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What's going on with Orchard Bank CCs?

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Valued Contributor

Re: What's going on with Orchard Bank CCs?


@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?  

Message 11 of 26
Member

Re: What's going on with Orchard Bank CCs?

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.

Message 12 of 26
Valued Contributor

Re: What's going on with Orchard Bank CCs?


@Pirate 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?

Message 13 of 26
Member

Re: What's going on with Orchard Bank CCs?

LOL. Yea, a $1.00.Smiley Very Happy. 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?

Message 14 of 26
Established Contributor

Re: What's going on with Orchard Bank CCs?

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?

 

Smiley Very Happy  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?

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Message 15 of 26
Established Contributor

Re: What's going on with Orchard Bank CCs?

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..

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
Message 16 of 26
Valued Contributor

Re: What's going on with Orchard Bank CCs?


@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?

 

Smiley Very Happy  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.

Message 17 of 26
Frequent Contributor

Re: What's going on with Orchard Bank CCs?


@Pirate 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 Smiley Tongue

Message 18 of 26
Member

Re: What's going on with Orchard Bank CCs?

I did ask for a CLI, and they sure as heck gave me one huhSmiley Surprised. 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).

Message 19 of 26
Established Contributor

Re: What's going on with Orchard Bank CCs?

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

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
Message 20 of 26
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