Orchard bank card $300.00 limit, at first i thought if i charge it all then pay it off immediately that would boost my credit. But then i read otherwise. What is it? Does anyone know? Will charging it all and paying it off immediately give me a bigger credit limit on the card?
I can't really answer your question authoritatively but I can tell you that I have seen them issue a $300 card and increase that to $500 in a month or two even though the card had not been paid in full but a substantial payment was made. My suggestion is to charge an amount of maybe $150 the first month and make a payment of $100 on the card then keep on doing that for a couple of months if necessary and see what happens. I would not suggest that you go out and purchase stuff just to get it to that point each month. Buy gasoline or things you would normally buy anyway. Nothing expensive in any single charge.
the thing is if you max out the card (and assuming it's your only card) your utilization will be at 100% and that will lower your score. you only want to utilize at least 30% of your available credit. that shows that you can play it safe with credit. before orchard bank will increase your limit they want to see several months of responsible usage. when they increased my limit it was on the basis of paying on time and more than the minimum. it will not happen over night.
