When Will Orchard Bank Increase Your Credit Limit?
If you have fair or poor credit, you may have been met with issues in the past when you have tried to apply for a credit card. However, there are specific credit cards out there that are designed to help people with less than perfect credit scores to build their credit by utilizing a lower credit limit.
Secured credit cards are a great option for people who need to build their credit score. One such credit card was Orchard Bank, now owned by Capital One. If you are wondering , this DoNotPay guide will walk you through how credit limit increases work for secured credit cards, as well as offer an alternative to trying to request a credit increase on your own.
About Orchard Bank
Orchard Bank was a subsidiary of HSBC Bank, offering credit cards to people with fair, poor, or no credit. If you are an Orchard Bank credit card user, you are likely aware that Orchard Bank was acquired by Capital One nearly ten years ago and you will have received a new Capital One card with similar account information.
Orchard Bank offered credit cards to people who needed to fix or build their credit, and Capital One also offers many similar credit cards. These are often referred to as secured cards because the user must put down a security deposit to open an account. Secured credit cards are great for:
- People rebuilding their credit
- Teenagers and students who want to start building their credit
- People who have a limited credit history and want to establish their credit
Secured cards often start with a lower credit limit, but your credit limit can automatically increase over time as you build your credit score. However, there are ways to get your credit limit increased without waiting if you are eligible.
How to Request an Orchard Bank Credit Increase on Your Own
You might keep asking yourself To get an increase on your credit limit, you will need to make payments on time and keep your credit card balances low. If you have a Capital One credit card after your Orchard Bank credit card was acquired by Capital One, you may be able to request a credit limit increase. First, you will need to provide:
- Your total annual income information
- Your employment status
- Your monthly mortgage or rent payment amount
If you have a secured credit card, you may not be eligible to request a credit limit increase without adding more money to your security deposit, according to the Capital One website. However, there are several ways to contact Capital One directly to see if you are eligible. They include:
- Online - Sign in to your Capital One account and find Request Credit Limit Increase in the menu
- By phone - You can call Capital One Customer Service directly at 1-800-227-4825
- By mail - You may be able to send a credit limit increase request by mail to: Capital One Attn: General Correspondence P.O. Box 30285 Salt Lake City, UT 84130
Requesting a credit limit increase online could result in an immediate decline. Speaking to a customer service agent allows you to make an appeal about your situation, but hold times can be long and you may not be sure what to do to best make your case. Fortunately, this is not an issue you have to face alone. DoNotPay has an Increase Credit Limit product that can help you get the best result when you want a credit limit increase on your account.
DoNotPay Can Help
If you want a higher credit limit on your Capital One credit card and you are not sure where to start, DoNotPay has you covered in 6 easy steps:
- Go to the Credit Limit Increase product on DoNotPay.
- Select which type of card you own and your credit provider.
- Tell us more about your card, such as when you first created this card, your current credit limit, what you would like your new limit to be, your card number, and whether you've missed past payments.
- Tell us more about your current income and expenses and why you would like to request a limit increase.
- Indicate whether you want to allow hard inquiries to be made into your credit history. Upload a copy of your ID and provide your e-signature
- Submit your task! DoNotPay will deliver the request letter on your behalf. You should hear back from the card provider with confirmation or a request for more information within a few weeks.
What Else Can DoNotPay Do?
Having a higher credit limit on your credit card has many benefits, including a decrease in your overall credit utilization and a better credit score. DoNotPay can help you request a credit limit increase with many companies, including:
|Capital One||American Express||Chase|
|Apple card||Bank of America||Wells Fargo|
DoNotPay is in the business of making our customers' lives easier. Things like requesting credit limit increases can be frustrating and time-consuming, and we believe you shouldn't have to tackle these issues on your own. Our products can help you in many situations, including:
- Learning about chargebacks and refunds
- Applying for credit cards
- Filing a complaint against companies
And so much more. Sign up for DoNotPay to learn more today.