As many of you may already know, there's a pre-qualification soft credit check Orchard bank does when you apply for their credit card. They prequalified me for an unsecured card, and after applying for the card thirty seconds later, I got declined. It was just a frustrating experience to get another negative remark on my credit report when I'm trying to fix it, so I needed to vent a little here. And let others in a similar situation know that prequalification doesn't really mean anything. I guess my hard pulled credit report looks worse than my soft pulled credit report...
Orchard Bank is a joke. I've had a card for well over a year and never missed or been late on a payment. I called about getting my credit limit raised from $300. I gave them my income ($8500 mo) and they said they would input the info and I would get a letter. This is the only information they wanted. A week later I get a letter denying my request for a CLI. They have no intention of ever raising the limit.
As you correctly pointed out prequalifications doesn't really mean anything. They are sent out by the truck/plane loads. From here on credit cards will be harder to obtain because banks/creditors are in anticipation of a Democrat becoming President, and a Democrats controlled Congress undoing many of the provisions of the 2005 bankruptcy laws. Which, by the way, were bought and paid for by the banks/creditors.
That is definitely weird. I received my first Orchard card, a Mastercard in February, 2005, with a starting limit of $300, one year later,2006, without asking for it, they increased it to $500, last year (2007) to $1000, and just now to $1200.
My old Orchard was my first card when credit rebuilding. It had a 300 CL & a annual fee of 59. I keep perfect history on it and 2 monthes before the AF was due to hit I called and asked for a CLI & waive the AF. They kept putting me off, stating my request was being processed & then finally lowered my interest and offered to raise the CL for a fee & refused to waive the AF. Needless to say I closed them, I had no intention of paying another AF. They are for credit repair, nothing else, when you have better & they still want a AF you will prob decide to drop em too. Kmk keep your chin up, keep working on the reports & the approvals will eventually come. I know how you feel. I've been there. Tegleg
