Orchard Bank Card Question

[FuturePlan2]

Hey guys! I recently got approved for an Orchard Bank Visa card.  I'm looking to reestablish credit thanks to a lack of employment compensation Fall 2008 which put me behind in credit cards while in undergrad.  I will have a $0 balance on all credit cards by Jan 15, 2011 and it has ben long overdue.  The limit is very small ($300)  but I think it will help me greatly.  The interest is 14.9%.  Do you guys think this a good choice for reestablishment?  Any advice is also helpful!

[william23]

I have the card Can't complain one thing don't expect CLI's since it is a rebuilding credit card but definetly a good card in my opinion.

[OnWayUpinTexas]

In my opinion, this is the best of the rebuilder Visa/MC credit cards.  CLs are small, and CLIs are small and occur only when Orchard wants them to occur (I've had two in the last year and a half ... moving from $300 to $700).  Interest rate is better than some of the bigger cards, customer service is outsourced to a foreign call center which can make for some difficult conversations at times.  But overall -- it will do what you need it to do for the next year and a half or two years while you rebuild.

Others may suggest a secured card as well as a rebuilder ... I just never had the cash to chunk into a secured card.

[Wolf3]

It is a good choice for your first card.    I would suggest you plan a 2nd card in 6 months.   

I don't think you need secured card unless, you need a high limit card and can afford to fund it.

[KIPPIE12]

+1

[FuturePlan2]

Thanks so much everyone for your feedback.  I'm glad I made a great choice.  I plan on just charging something small each month and paying the balance in full.  Hopefully reducing my UTL next month will greatly assist my credit score.  I previously had a HSBC card through HP/Compaq in 2006 and I paid it in full and that really helped build my credit.