Orchard Bank

[Larkfield]

Its a total miss by orchard bank in terms of their business model.  They are great for giving people cards and encouraging people to rebuild their credit, but once a person does, they dont offer really any options.

MAYBE Capital One will help fix this, but Im sure it will take time.

[PCMedic]

Hoping I don't get burned in the switch-over. My OB card started at 500, went to 800 and then to 1100. I currently have a 9.9 APR and hoping Cap1 keeps it there!

[lajntx]

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@PCMedic wrote:

Hoping I don't get burned in the switch-over. My OB card started at 500, went to 800 and then to 1100. I currently have a 9.9 APR and hoping Cap1 keeps it there!

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I imagine they will keep things as they are as I dont see them doing to the OB accounts what WAMU & Chase did to the former Providian Cards. The only way I see that changing is if at some point in the future you became a credit risk which triggered them into taking adverse action(s)

The only downside I would imagine is at some point you would get a $200  to $500 increase, and there you would stay for ever how long you kept the account open unless you got someone in the EO to CLI it.

I imagine too that at some point C-1 will put a stop to the MyFico crowd using the EO for gaming the system

[lajntx]

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@Larkfield wrote:

Its a total miss by orchard bank in terms of their business model.  They are great for giving people cards and encouraging people to rebuild their credit, but once a person does, they dont offer really any options.

MAYBE Capital One will help fix this, but Im sure it will take time.

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You are more optimistic than I am as they have so many non flexible draconian rules set in stone which prevents it. I`m sure that given the current credit markets that for every one person like me whom has used them to re-establish credit ,can go no further with them and given no choice but to cancel, that there are 4 or 5 other people out there wanting to establish/re-establish credit willing to take the terms to replace me.

[CM1]

I also called the cap 1 eo and was shut down about a month ago. They transferred me to someone in the orchard bank division since the transfer had yet to be finalized. The manager did waive my AF for this year though. I don't want to close this account as it is my oldest account. Credit One Is my second longest only by 2 months though and I have though about closing that one though. Out of all the sub prime cards compared to others OB is not bad if you get the AF waived. It just stinks about the CLI or lack there of.

[djc1puno]

I chatted w a rep online a few nights ago about pcing my orchard account once the transition is complete. He said that itll be an option once i receive the new card and to call after. So i guess ill just have to wait and see what happens

[lajntx]

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@djc1puno wrote:
I chatted w a rep online a few nights ago about pcing my orchard account once the transition is complete. He said that itll be an option once i receive the new card and to call after. So i guess ill just have to wait and see what happens

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Not trying to dissapoint you, and hopefully your situation will be different, but my orchard account is one of the first ones transitioned over completely and was sent a new standard looking C-1 MC. I really believe that someone reading this board is more informed than C-1`s reps whom since they really cant help you are trying to wing it on allowable talking points to get callers off the line as quickly as possible so their call times wont be too high on their metrix scorecards.

I was told that since I had too many accounts with them ( 2 C-1`s and and an Orchard that is x-fered over, and a HSBC Disc )  that I would have to close enough of them to maybe get a card with a higher line and better terms.

Uhhhhhh Riiiiiiiiiiiiiiiight. So for now I am actively looking for replacements for the 4 C-1 owned/controlled accounts that I have

[djc1puno]

lajintx...nah i was completely believing them either...but it's always worth a try once the transition is complete..even if they don't do much for my account after, i've got to keep my orchard for at least a year or so since it's my oldest account.

[djc1puno]

edit: *wasn't...

[gtnitright]

I'm not sure and didn't care at the time I just wanted something out of that denial. I'm close to getting to the 700 club so hopefully I can get approved by someone else with higher TLs and better rates. Then Orchard/Cap1 will be put in a drawer never to resurface