Hi all, I have been considering applying with Orchard based on the great reports I have read about this bank. Some of the questions I have are these: If I'm denied by them, do they keep the processing fee? Has anyone been denied by them? I have had some credit problems in the past, but am slowly working to get it together. I have had a few collections on my credit report recently (medical bills I have been paying off slowly but surely), two Cap 1 accounts (200 limits on both. I plan on closing the one opened by Cap 1 when I agreed to repay back a prior card I had let get charged off. They have told me repeatedly that even though I have had a perfect payment history for nearly 18 months, they will NOT raise the limit. The second one I applied for and was approved for; the customer service rep assured me that if I had a good payment history with them, that the increases would come) and a secured FCNB which I need to add more money to to get the limit higher, a high interest car loan (5 months old) and was recently approved for (but still waiting on the paperwork) a Chevron Credit Builder card. Any thoughts? CR
I have two orchard cards now and had two cap1 accounts that I just closed. I opened the first orchard and first cap1 accounts at the same time back in '94. The second orchard was opened in '98 and the second cap1 in '99. The payment history on all four accounts was perfect as was the payment record with all other creditors since the accounts were opened. The original accounts were secured. This is how the banks compare based on my six years' experience with both. Current interest rate: Orchard 16.4; Cap.1 20.4. Annual fees waived for the last several years by both banks. First Orchard credit line '94 $600 (secured) Current credit line $4700 (unsecured) First Cap1 credit line '94 $500 (secured) Credit line 9/00 $5000 (secured by $2k deposit). Cap.1 repeatedly refused to unsecure the account. Second Orchard (unsecured) credit line '94 $300 current credit line $1600 Second Cap1 (unsecured) credit line 11/99 $300 Credit line 10/00 $300 Orchard's credit limit increases are relatively conservative. They average $600-$1000 per year. The increases used to be every six months but this year they have started to happen every four months. The increase intervals are so precise that I know when the next increase is coming right to the day. Capital One is erratic about increases and no two reps. have the same idea about what the policy is. It does not reward good performance on subprime accounts. It is not the best place for credit building due to the high maintenance cost on its low limit cards which remain low limit for a very long time. $59 upfront is alot to get a card with no benefits that has a $200-$300 credit line and 20+ interet rate. Orchard's website states that your credit must be clean for the last six months to be considered for an unsecured card. So wait until the collections age a bit. Then you should be ok. Customer service is excellent. I recommend this card. I don't know if the processing fee is refundable if you are denied. The website should answer this question.
I can't really say what they will do, but I can tell you that I was approved for one yet I was denied for the Chevron Credit builders card. And I was approved for the Citibank card everyone was talking about.
I can't really say what they will do, but I can tell you that I was approved for one yet I was denied for the Chevron Credit builders card. And I was approved for the Citibank card everyone was talking about.
RE: Orchard Bank--to dave Can you tell me how long before Orchard will grant the first limit increase on a unsecured card? I have a $300 limit--have only had the card since July. Thanks!
RE: Orchard Bank--to dave I had an interesting experience with my second orchard account which I opened in 98 (not 94 as my post mistakenly says at one point) with a $300 credit limit. I received my first increase in month 7 to $400. Five months later, I asked Orchard to reduce the APR to 15.9 fixed since that was the rate on my other card. The rep. told me that the way to get that done was to carry a balance for a few months. I told her it was hard to carry a balance on a card with such a low limit. She increased it to $900 on the spot. I carried a small balance for a few months, called back and the interest rate was lowered to 15.9. Later, Orchard chnaged to variable APRs. Then the fed raised the prime rate and now the card is at 16.4. I could probably get it back to 15.9 but it's not that important. I don't carry a balance anymore with Orchard because I moved all of my debt (about 8K) over to citibank at 2.9 and I'm paying it down like mad before the nine month intro. period expires.
RE: Orchard Bank--to dave I have had orchard banks card since feb 2000 if they don't give me an increase before the anniversary date it's bye bye orchard bank!
I hae no complaints with Orchard Bank. I have two credit cards with them only to say that they did change my due date but I didn't receive anything to pertain to that, far as there credit line increase I only received one and that was just $100.00 after about 7 months I really not gone to make a bid deal about their credit line increase because I have a Providian Visa and that limit is substantial.
Subject: RE: Orchard Bank Author: Desmond (146.142.4.32) Date: 10-23-2000 09:11 I hae no complaints with Orchard Bank. I have two credit cards with them only to say that they did change my due date but I didn't receive anything to pertain to that, far as there credit line increase I only received one and that was just $100.00 after about 7 months I really not gone to make a bid deal about their credit line increase because I have a Providian Visa and that limit is substantial.
