Orchard

[aquatic1]

I had gone to the Orchard website to see what it was all about.  This was over a week ago. 

This morning I went to check my email and what do I have...a offer to open a Orchard card!  How is this possible?  I did not apply for the card just went through the pre-approval. 

What do you all think about Orchard and is the fees worse or better than say First Premier?  I only have one active cc (Hooters,opened 7/09) and the rest are paid charge offs and installment loans. 

I want to make a decision now or wait until a couple more items fall off based on PFD's

[creditwherecreditisdue]

Orchard is better than First Premier.

[aquatic1]

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@creditwherecreditisdue wrote:
Orchard is better than First Premier.

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Do you by any chance know how long they take to post to the CRA if you are approved?  Also, which agency do they normally pull?  I am in NY.

[creditwherecreditisdue]

Orchard should appear on you CBR's 30-60 days after issuance.

I can't help you with the credit pull info.

[Anonymous]

I like Orchard for a rebuilder card - would not even consider First Premier.

I app'd 12/31.  Pulled EXP.  Reported to CRA's on 2/16.

DH app'd 12/30.  Pulled EXP.  Reported to CRA's on 3/13.  It also took him much longer to get his card.

I was able to pull up my account online long before I got my first statement, so was able to make my first payment immediately.

Orchard will let you schedule payments, which is nice; they will also let you pay more than your current balance, which is handy sometimes.

Orchard is an HSBC card.  If they're offering you an Orchard card, it's likely that you will be pre-approved for an HSBC card - it may be worthwhile to check the HSBC pre-approval site.  You should see a nice score bump with either the Orchard or the HSBC cards as they are bank cards - FICO likes.

Good luck!

[aquatic1]

thank you all so much for the info.  I just got an account deleted from my exp account and I think that will help my score.  Just with that account deletion my CCT EXP Plus score went up 68pts.  I so wish we had access to the scores!  It is just not fair to all consumers!

[lanah]

I have been with orchard for awhile and think that they are a good rebuilding card. But in this economic situation I wouldn't suggest getting a card from them. HSBC who owns Orchard bank has been trying to raise their interest rates on all of their cards. I get notice after notice starting maybe this past march about raising interest rates. The latest was just this past week. They said by December they are going to raise the interest rates to 19.99%. Mine is at 11.99 now.

it took me 5 years of a good  credit  relationship to get my interest rate down from 14.99 to 11.99 and now they said it's mandatory tha it will go up to 20.00%.

Whatever interest rate they are offering you, it will go up until our economy gets better.

Message Edited by lanah on 09-30-2009 06:39 AM

[johnsj21]

I agree that Orchard is way better than First Premier...at least with Orchard your annual fee is MUCH smaller than FP.  It's a decent rebuilder card too.  I've had it since 8/2004....I don't really need it anymore and they just raised my rates to 19.9%, but I don't carry a balance so it doesn't bother me. 

[Anonymous]

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@aquatic1 wrote:

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@creditwherecreditisdue wrote:
Orchard is better than First Premier.

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Do you by any chance know how long they take to post to the CRA if you are approved?  Also, which agency do they normally pull?  I am in NY.

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I live in Massachusetts and they pulled EQ for me. They report the last day of the month.