Orchard Bank closes account for too many inquiries etc.

[daylove]

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@sybo40 wrote:

Hmmmm.....I'm wondering if this has anything to do with Capital One's policy to not have more than 2 Cap One accounts or Orchard's policy to have no more than one account.  Very interesting.  I'm glad I read this post.  I read another post where inquiries were a reason for closing an account, but the cardholder only had 5 inquiries.  I'm looking for mine to close any day now, too, then.  I had planned to pay it off at end of the month and not use it anymore anyway.  Besides, with a $320 limit, I didn't do much with it.  It came in handy when I needed it (way back when) and will be good for AAoA.  As someone else said, though, it's probably for the best.  I wonder what the likelihood is of Cap One giving old Orchard members an opp to get in again with another, more attractive offer. 

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I think Capital one wants only less risky accounts so HSBC will close all the risky ones before they transfer operation to the new owner.

[john398]

Not unheard of, here is my story about HSBC closing all my accounts with them

http://ficoforums.myfico.com/t5/Credit-Cards/AA-HSBC/m-p/833058#M247486

[score_building]

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@daylove wrote:

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@sybo40 wrote:

Hmmmm.....I'm wondering if this has anything to do with Capital One's policy to not have more than 2 Cap One accounts or Orchard's policy to have no more than one account.  Very interesting.  I'm glad I read this post.  I read another post where inquiries were a reason for closing an account, but the cardholder only had 5 inquiries.  I'm looking for mine to close any day now, too, then.  I had planned to pay it off at end of the month and not use it anymore anyway.  Besides, with a $320 limit, I didn't do much with it.  It came in handy when I needed it (way back when) and will be good for AAoA.  As someone else said, though, it's probably for the best.  I wonder what the likelihood is of Cap One giving old Orchard members an opp to get in again with another, more attractive offer. 

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I think Capital one wants only less risky accounts so HSBC will close all the risky ones before they transfer operation to the new owner.

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Both issuers have historically been known for servicing accounts for the highest risk segment (unbanked, underbanked) and have routinely earned hansome profits by the approach they take (for eg. high AFs on multiple low CL accts offered to the same borrower, etc)

[Anonymous]

well they said its was due to having to many inquires,and open new accounts,had 2 inq,2new accounts this year,whats funny is when i got there pissy $400.00 card i had 7 deragatorys on trans score was 456,wow i no ,now i have 1 deragoatory left that will come off next month,my fico score is 721,eq is 719,experian is 711,so they can keep there card i have better cards now with a lot higher credit limits that actually will give credit increases,I fought for 1 year getting my credit straight got 2 items removed ,so i was leary but 4 months ago i got lexington law first 2 months nothing was worried wow this last moth that have been really cleaning up my credit report,it cost $89.00 a month but look what ill save in the long run in intrest,I did my research on them i recomend them to any one.they removed so far $13879.88 worth of baddies from my credit report had 17 derogatory total they have removed 14 total so far thank you lexington law good bye orchard i feel good

[score_building]

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@Anonymous wrote:

well they said its was due to having to many inquires,and open new accounts,had 2 inq,2new accounts this year,whats funny is when i got there pissy $400.00 card i had 7 deragatorys on trans score was 456,wow i no ,now i have 1 deragoatory left that will come off next month,my fico score is 721,eq is 719,experian is 711,so they can keep there card i have better cards now with a lot higher credit limits that actually will give credit increases,I fought for 1 year getting my credit straight got 2 items removed ,so i was leary but 4 months ago i got lexington law first 2 months nothing was worried wow this last moth that have been really cleaning up my credit report,it cost $89.00 a month but look what ill save in the long run in intrest,I did my research on them i recomend them to any one.they removed so far $13879.88 worth of baddies from my credit report had 17 derogatory total they have removed 14 total so far thank you lexington law good bye orchard i feel good

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To each his/her own but here at the diy myfico forums it is routinely recommended to steer clear of 'credit repair' services, like the one you mention. They generally do a job one can readily complete oneself and often make things even worse by prompting fraud alerts and other often unforseen consequences from the cbr agencies

[daylove]

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@Anonymous wrote:

well they said its was due to having to many inquires,and open new accounts,had 2 inq,2new accounts this year,whats funny is when i got there pissy $400.00 card i had 7 deragatorys on trans score was 456,wow i no ,now i have 1 deragoatory left that will come off next month,my fico score is 721,eq is 719,experian is 711,so they can keep there card i have better cards now with a lot higher credit limits that actually will give credit increases,I fought for 1 year getting my credit straight got 2 items removed ,so i was leary but 4 months ago i got lexington law first 2 months nothing was worried wow this last moth that have been really cleaning up my credit report,it cost $89.00 a month but look what ill save in the long run in intrest,I did my research on them i recomend them to any one.they removed so far $13879.88 worth of baddies from my credit report had 17 derogatory total they have removed 14 total so far thank you lexington law good bye orchard i feel goo

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Higher Fico scores per se do not guarantee better cards

[Anonymous]

yes they do,every credit card i have now is $1500.00 and up my highest  is $3500.00 big improvement from the little $400.00 card orchard started me with but its not all to do with the score the whole report counts but a higher score means a better report i no ive done so much the last 14 months i could be a credit adviser,lol

[481]

Uh oh, I've apped for 5 cards in the last week, including Orchard (approved). I really hope they don't close mine! I haven't had an approval in years, so adding a couple cards (3 total) should help me out.

[haulingthescoreup]

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@Anonymous wrote:

well they said its was due to having to many inquires,and open new accounts,had 2 inq,2new accounts this year,whats funny is when i got there pissy $400.00 card i had 7 deragatorys on trans score was 456,wow i no ,now i have 1 deragoatory left that will come off next month,my fico score is 721,eq is 719,experian is 711,so they can keep there card i have better cards now with a lot higher credit limits that actually will give credit increases,I fought for 1 year getting my credit straight got 2 items removed ,so i was leary but 4 months ago i got lexington law first 2 months nothing was worried wow this last moth that have been really cleaning up my credit report,it cost $89.00 a month but look what ill save in the long run in intrest,I did my research on them i recomend them to any one.they removed so far $13879.88 worth of baddies from my credit report had 17 derogatory total they have removed 14 total so far thank you lexington law good bye orchard i feel good

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Sorry you're having such a frustrating experience.

Where did you get your scores, most especially your Experian score? Unless you've app'd for a mortgage, or you're a member of PSECU or something, you can't get your own EX FICO score any more.

[Anonymous]

got trans,and eq through my fico,when you dispute threw experian you can buy the score for $7.00,Every time lexington law gets something removed i get a email and a letter ,go to site on line there is all you need,credit karma are as follows,trans 696,eq687,ex671,i dont go buy the fakos any more true credit had me 50 points above all the myfico scores,fakos are only good to monitor reports ect,also if you get turned down for credit the letter you recive will have your score on it threw experian at loeast mine have so far