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Valued Member
Posts: 48
Registered: ‎02-18-2011
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Approved for Orchard Unsecured - Next Steps?

So, I got approved for an Orchard Gold Mastercard with a $500 limit. this was pretty big for me, as my credit has been horrible for so long. My EX FIXO score right now is 614 with seven hard inquiries, including teh one for this card. I know that if that number comes down, my score should go up, and I should be able to apply for some regular cards with rewards and everything. So, right now, do I just wait it out for a couple years to apply for another card with a better score; or, will I be better off to take the score hit now and get one other card for util% and blend purposes?

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Approved for Orchard Unsecured - Next Steps?

There are two concepts...one is to get a bunch of cards at once and let them age together or space them out every 6-12 months for the first couple and add them annually after that. I started with a high number of cards after repair and received 8-9 cards in my first 6 months. The advantage in the long-term is that they all age together and adding a new CC now has virtually no impact on my AAoA. While I'll still take a hit for the new credit, the damage fades over the course of a year anyway. On the downside, I got stuck with so-so cards at terrible limits. All started below $1000. If I had it to do over again, I would space them out. I would get one or two to start and wait 12 months between cards, if I needed to replace them (e.g. low limit, AF on Orchard, etc.). There's more of a hit to AAoA, but new creditors like to see that credit experience and I think I could have received better CCs and higher CLs later.

Valued Contributor
Posts: 2,661
Registered: ‎04-25-2011
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Re: Approved for Orchard Unsecured - Next Steps?


llecs wrote:

There are two concepts...one is to get a bunch of cards at once and let them age together or space them out every 6-12 months for the first couple and add them annually after that. I started with a high number of cards after repair and received 8-9 cards in my first 6 months. The advantage in the long-term is that they all age together and adding a new CC now has virtually no impact on my AAoA. While I'll still take a hit for the new credit, the damage fades over the course of a year anyway. On the downside, I got stuck with so-so cards at terrible limits. All started below $1000. If I had it to do over again, I would space them out. I would get one or two to start and wait 12 months between cards, if I needed to replace them (e.g. low limit, AF on Orchard, etc.). There's more of a hit to AAoA, but new creditors like to see that credit experience and I think I could have received better CCs and higher CLs later.


+1

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Valued Member
Posts: 48
Registered: ‎02-18-2011
0

Re: Approved for Orchard Unsecured - Next Steps?

Thanks for the advice, guys. I think I'm just going to stick with this Orchard card for now and use it to rebuild my credit to the extent possible. I feel like I'm right on the verge of a decent credit score, and don't want to be saddled with subprime credit cards. I think I'll buy a few things, but keep my util down around 10% for the next year and see how that helps.

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