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Orchard Bank - Increased my Rate from 18% to 30%

Discussion in 'Credit Talk' started by brinaho703, Sep 12, 2006.

  1. Sep 12, 2006 #1
    brinaho703

    brinaho703 Member

    Orchard bank gave me a MC back in December. I just went to pay my bill online and noticed that the jerks increased my interest rate to 30%. This worse than highway robbery. They were unable to give me any explaination on the phone as to exactly why except that "APR is routinely reviewed and adjusted by our system to reflect your credit score and payment history."

    I am baffled. My credit score has increased by 75 points, and I have never missed a payment and I keep my balance no greater than 50% of my credit limit.

    Do I get nasty or just pay it off and tell them to cram the card up where the sun don't shine?!? Is this something they do with all their cardholders?
     
  3. Sep 12, 2006 #2
    ontrack

    ontrack Well-Known Member

    Send them a letter requesting an adverse action notice. They are required to disclose to you their reason for giving you worse terms, and if it is due to information on your credit reports, they are required to disclose which credit report was used to make that decision.

    Even if you decided not to use their card, you would be wise to just set it aside as you look for other CCs with better terms, rather than close it. Your debt to available credit is one component of the FICO calculation.

    About what are your current FICO scores, how much total debt and available credit do you have, and what negative items are reported on your credit reports?
     
  4. Sep 13, 2006 #3
    msthang77

    msthang77 Active Member

    I have an Orchard card since Feb and my husband does too. My rate was raised from 14% to 28% as of Sept for the same STUPID reason. My credit score has also increased and I have never been late or over the limit, nor has my hubby.
    I went on ripoffreport.com and many many people complain of the same thing. They take advantage of people with poor credit. They claim they are helping you then they screw you. Saying your credit is bad! They knew that when they gave you the card and 9 times out of 10 your score is better NOW then when you started but they hit you when you are defenseless.

    Do not close the account(it will hurt your credit history), just pay it off and don't use it. Wait for your score to raise up enough so you can get a better card.
    JERKS
     

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