Credit Cards

[FICO_Focused]

After a short period of 3.5 months Orchard Bank has finally reported to the CRAs for me.

I wanted to share some quick news from them. I recently PIF'd multiple CC accounts and wife and I shredded the cards afterwards. We kept a few, but the majority have been destroyed (not closed.)

Anyway, apparently when I paid Orchard I inverted the change at the end of the total from $290.90 to $290.09. This left a balance of $0.81.

I received my statement and realized what I had done immediately. I called Orchard and asked them how I could pay this because I didn't want to send a check for $0.81 and I didn't want to pay the $15 to pay by phone. The representative from Orchard said that there is NO MINIMUM PAYMENT when there is less than $1 balance, so I could leave it there without being late or paying.

Since I don't have the contract from the card in front of me, I don't know if there is a minimum service charge on the account, but we'll soon see. the CRAs actually have the balance reported as $291 right now. The rep said that new updates are sent to CRAs on the last weekday of the month.

I can't wait to see what the reported balance is!

I'll be paying it off when the new statement comes, but I thought I'd share this with you. I know that a lot of folks have an account with Orchard / HSBC.

Take Care.

Rob

[Timothy]

getting close the shreader time here as well.

Thanks for the info.