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