I recently got approved for and received a Secured Orchard Bank Master Card.. what is everyone's feelings and dealing with this CC company? I am skeptical to read online how Secured Credit Cards help boost credit scores- In 3-4 months did people see an approvement by using this Card on a daily basis and paying it in full every month or carrying a balance every month? Thanks.
EQUIFAX 06/30/06- 713 12/12/07- 375 10/17/08- 457 3/10/2010- 519 $13,000 worth of debt still out there in collections/charged off accounts.
I have a partially secured card of theirs where I gave up $500 and received a $600 CL. Yes, the fees are high. And yes the reporting is screwy. But it is what it is: a rebuilding card. I have mine for about a year now and I will close it as they are fastly becoming my lowest CL. Besides, I'd rather do something else with my $500.
I got my orchard secured 8/07 and was changed to unsecured 8/08 with a CLI....they sent the deposit back no problem. They said in the letter it wa because I had a good credit history with them. I just paid on time. That was it!
Starting Score: 615 Current Score: 709 Goal Score: 750
They are a good card if you have bad credit and can't get any cards you really want. They report to all three credit reporting agencies. You can pay online. They are what they are. I would say they are the best of the subprime cards, they don't fee you to death like some. They are a stepping stone. You use them to help build your score, close them after you get better cards.
Ive had mine almost 2ys now. No problem with mine. It really did help my overall credit picture. With a little work and time and the help of that card my scores climbed to 700.
Starting Score: 615