Old Orchard Bank Card, I Need Advice

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Old Orchard Bank Card, I Need Advice

Postby willgatlin25 » Sat Sep 21, 2013 2:40 pm

Alright all, here's the beef:

Almost 2 years ago my credit was seriously tanked and I applied for an Orchard Bank card to re-build. I was approved at $300 un-secured and a $50 dollar annual fee. I figured it wasn't too bad for someone with junked up credit so I kept with it. Orchard never once raised my CL and when I tried to call them I swear I was calling the middle east and couldn't understand a word between the rurr durr durr nonsense.
Anyway, Orchard was recently bought out by CapOne as most of you know. I've contacted CapOne several times and said this Orchard card is useless and unless they will raise the limit significantly then there's no point in me keeping it.
I've done their request for a CLI online about 3 times and every time I get a letter in the mail that says, "Sorry we can't approve your request while we transition your account from Orchard Bank, please be patient."
I've heard it's bad to close old accounts because it kills your age of open credit lines and this card happens to be the oldest card I've had. However, the APR is terrible, theres no rewards compared to my other good cards, the CL is useless (300 bucks), and theres a stupid annual fee, for what benefit?
I really don't want the card but I don't want to screw up my credit by closing it, what do you guys suggest?

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Postby DavidNY » Sat Sep 21, 2013 2:51 pm

I would suggest closing it when the next AF is charged. A closed account will remain on your report for a while and when it falls off your other cards will have aged.

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Postby Ikarus » Wed Sep 25, 2013 12:54 am

Orchard is 100% a rebuiding card. They were the first card I obtained after my BK in '05.

They closed my account for lack of inactivity, but it never hurt me, because my Hooters/Merrick card kept raising my credit limit, which offset my credit utilization.

I'm at the stage now of wanting/getting no annual fee cards with rewards. It makes no sense to carry a card with annual fee that gives you no benefit to wash the annual fee.

A better bet is a secured card.
Merrick Bank (Hooters) 4100
Cap One Quicksilver 4800
Discover it 2500
Citi Forward 8000
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 7000
Cap One Visa Platinum 750 (CLOSED)

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