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SubPrime Lender Saves Customer Money. Wait..WHAT?


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Just an update. I posted previously that I had three Orchard Bank cards, all with low limits ($300) and high fees. I was keeping them around for their age, they are my oldest trade lines. Got them in 2003 right after BK. The low CLs are adversely effecting my score. I don't need them for utilization.

Anyhow.......I contacted Orchard. They agreed to consolidate the accounts into one. It will keep an old account number, become a "prime" card @ 18.9%, no annual fee and the CL is now $3000. How about them beans!?

I just have to sign some papers and send them back. I'm so used to being screwed by subprime lenders, when one of them acts in my best interest, I'm shocked.

-r

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I just have to sign some papers and send them back.
And of course you're going to read those papers over several times in great detail before you sign them. Pay particular attention to the "endentured servitude" clause.

Really...if it sounds too good to be true, there's a catch in there somewhere.

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That is awesome. I've never gotten that far with Orchard/Household people on the phone. I've only gotten the robotic speeches read from a script.

Yeah. I tried calling, but I got the stupid script reader too. Someone from a foreign land, that had such a heavy accent, I couldn't understand them. I actually hung up on them.

I then logged into my account and wrote to them via the "contact us" form.

I wrote how much I liked Orchard Bank for giving me a chance and that I wanted to keep an account with them but the low limits and high fees were something I no longer wished to pay since my credit situation was greatly improved. I asked if I could open a new account and transfer the balances (about $50 each, LOL) to that new account.

Maybe four hours later I got a favorable reply.

-r

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