I just want to vent! I called Orchard Bank and asked to have my APR reduced since it was the highest on any card that I have. The rep would not reduce the rate so I told her I was going to close the account. She transfered me to the retention department, where this rep said in order to keep me, he would drop the APR by 4%. I agreed to keep the card. Well, I get my statement and the annual fee is waived, but the APR is the same. I was furious and called Orchard. I spoke directly to a supervisor and he said that Orchard would not have agreed to reduce the rate that much. I told him I had the name of the rep that promised to reduce the APR. That did not matter. The supervisor kept saying that Orchard would never reduce the rate by 4%. Period. I said FINE, I will close the account and be done with it. He put me on hold for about three minutes and came back on stating that he would go ahead and honor the 4% reduction to the APR. "TOO LATE", I said - I closed it anyway.
Thats funny, I called Orchard I called Orchard today to get a increase in credit line. I was told that they do increases by review which is automatic...blah, blah, blah. Anyway, they offer me a $100 increase for $10 dollars. I was thinking about closing them soon. But maybe I will wait.
RE: Thats funny, I called Orch roni wrote: "they offer me a $100 increase for $10 dollars." At this rate, they'll soon be offering a $10 increase for a buck. I'd have closed the account, if only for the insult implied by this "offer". As for 777 - you did the right thing. Saar
Saar, you are right, but I only had it since 4/00.And I have a balance of about $60 . Maybe I should have closed it. But I closed FCNB today and I planned for first Premier to be next. I was trying to keep orchard for 1 year. oh well.
RE: Saar, Well, I can't speak for anyone else, but a $100 increase like the one I was just offered from Household was an insullt, considering I just got a 6k card from Citibank. I simply used the balance transfer to pay it off, but you have to wonder why the formulas to determine credit worthiness differ so significantly from bank to bank. The extra-shitty feature of the household subprime card is that you have to call a toll number for customer service or account information.
TC I agree, it was a shitty offer, but I didnot know what to do. I can not close too many accounts too quickly. I too have the citibank card with a high limit. I was warned about closing some accounts that I have too early and too many at one time. This is really hard for me to decide.
RE: Saar, Roni when I had to decide which cards to close first I chose First Premier just for the fact it costs $122.00 a year to keep it. I only had a $350.00 limit so it was a no brainer. But you're right if you close to many to fast it will hurt you as I learned the hard way.
RE: Saar, What you guys don't seem to understand is, all subprime cards require 9 - 12 months of payment history before they will give you a credit line increase at no charge. That means, for 9 - 12 months, you have to be BOTH under your credit limit and have no past dues. If during that time, you go past due or over limit, the whole process starts over. But, once you've gotten the first free credit line increase, you will continue to get them more often, about every 3 months depending on the bank.
RE: Saar, That depends. Providian will give you your first increase within 4 months. Some even reported getting it after only a couple. Saar
