ORCHARD BANK CC

[ficorenavator]

I  RECENTLY APPLIED FOR AN ORCHARD BANK CC AND GOT APPROVED FOR A 300.00 LIMIT WHICH WAS DECREASED TO 247.00 DUE TO FEES FOR OPENING THE ACCOUNT.  ME AND MY WIFE FILED FOR  CHAPTER 7 BK LAST YEAR IN MAY AND WAS DISCHARGED IN AUG.  HOW SHOULD I PROCEED IN REBUILDING AFTER RECEIVING SUCH A SMALL CREDIT LIMIT OR WHAT OTHER M ETHOD SHOULD I USE?  I ONLY APPLIED FOR THE CC TO GET ANOTHER OPEN LINE OF CREDIT ALONG WITH MY CAR LOAN?

[guiness56]

You can try for other rebuilders like First Premiere and Creditone. Either one you will more than likely have a small CL.  And have to pay fees.

Or you can go with a secured CC.

[Anonymous]

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@ficorenavator wrote:

I  RECENTLY APPLIED FOR AN ORCHARD BANK CC AND GOT APPROVED FOR A 300.00 LIMIT WHICH WAS DECREASED TO 247.00 DUE TO FEES FOR OPENING THE ACCOUNT.  ME AND MY WIFE FILED FOR  CHAPTER 7 BK LAST YEAR IN MAY AND WAS DISCHARGED IN AUG.  HOW SHOULD I PROCEED IN REBUILDING AFTER RECEIVING SUCH A SMALL CREDIT LIMIT OR WHAT OTHER M ETHOD SHOULD I USE?  I ONLY APPLIED FOR THE CC TO GET ANOTHER OPEN LINE OF CREDIT ALONG WITH MY CAR LOAN?

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I like my Orchard for rebuilding.  If rebuilding is your primary concern, CL's don't matter.  So Orchard will do you fine with their $300 CL.

After I had my Orchard a little less than a year, I opened a Juni which now has a $1700 CL.

Take it slow and don't worry about CL's.  Do pay attention to creditors, though, and choose those that are decent.  Orchard is fine.  I would recommend using it and keeping the balance at zero.  First Premier is a killer - I would avoid them and their outrageous fees at all costs.  I'm not famliar with Credit One.

I would just keep the Orchard very very happy.  Have pristine payment patterns.  Keep the reported utilization below 9%.  If you keep the card and car loan moving forward perfectly, you should see some positive changes in your reports.  I wouldn't open anything else right now.

Good luck to you in your rebuilding!  It gets better - and easier - rather quickly.  But keep your trigger finger off the app button for awhile.

[ficorenavator]

THANKS FOR ALL YOUR HELP! IN REGARDS TO THE UTILIZATION BELOW 9% HOW  DO  I ACHEIVE THIS?  AS I STATED EARLIER MY ORCHARD CC LIMIT IS 300.00 BUT, DUE TO FEES TO OPEN THE ACCT MY AVAILABLE CREDIT WILL ONLY BE AROUND $210.00-$220.00.  WHAT DO I NEED TO DO?

[chasmith]

Make a payment?

[MarineVietVet]

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@ficorenavator wrote:

THANKS FOR ALL YOUR HELP! IN REGARDS TO THE UTILIZATION BELOW 9% HOW  DO  I ACHEIVE THIS?  AS I STATED EARLIER MY ORCHARD CC LIMIT IS 300.00 BUT, DUE TO FEES TO OPEN THE ACCT MY AVAILABLE CREDIT WILL ONLY BE AROUND $210.00-$220.00.  WHAT DO I NEED TO DO?

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Utilization is calculated using the balance showing on your monthly statement. You can use the card during the month but make sure the balance is down to that 1-9% amount before the statement posts and then always pay in full before the due date to avoid finance charges.

In your situation try not to have more than about $19 show on your statements each month.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[llecs]

OP, also note, and assuming not mentioned already, Orchard reports the balance you had on the last business day of the month and report that balance approx. 2 or so weeks later into the following month. So, whatever balance you had on July 30 would be reported sometime this month. If you want a lower balance to report, make sure you make payments to get the balance to where you'd like it to be and make sure it posts on your online Orchard account by Aug. 31.

Util is only a snapshot in time. If you don't like where it is now, you can easily correct it next month without penalty.

[ficorenavator]

What gives, I received a letter in the mail saying I was denied for approval.  What next?

[Anonymous]

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ficorenavator wrote:  What gives, I received a letter in the mail saying I was denied for approval.  What next?

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Hi ficorenovator,

Wow - I'm a little confused here.

So, when you log on to your Orchard account online, does it show open or closed? 

I didn't realize that you were the OP who had already opened an account.

So, online, your account has a $300 CL?  And you have a new letter that says no new account?

Is there any chance you app'd for another Orchard product and that was turned down, but the original account is still open?

And, lastly, what reasons did Orchard give you in their letter? 

Give us as much info as you can and you'll get some helpful responses.

[guiness56]

Did you maybe apply twice?  I did that. 

The first time I applied online nothing happened, it didn't say yes or no.  I tried it again and it told me I was denied because I had already been approved.