What's going on with Orchard Bank CCs?

[p-]

---

@tk777777 wrote:

I've seen vague references to Orchard Bank being bought out/closed/their secured CC program being phased out.

Does anyone have any current information/details on this situation?

I am headed towards applying for a secured CC and it's between Orchard Bank or Capital One. I'd really rather not open a card if it's going to get yanked out from under me soon...

Thanks in advance!

---

If they're still taking apps and approve you, it might work out in your favor.  I was almost ready to dump my OB card because I have improved my score so much, I don't need a low limit AF card.  Now I am waiting, in case someone buys them that will allow me to convert the tradeline to a better card.

I doubt anyone would buy the line with the intent to close all the subprime accounts; that would be all of them.  I would, however caution against running a balance.  The buyer might make changes to interest rates or account terms, and if you had a large balance you would have to either decline the terms and close the card, or accept the higher rate as you pay off the balance.

If I was Cap1 I would be very interested in the up and coming borrowers, to cross market better products as they improve.  Of course that's all just a guess, who knows?  

[Anonymous]

I called OB yesterday as my AF was due July 9th for $59. I've had the card 1 yr. I keep a $0 balance, but my credit limit is only $300. I told them i was going to cancel the card as I now have a Discover Card with no AF and a $4000 CL. a BOA  visa with $3000 CL and no AF. They said they would waive the AF and offered me a $1.00 CLI. I decided to keep the card open as I use it  to order movies on my blu-ray . Closing the card would not affect my utilization very much as I keep a >1000 balance on the Discover and a $0 on my BOA visa. I guess I did the right thing? I will probably drop the OB next yr.

[p-]

---

@Anonymous wrote:

I called OB yesterday as my AF was due July 9th for $59. I've had the card 1 yr. I keep a $0 balance, but my credit limit is only $300. I told them i was going to cancel the card as I now have a Discover Card with no AF and a $4000 CL. a BOA  visa with $3000 CL and no AF. They said they would waive the AF and offered me a $1.00 CLI. I decided to keep the card open as I use it  to order movies on my blu-ray . Closing the card would not affect my utilization very much as I keep a >1000 balance on the Discover and a $0 on my BOA visa. I guess I did the right thing? I will probably drop the OB next yr.

---

Did you say a $1 CLI?

[Anonymous]

LOL. Yea, a $1.00.. I laughed at the lady, I think she laughed too. I wonder if anybody else has had this happen? What do you think was behind this? I think maybe they didn't want to loose me as a customer but didn't like me enough to offer me a CLI? I don't know?

[ChesterPDexter]

I'm sorry, but this actually made me LOL.  Now I have heard it all.  Are you sure this is not some April Fool's joke or something?

  Orchard has a sense of humor... I guess.  It would be funnier if it were not so pathetic.  It's insulting, actually.  How did you respond to this offer of a $1.00 CLI?

[Anonymous]

You know, I bet it's so that if/when you request a CLI, they can say you already got a CLI now so they can't grant you one for another 6/12 months. That would be my guess, at least..

[p-]

---

@ChesterPDexter wrote:

I'm sorry, but this actually made me LOL.  Now I have heard it all.  Are you sure this is not some April Fool's joke or something?

  Orchard has a sense of humor... I guess.  It would be funnier if it were not so pathetic.  It's insulting, actually.  How did you respond to this offer of a $1.00 CLI?

---

The reality is this card doesn't even offer enough of a CL to buy a plane ticket, or book a decent hotel for a week.  It's a builder card and nothing more; when it was my only card I had cycles where I charged and paid 5 times the CL and they still wouldn't raise me any more. 

I really hope I can convert to a no AF high limit card when they sell.  If not, it will likely get retired.

[seruby]

---

@Anonymous wrote:

I called OB yesterday as my AF was due July 9th for $59. I've had the card 1 yr. I keep a $0 balance, but my credit limit is only $300. I told them i was going to cancel the card as I now have a Discover Card with no AF and a $4000 CL. a BOA  visa with $3000 CL and no AF. They said they would waive the AF and offered me a $1.00 CLI. I decided to keep the card open as I use it  to order movies on my blu-ray . Closing the card would not affect my utilization very much as I keep a >1000 balance on the Discover and a $0 on my BOA visa. I guess I did the right thing? I will probably drop the OB next yr.

---

That made me choke on my Snapple.  That's funny!!  But now you can charge an extra pack of gum

[Anonymous]

I did ask for a CLI, and they sure as heck gave me one huh. I had asked probably 5 times in the past year for a CLI by email and they turned me down each time. This is the first time I asked while speaking to someone(i called using the backdoor number provided here and talked to someone here in the US).

[Anonymous]

With sales tax included, it probably won't even cover a pack of gum.