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Established Member
Posts: 27
Registered: ‎01-30-2011
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why is orchard so bad?

i just applied for a orchard credit card and got aproved with a $300 limit. I was happy to get approved since my credit score is 449 and have a steap hill to climb to fix my credit. But all I read on these phorums is how bad orchard is. Sgould I get another card, should I get more than one?


Starting Score: 419
Current Score: 449
Goal Score: 620


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Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: why is orchard so bad?

 


pyboathon wrote:

i just applied for a orchard credit card and got aproved with a $300 limit. I was happy to get approved since my credit score is 449 and have a steap hill to climb to fix my credit. But all I read on these phorums is how bad orchard is. Sgould I get another card, should I get more than one?


 

There is nothing wrong with Orchard for a rebuilder card IMO.

 

Besides with your scores being so low I wouldn't be thinking about applying for additional credit just yet unless I was going to apply for a secured card and open it with a decent limit of 2k-5k.

 

Let the card you have now age a little.

 

Good luck 

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Established Member
Posts: 27
Registered: ‎01-30-2011
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Re: why is orchard so bad?

thank you. I know it will be a long process to fix my credit, but I am excited about it. quick question, will getting a secured cc with a 500 to 1000 limit not do much for my credit


Starting Score: 419
Current Score: 449
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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: why is orchard so bad?

[ Edited ]

Congratulations, Orchard is a very good card for your score.  There are much worse out there, but not much better that you can get.    Treat it well for over 6 months and then add another card.   Capital One would be a good choice, especially the secured one so you can build a higher CL on your report.   A $500 to $1000 secured card is good for your credit, but the higher you can grow it the easier it will be to get higher limits in the future. 

Established Member
Posts: 27
Registered: ‎01-30-2011
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Re: why is orchard so bad?

the higher I can grow it?

what does that mean.  Can you start off putting down $500 and lets say add 100 each month. I feel like there should be a section in communtiy for people that have 400 scores and are clueless. lol

I've been sitting here reading trying to figure out if I should pay off accounts that are in collection that are over 2 yrs old, if I should settle? pay full? some post say it will hurt my score and not help 


Starting Score: 419
Current Score: 449
Goal Score: 620


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Senior Contributor
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Registered: ‎01-24-2010
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Re: why is orchard so bad?

I like the Capital One secured the best of the major banks.    You can start with a $200 deposit and that would be your limit.    You can add more deposit in $100 increments whenever you want.    It is very easy to do on their website.   Your CL will then be increased by that amount ( takes 2 weeks to show up however).   Capital One will also review your account every 6 months and may add  additional unsecured CL to your account.    You still have to qualify for most secured cards, so I would still wait until I had at least 6 months of good reporting on Orchard before I applied.,  

Valued Contributor
Posts: 1,129
Registered: ‎01-20-2011
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Re: why is orchard so bad?

 


pyboathon wrote:

the higher I can grow it?

what does that mean.  Can you start off putting down $500 and lets say add 100 each month. I feel like there should be a section in communtiy for people that have 400 scores and are clueless. lol

I've been sitting here reading trying to figure out if I should pay off accounts that are in collection that are over 2 yrs old, if I should settle? pay full? some post say it will hurt my score and not help 


 

If you were to get a secure card, I will first talk to a local credit union. They are generally flexible and are willing to look at unsecuring in less than a year and give a good CL after that.

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Established Member
Posts: 27
Registered: ‎01-30-2011
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Re: why is orchard so bad?

With a $300  limit, should I spend $20 a month and pay it off every month

I  will wait 6 months to apply for the capital one. Now with capital one, I had a car back from 2003 to march 2006, It got repo. Would me applying for a cc mess with it falling off after the 7yr mark, which should be 2013


Starting Score: 419
Current Score: 449
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Valued Contributor
Posts: 1,129
Registered: ‎01-20-2011
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Re: why is orchard so bad?

 


pyboathon wrote:

With a $300  limit, should I spend $20 a month and pay it off every month

I  will wait 6 months to apply for the capital one. Now with capital one, I had a car back from 2003 to march 2006, It got repo. Would me applying for a cc mess with it falling off after the 7yr mark, which should be 2013


You can spend whatever you want on the card. I will pay many times a month (every time a purchase posts) to keep utilization low. Don't apply for capital one unless you try a pre approval. You may end up piling too many cards with an AF.

 

 

The best bet will be to see if a local credit union will give you a secured card.

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Established Member
Posts: 27
Registered: ‎01-30-2011
0

Re: why is orchard so bad?

how often does utilization get checked, I assumed if I spend $20 and pay it off once a month then my utilization should be close to 0%


Starting Score: 419
Current Score: 449
Goal Score: 620


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