topic Re: Orchard bank or Household bank in Credit Cards

Orchard bank or Household bank

joeyspot — Sat, 04 Jun 2011 15:12:16 GMT

Hello

I am trying to build my credit and I was Pre Approved for a Gold Orchard bank card and a Platinum Household bank card which is better to apply for?

Re: Orchard bank or Household bank

joeyspot — Sat, 04 Jun 2011 15:14:56 GMT

Ooh and what's the different between Gold and Platinum card?

Re: Orchard bank or Household bank

Anonymous — Sat, 04 Jun 2011 16:01:55 GMT

What are the terms? Off hand I would say Household Bank. Orchard just started giving out CLI's but overall I think Household is probably better. Again, it'll really depend on terms (AF, APR, etc).

Re: Orchard bank or Household bank

Anonymous — Sat, 04 Jun 2011 16:18:03 GMT

My guess is that both cards have the exact same terms and are equally bad.

OP, I don't know what your goal is but if your goal is credit history and you have a few hundred dollars I'd suggest skipping these guys who are going to disappoint you and consider a secured CC from a credit union that reports to all three bureaus (at least one of the CUs -- search the forums -- will even report this card as unsecured).

Re: Orchard bank or Household bank

joeyspot — Sat, 04 Jun 2011 16:22:13 GMT

The terms are the same for both cards APR 19.90 and 49 AF and 19 Processing fee.

Re: Orchard bank or Household bank

Anonymous — Sat, 04 Jun 2011 17:49:48 GMT

Both are HSBC, so the logo is the only difference.

Re: Orchard bank or Household bank

Anonymous — Sat, 04 Jun 2011 18:34:26 GMT

My bad. Wasn't paying attention. Forgot HHB was HSBC.

Re: Orchard bank or Household bank

joeyspot — Sat, 04 Jun 2011 18:47:55 GMT

Thanks for the help.

What's the different between Gold and Platinum card?

Re: Orchard bank or Household bank

Anonymous — Sat, 04 Jun 2011 19:22:23 GMT

With sub-prime cards, I think the only difference is the name and look of the card. Unless they label gold on MC and platinum on VS, then you might have better cardholder benefits, such as travel coverage and purchase coverage. But with the exception of a handful of companies, it's nothing more than presumed status. There's "platinum" cards you can get with bad credit and a $300CL LOL. It used to mean something long ago. Not these days, again, for most card issuers.

Re: Orchard bank or Household bank

joeyspot — Sat, 04 Jun 2011 19:40:08 GMT

Ooh okay Just to be more specific I applied for the Orchard card a little over a month ago and I was approved for a basic master card from them I didn't apply for it so yesterday I wanted to try it I applied again and they offered me a gold mastercard instead of the basic mastercard and I went to Household bank and applied aswell they approved me for the platinum master card.

So I was reading around and ppl are saying platinum mastercard is better so I don't know for sure that's why am asking.

Re: Orchard bank or Household bank

Anonymous — Sat, 04 Jun 2011 20:04:32 GMT

The only real difference between any of these HSBC/Orchard rebuilder cards is the annual fee and APR. They're all going to offer low limits, and -- for the most part -- little upward mobility for CLs in the future.

Re: Orchard bank or Household bank

Anonymous — Sun, 05 Jun 2011 05:25:24 GMT

Hello

I am trying to build my credit and I was Pre Approved for a Gold Orchard bank card and a Platinum Household bank card which is better to apply for?

=============

Youre much better off fronting a few hundred and getting a secured card. Otherwise youre going to get gutted on charges and fees. I used to have one of those bad credit cards and they are no fun at all.

Try applying for a low end Capitol One too.

Re: Orchard bank or Household bank

Anonymous — Sun, 17 Jul 2011 03:32:19 GMT

I don't understand these comments like "Otherweise youre going to get gutted on charges and fees." If you pay ontime and aren't stupid about it then you don't get gutted for anything. Additionally, when you have poor credit and are trying to rebuild, then a small annual fee is a small price to pay.

I am rebuilding and out of my five credit cards, three charge annual fees. Two are from Capital One and one is from Household bank.. no problems with any of them. No additional fees. No "gutting."

Re: Orchard bank or Household bank

Anonymous — Sun, 17 Jul 2011 12:47:57 GMT

@Anonymous wrote:
But with the exception of a handful of companies, it's nothing more than presumed status. There's "platinum" cards you can get with bad credit and a $300CL LOL. It used to mean something long ago. Not these days, again, for most card issuers.

I couldn't agree more, my first rebuilder card was a Cap1 No Hassle Rewards Platinum 500CL.

I kinda agree with the last poster, pay on time, be good to the card and you should not get gutted. For someone rebuilding with really bad credit, a 49AF, 19.90APR and 19 processing fee is a small price to pay to get back in the game.

PIF the card every month and the 19.90APR has no factor, and after a year or two (all depends on your situation) you can app for somewhat better cards, if not prime cards that have zero AF, low APR and no processing fees.

To the OP what kinda Ficos do you have? Cap1 is pretty lenient with approving those with bad credit with their rebuilder cards.

Best of Luck!

Re: Orchard bank or Household bank

ptkdude — Sun, 17 Jul 2011 15:52:23 GMT

If you recently received a card from HSBC, they will likely decline you for another card, even if their system "preapproves" you (happened to me). I don't know if apping would result in another hard pull; their internal system may stop an application before it gets to that point.

Re: Orchard bank or Household bank

Anonymous — Sun, 17 Jul 2011 17:57:38 GMT

@Anonymous wrote:
I don't understand these comments like "Otherweise youre going to get gutted on charges and fees." If you pay ontime and aren't stupid about it then you don't get gutted for anything. Additionally, when you have poor credit and are trying to rebuild, then a small annual fee is a small price to pay.

I am rebuilding and out of my five credit cards, three charge annual fees. Two are from Capital One and one is from Household bank.. no problems with any of them. No additional fees. No "gutting."

For rebuilding, Capital One and HSBC have been good for me. No problems, no excessive fees.