if they pull your CR and see you have three other CCs that you have no late-pays on and that your utilization is low on.

Once I get the $1000 limit on BofA, I'll be sitting in the catbird seat to get CLIs on my CapOne and Orchard CCs by the end of summer. I'll have 3 CCs, one of them prime or near-prime, all in good standing, at 5% to 15% utilization for six months, with an unblemished record on those TLs. I'll probably be at 615/660/695 on FICO.

Then toward the end of the year, I'll double back to BofA...probably by then at 620/665/700, three CCs, all in good standing, two of them over a year old...and I'll ask BofA for a $2000 credit line. By spring 2008, I'll be back to CapOne and Orchard...and so on. Lather, rinse, repeat...and by then I'll take a crack at another near-prime or even prime CC.
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in a credit-scoring postnuclear Stone Age...
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Orchard Bank?



LadyFICO wrote:
Tuscani:
I have 2 orchards both will be aging to 1 year mark in June. I have always paid on time and more than the min and no budge in the limit. I had requested one around xmas and was denied are they strict when under a year? Do you think I just need patience and the increase will come?


Doubt it. And even if they do you probably want see an Orchard CL much more than $500.
New Member
Love700
Posts: 4
Registered: ‎05-20-2007

Re: Orchard Bank?

Does Orchard Bank approve anyone? Does your score have to be in a certain range?
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Orchard Bank?



Love700 wrote:
Does Orchard Bank approve anyone? Does your score have to be in a certain range?



No. But they are generally easy to get. Usually a score of 500+ will suffice.
Established Contributor
Irvin
Posts: 510
Registered: ‎04-17-2007

Re: Orchard Bank?

I was approved for an Orchard card with 300 credit limit and annual fee of $59.
 
I am waiting to see if i was also approved for the Wamu Visa that i have long been getting offers in the mail for..if i get approved for Wamu...im not going to activate Orchard. One because it has a $59 annual fee, wamu has none. Two, because i see alot of complaining that they are rarely issueing any CLIs.
 
 
Established Contributor
Cory
Posts: 671
Registered: ‎03-15-2007

Re: Orchard Bank?

Yes they do, a lot of these Credit Card Companies do that.
 
Has anyone dealt with Applied Card Bank? the monthly maintanance fee is nutts! I have that card and I'm using money that I should saving to pay them off. $10.95 account maintanance fee. So, in a year you have given them $130.00.
 
Cory Lee
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