Re: Orchard remorse
04-12-2011 12:05 PM
you have 3 things at stake here.
1. Inquiry - cant do anything,
2. AAoA and new account on file - You may want to try calling them and cancel/withdraw the application before they setup the account. (It's a 50-50 thing)
3. AF - you control this, yes yes yes, save it. I don't see why you need to pay this...
I'm still in the process of rebuilding after quite some time of repairing I found out that Orchard has the soft pull thingy to see what you qualify for. Since I'm not out of the woods yet, I figured maybe they wouldn't be so bad--maybe one more rebuilder would be a good thing...right?
Welp, the app said I qualified for a Platinum with a $39 AF and 14.9%. Given that I've seen the $79+ AFs and ludicrous APRs floating around from Orchard, I thought maybe this might work out OK. I thought, "Well, my Cap One has no annual fee, but it's also been stuck at $500," and clicked Apply. Given that I've had the Cap1 for three years now with a perfect history (I keep a small balance on it from month to month, but almost PIF) and I have a GEMB JCPenney that does show me love, I figured Orchard would at least be a respectable CL. So I kept going and then got to the online account thing where you see your CL.
Drumroll please... $300! Seriously? That's the best you can do, Orchard? A lousy $300?
So now I'm regretting going through with the app. I already have cards with higher CLs with no AF. So I'm wondering if I should activate the card when it comes for its whopping $260 avaiable credit just for the sake of having the TL or is there somewhere I can say "thanks but no thanks" and just close the account before it's ever opened?