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Contributor
Posts: 210
Registered: ‎04-28-2007
0

Orchard Bank?

So I wanted another bullet in the chamber to build another positive revolving trade and applied with Orchard, knowing the likelihood was pretty good I'd get approved. That was like 3 weeks ago, before an unexpected amazing points jump due to several factors. Honestly I didn't care that I hadn't heard back because my conditions changed and I can now qualify for a better card, but for giggles I called them. My troubles are over! Wow....$300. I can spend....oh, about 30 bucks to carry  good utilization. Burger King, anyone?  So now that I'm stuck with this thing, my question is this. Does it matter that the limit is so low, or does the utilization carry the most weight no matter the high limit? In other words, even though it's almost useless as a credit line, will carrying a $30 balance on a $300 limit have the same effect as carrying a $300 balance on a $3000 limit? Or....does the formula factor in more than just the percentage of util? My logic tells me that other creditors would see the low limit and determine that I'm automatically subprime. Hopefully I'm wrong. Interested to hear from anyone else who has the low-limit Orchard card and how it has affected your over-all score after....say 6 months of on time payments and low util.
Frequent Contributor
Posts: 389
Registered: ‎04-19-2007
0

Re: Orchard Bank?

Man, I was just approved the other day. Same limit! I haven't recieved the card yet but as it was said to me..IT's a start!
 
Good Luck to ya.
E!
FICO's EQ 519 EX543 TU ? 8/2014
EQ 525 EX no score,,, TU ?11/2014
EQ 576 1/2015 EX 595 1/2015
I think I can!
Valued Contributor
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Orchard Bank?

I got the low-limit card. From what I have seen, low limit cards build into higher-limit cards. CapOne already is about to raise me from $300 to $500 after four months. I'm pretty confident that if nothing comes down the pike to hose my FICO, Orchard will have me at $500 by the end of summer. I had $500 secured with BofA that's about to become $1000 unsecured--took a year, but BofA is prime.

I say get your foot in the door. You may take a brief hit on FICO as your average account age is lowered, but you've got to buy in somewhere if you want to have the several tradelines necessary to establish a seasoned credit history.
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in a credit-scoring postnuclear Stone Age...
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Orchard Bank?

IMO, Orchard is the best rebuilding card out there. I even recommend it to people trying to establish credit.
Regular Contributor
Posts: 244
Registered: ‎04-16-2007
0

Re: Orchard Bank?

My husband got an Orchard card with the $300 limit.  After six months, they raised his limit and I think he is going on 2 years with them and his limit has increased to around $2K.  He has not had a problem with them at all....
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
0

Re: Orchard Bank?

They're affiliated with HSBC right?     I had a Merchant's Bank MC that got charged off and sent to collections that I just recently paid off, but I know that HSBC bought out Merchants Bank some time ago,   I wonder if that would have any affect on me trying to get a secured CC with Orchard.  I have heard good things about them.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Orchard Bank?



Boswd wrote:
They're affiliated with HSBC right?     I had a Merchant's Bank MC that got charged off and sent to collections that I just recently paid off, but I know that HSBC bought out Merchants Bank some time ago,   I wonder if that would have any affect on me trying to get a secured CC with Orchard.  I have heard good things about them.



Yep.
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
0

Re: Orchard Bank?

Yeah I figured as much.   Has anyone heard anything good or bad about Aspire  or Imagine?
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Orchard Bank?

Aspire is awful! Only card worse is First Premier.
Regular Contributor
Posts: 244
Registered: ‎04-16-2007
0

Re: Orchard Bank?

I don't know about First Premier, but I know that Aspire has unbelievable fees.  They were sending offers to me all of the time, but I never bit.  Fees are outrageous!!!!
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