Recent Experience with Orchard

[smallfry]

I applied for and was accepted for an Orchard card last night. I only received a $400 credit line. I am 7 years into a BK 7 and 5 years into a paid for state tax lien. My scores are 682 682 and 674. No other negs on any reports. I am very disappointed with this low line of credit. Can I request a higher line now? If I do not want the card can I refuse it and suffer no damage to my credit or my scores? I am shocked because I was able to get cards with over 2K limits almost immediately after declaring BK. Perfect credit history since 2000. What's up?

[reily28]

That dont sound good. Orchard must be tailored for people with low credit score's only.

I am almost sure when you get the card via mail just dont call to activate it and will not open the acct.

You could also call them @ 503 245 9280

[Anonymous]

I have no baddies on my credit report and have had an account with Orchard Bank for 2 years...  Original CL was $300 and with 2 requests later, it's still at $300.

[Tuscani]

Orchard is a sub-prime card only to be used for rebuilding. You are never going to see a large limit no matter how responsible you are... Get the card, rebuild and work on increasing your score, close it out if they don't agree to waive all fees.

[Anonymous]

I don't understand why they offer the ability to have a CLI if they never really approve them.  Thankfully there's no fee for me to have the card.

[jandj]

Figuring out Orchard's reasoning behind CLI's is apparently impossible.  My orchard card started out 1 year ago with a $300 limit and is now up to $2400 (I haven't requested any of the CLI's).  They just sent me an offer for a Platinum Elite card with 0% interest on purchases for 1 year and I went ahead and applied for it and got a $3000 limit.  My score on this website is 633 so it's definitely not excellent.  I'm not sure what they look for or how they decide this stuff.....

[smallfry]

Wamu just gave me 2K no AF. Go figure. LOL.

[Anonymous]

With what score did Wamu gave you that limit?

[Anonymous]

I had the secured credit card with them.  I started with 200.  I was perfect with payments.  Never late, never over.  My FICOs increased by about 50-60 points each since I opened the Orchard Card.

In 20 months, I could not get them to either increase my limit or graduate me to an unsecured card.  I wish I would have opened a card with BoA or WAMU.  By now I would be further along. 

I understand why they won't.  We're subprime folks.  These types of CC companies are not going to make money off of the interest on 1000's of dollars we charge on their cards.  A lot of us would default if given large lines of credit.  They make money by subprime folks incurring overlimit and late fees.  To them, I was a "dead-beat", I paid in full, rarely incurred interest, and never paid a fee. 

Tocs is right that you can use this card to build your credit, but you can do that with a lot of cards who'll actually give you CLIs, etc.  I'm just sorry I wasted my time with them instead of BoA or WAMU.

Message Edited by ALEXREDD on 05-18-2007 08:27 AM

[Anonymous]

I just try to keep it all in perspective. I opened the Orchard card with a specific purpose: to have another positive tradeline. As an actual usable credit line it's pretty worthless. I use it for gas and an occasional meal just to show continual activity, and never carry a balance over 50 bucks. I basically look at it like I paid 79 bucks (AF) for the opportunity to build a positive TL. I have cards with higher limits. I don't care if they ever give me a CLI. I will ride it out for what it's worth. I hope to dump it before the AF is due again because my score is 100% improved over 2 years ago.

Message Edited by devhip on 05-18-2007 08:58 AM