topic Re: I HATE ORCHARD in Credit Cards

I HATE ORCHARD

cinnamongirl — Mon, 28 Nov 2011 21:45:50 GMT

I opened my Orchard Bank Gold card 5 years ago while going through a difficult divorce. I've gotten ONE CLI (summer 2011) to bring my CL up to $400.

I've had perfect payment history, use regularly, never maxed out. I've since gotten other cards (my best being my Barlcays Apple with $2500 CL), bought a house, a car (and refi'd) and I have decent income. They STILL will not increase my limit. I just called and the woman said "you will receive a notice in 7-10 days of our decision".....grrrrrr.

BUT, do I close it?? I closed one of my First Premier cards in October and my credit took a huge ding even though the limit was fairly low also. I feel stuck-- a card that almost brands me as a credit risk just by being on my CR, yet, if I ditch it, it also hurts my credit.

Scores are EQ 626, EX 680, TU 660

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 21:59:21 GMT

@cinnamongirl wrote:
I opened my Orchard Bank Gold card 5 years ago while going through a difficult divorce. I've gotten ONE CLI (summer 2011) to bring my CL up to $400.
I've had perfect payment history, use regularly, never maxed out. I've since gotten other cards (my best being my Barlcays Apple with $2500 CL), bought a house, a car (and refi'd) and I have decent income. They STILL will not increase my limit. I just called and the woman said "you will receive a notice in 7-10 days of our decision".....grrrrrr.

BUT, do I close it?? I closed one of my First Premier cards in October and my credit took a huge ding even though the limit was fairly low also. I feel stuck-- a card that almost brands me as a credit risk just by being on my CR, yet, if I ditch it, it also hurts my credit.

Scores are EQ 626, EX 680, TU 660

The only way closing a CC can hurt you is by raising your util.

What other cards do you have and what are the CL's?

Also what are the balances on the cards you have now?

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 22:06:53 GMT

You should not close the Orchard account, because your credit scores seem rather low, and if you were to close your card, it could lower your score below 610, which would be considered as bad credit. Just continue being a loyal customer, pay off your balance each month, and request a CLI next year, or in another 6 months. Best of luck!

Re: I HATE ORCHARD

cinnamongirl — Mon, 28 Nov 2011 22:20:29 GMT

Here are my other cards:
Barclays Apple $2500 CL- bal $400
First Premier $500 CL- bal $0
Capital One $750 CL- bal $ 330
Capital One Rewards- $750 CL- bal $500
Credit One $750 CL- bal 200
4 store cards-- balances $0

And of course the Orchard- $400 CL, bal $0

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 22:47:34 GMT

@Anonymous wrote:
You should not close the Orchard account, because your credit scores seem rather low, and if you were to close your card, it could lower your score below 610, which would be considered as bad credit. Just continue being a loyal customer, pay off your balance each month, and request a CLI next year, or in another 6 months. Best of luck!

I'm not sure how you come to this conclusion, would you mind elaborating?

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 22:51:55 GMT

I came to the conclusion because creditors like to see people who have credit available to them. And if you close an account, thats less credit that you have available to you.

Re: I HATE ORCHARD

cinnamongirl — Mon, 28 Nov 2011 22:56:50 GMT

I honestly feel like this is what happens---

The prime cards won't give you credit unless you have great credit, but you can't get great credit unless you have a prime card---- very circular and frustrating!

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 23:00:40 GMT

time heals all,, i cant see paying AF's for sub prime CC's with 300-500 CL, i just closed credit1, show mc, and hsbc mc....

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 23:03:55 GMT

@cinnamongirl wrote:
I honestly feel like this is what happens---
The prime cards won't give you credit unless you have great credit, but you can't get great credit unless you have a prime card---- very circular and frustrating!

It takes time, and u can learn a lot from the forums here, I was like u2, and it has taken years to get where I am now...

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 23:12:56 GMT

@cinnamongirl wrote:
Here are my other cards:
Barclays Apple $2500 CL- bal $400
First Premier $500 CL- bal $0
Capital One $750 CL- bal $ 330
Capital One Rewards- $750 CL- bal $500
Credit One $750 CL- bal 200
4 store cards-- balances $0

And of course the Orchard- $400 CL, bal $0

You did not include the CL's of the store cards.

If my math is correct (with the cards you listed with the Cl's) you have 5670 Total revolving credit (without the store cards you mentioned) and you have 1430 in debt that puts you right around 26% util, with your store cards CL's I'm sure your util would be even lower..

If you want to see your highest scores, pay all but one CC to 0, and let that one CC report <9% of its CL., then close the Orchard card, and keep your util at or below 9% and you will see no loss in points. You should actually see an increase to your scores.

Even closing the Orchard card it will remain on your reports for the next ten years, so you will not lose any AAoA's, the only thing you'll lose is the 400CL, and if you do what I said above, you shoud see significant increase to your scores. We have a saying around here, YMMV= your mileage may vary, meaning it's not always the same for everyone. But I really do think if you got all but one of those cards paid off and let just one CC report a small balance, you will see an increase in points. Putting you in a better position to app for Prime CC's when the time comes.

And then you could ditch Orchard

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 23:09:50 GMT

As long as you are a loyal customer, and you make your payments on time, and always keep some credit available on your cards, you should have no problems. Best of luck to you!

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 23:11:11 GMT

Many store cards don't have set limits, they just have a 'Pay for what you purchase' Policy. Or at least at the stores that I have cards from have that policy.

Re: I HATE ORCHARD

cinnamongirl — Mon, 28 Nov 2011 23:39:58 GMT

I greatly appreciate the advice-- I will pay those other cards down and see what happens.

It's difficult when you get conflicting opinions-- some people say that you should always use your cards, some people rarely use their cards, some people PIF, some make more-than-minimum payments. I've been using mine and making 2 payments a month that in total exceed the limit but continue to use the card. Sounds like a new approach is needed.

thank you everyone--- I get impatient sometimes. It certainly is a long road back from disaster.

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 23:42:55 GMT

If you have the ability to pay in full, do so, as it will save you $. You can have a card report a balance but still PIF every month. Just pay it down to a small amount before the statement cuts, then pay the rest of it after it reports to credit bureaus.

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 23:43:07 GMT

@cinnamongirl wrote:
I greatly appreciate the advice-- I will pay those other cards down and see what happens.

It's difficult when you get conflicting opinions-- some people say that you should always use your cards, some people rarely use their cards, some people PIF, some make more-than-minimum payments. I've been using mine and making 2 payments a month that in total exceed the limit but continue to use the card. Sounds like a new approach is needed.

thank you everyone--- I get impatient sometimes. It certainly is a long road back from disaster.

fico says dont let more than 9% report,, and what i have seen on my scores thats true, it's the sweet spot, but u do have to show ur using them...

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 23:51:11 GMT

@cinnamongirl wrote:
I greatly appreciate the advice-- I will pay those other cards down and see what happens. You pay all those cards off and leave just one reporting a small balance, what will happen is that your score will go up, how much? That would only be a guess.

It's difficult when you get conflicting opinions-- some people say that you should always use your cards, some people rarely use their cards, some people PIF, some make more-than-minimum payments. I've been using mine and making 2 payments a month that in total exceed the limit but continue to use the card. Sounds like a new approach is needed. Just get your util down and try to get in the habit of paying in full all but one of your CC's every month. Not only is that good for your scores, it's a great way to keep out of debt.

thank you everyone--- I get impatient sometimes. It certainly is a long road back from disaster. I know what you mean, my road was not as long as others, but I have worked very hard to get where I am today, and I owe 99% of what I know to the Members of this Forum.

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 23:54:46 GMT

@Anonymous wrote:
If you have the ability to pay in full, do so, as it will save you $. You can have a card report a balance but still PIF every month. Just pay it down to a small amount before the statement cuts, then pay the rest of it after it reports to credit bureaus.

Correct.

Or you can pay the remainder of the balance a day after the statement/closing date, you really don't need to wait for the CRA's to report first, but well said shaddix.

Re: I HATE ORCHARD

Anonymous — Mon, 28 Nov 2011 23:59:40 GMT

@Anonymous wrote:
@cinnamongirl wrote:
I greatly appreciate the advice-- I will pay those other cards down and see what happens.

It's difficult when you get conflicting opinions-- some people say that you should always use your cards, some people rarely use their cards, some people PIF, some make more-than-minimum payments. I've been using mine and making 2 payments a month that in total exceed the limit but continue to use the card. Sounds like a new approach is needed.

thank you everyone--- I get impatient sometimes. It certainly is a long road back from disaster.
fico says dont let more than 9% report,, and what i have seen on my scores thats true, it's the sweet spot, but u do have to show ur using them...

In my case, I see my highest scores with 1-5% util, my scores will not change, but I have allowed 9% util to report once and I lost a few, maybe 4 or 5 points, but they bounced right back up once I got my util back to 1-5% util.

Re: I HATE ORCHARD

Anonymous — Tue, 29 Nov 2011 00:35:55 GMT

@cinnamongirl wrote:
I opened my Orchard Bank Gold card 5 years ago while going through a difficult divorce. I've gotten ONE CLI (summer 2011) to bring my CL up to $400.
I've had perfect payment history, use regularly, never maxed out. I've since gotten other cards (my best being my Barlcays Apple with $2500 CL), bought a house, a car (and refi'd) and I have decent income. They STILL will not increase my limit. I just called and the woman said "you will receive a notice in 7-10 days of our decision".....grrrrrr.

BUT, do I close it?? I closed one of my First Premier cards in October and my credit took a huge ding even though the limit was fairly low also. I feel stuck-- a card that almost brands me as a credit risk just by being on my CR, yet, if I ditch it, it also hurts my credit.

Scores are EQ 626, EX 680, TU 660

FP and orchard and the like are just crutches to get you up and walking again. They will never grow with you. That 400 limit is it. I'd get rid of them a.s.a.p just because of the AF alone. I'd know because I did just that. And your scores like mine are decent. You will and have been approved for better cards. It's a right of passage to cancel and cut that card up.

Re: I HATE ORCHARD

Anonymous — Tue, 29 Nov 2011 00:49:05 GMT

@Anonymous wrote:
@cinnamongirl wrote:
I opened my Orchard Bank Gold card 5 years ago while going through a difficult divorce. I've gotten ONE CLI (summer 2011) to bring my CL up to $400.
I've had perfect payment history, use regularly, never maxed out. I've since gotten other cards (my best being my Barlcays Apple with $2500 CL), bought a house, a car (and refi'd) and I have decent income. They STILL will not increase my limit. I just called and the woman said "you will receive a notice in 7-10 days of our decision".....grrrrrr.

BUT, do I close it?? I closed one of my First Premier cards in October and my credit took a huge ding even though the limit was fairly low also. I feel stuck-- a card that almost brands me as a credit risk just by being on my CR, yet, if I ditch it, it also hurts my credit.

Scores are EQ 626, EX 680, TU 660
FP and orchard and the like are just crutches to get you up and walking again. They will never grow with you. That 400 limit is it. I'd get rid of them a.s.a.p just because of the AF alone. I'd know because I did just that. And your scores like mine are decent. You will and have been approved for better cards. It's a right of passage to cancel and cut that card up.

AMEN!