Should I go through with app for Orchard?

[js0319]

My wife and I tried the pre-app process for Orchard Bank a few weeks ago. Before the hard pull - I was approved for what appeared to be an unsecured CC, while my wife got the offer for the secured card. I currently have a Cap1 secured card with a $300 limit, and no other open CC accounts. We also opened a CU account today, and we were denied an unsecured card through them.

Should I go ahead an do the Orchard Bank CC since it's unsecured and they're the only lenders that seem to want to lend me money? Also, if I did go with Orchard - does having Orchard on your file hurt you when there are manual reviews of your credit? I know that it's not necessarily the greatest card to have, but it is better than what I have currently - I just don't want to do more harm than good.

[someone379]

I have a card with them, had it for about 1 year now --- They are very active with reporting, I think that it has helped my score a bit having a card that reports positive payment history.   I just got a credit increase with them as well, they will do that on occasion if you ask them.    

[llecs]

With Orchard reporting a couple of years ago, I had no issues getting decent CCs like Amex, Discover, Wachovia (pre-WF), National City Bank (pre-PNC), Macys, Bloomies, Barclays, BofA, and a host of other CCs. I don't think it ever had a negative impact for me.

[Crashem]

Orchard reports as HSBC. Soon will be reporting as HSBC/cap one. So no harm

[js0319]

I went ahead and completed the app - I got approved for the Gold MC. Does anyone have any idea what the typical starting CL's are on this particular card? I think I read something stating that they start at $300.

[Crashem]

In your credit situation, you shouldn't even worry about CL yet.  Personally, I would go for one more open tradeline.  Maybe just a gas or store card.  I hope you are planning on PIF.  In 6 months or so with 3 revolving trade lines, you will hopefully see signficant FICO jump and qualify for more long term cards.

[Anonymous]

Mine started off at $300. It's now up to $1600, and is one of my lower interest rates too. (forgot what it is offhand)

[js0319]

I PIF every month on my Cap1 CC, but then again I usually never charge more than $30 on it. We'll see what my CL comes back as when I receive the card. This will give me two revolving TL's, so I'm hoping I'll see a bump here in a few months. I'm tired of being stuck in the mid 500's - but I know I've got a long road ahead of me too.

[Anonymous]

This isn't really an answer but more of a question for the original poster

I also filled out the OB application and it clearly stated I was approved for an unsecured card. BUT the next page said I had to print off the application and submit my $200 deposit so thats not UNSECURED to me!! Did this happen to you? It was in the fine print. Has this happened to anyone with OB? I didn't print off the application and mail it once I saw that. I tried to call customer service but it said it could not locate an application for me and would not let me speak to a human!

[js0319]

That didn't happen to me. When I got to the last page, I had to pay the processing fee of $19, but the was it.