I just got a new Orchard Secured card with a $200 limit. I was researching last night about them and found several of you had issues with them updating the bureaus with payments.
Does anyone have advice on the best way to use this card for rebuilding purposes? Can I have it active, but not use it at all? Should I only use 10% or less of the card at any given time? And what time of the month is best to make payments?
Re: best way to utilize/pay new Orchard Secured card?
I always pay around the 24th of the month. HSBC/Orchard reports the balance you had on the last day of the month. My statements cuts around the 3rd so it works out pretty good. Out of my 4 cards I usually let one report a tiny amount and then PIF soon after. If it is my orchard card I want to report then I'll use about 25% of my credit limit and pay it (and all others) down to about 5% and let that report.