topic Re: Orchard Bank? in General Credit Topics

Orchard Bank?

Anonymous — Wed, 09 May 2007 04:52:13 GMT

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.

Re: Orchard Bank?

Eric958 — Wed, 09 May 2007 05:53:09 GMT

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.

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 07:11:22 GMT

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.

Re: Orchard Bank?

Tuscani — Wed, 09 May 2007 17:33:16 GMT

IMO, Orchard is the best rebuilding card out there. I even recommend it to people trying to establish credit.

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 17:42:44 GMT

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....

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 17:45:05 GMT

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.

Re: Orchard Bank?

Tuscani — Wed, 09 May 2007 17:46:00 GMT

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.

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 17:48:30 GMT

Yeah I figured as much. Has anyone heard anything good or bad about Aspire or Imagine?

Re: Orchard Bank?

Tuscani — Wed, 09 May 2007 17:49:33 GMT

Aspire is awful! Only card worse is First Premier.

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 17:51:13 GMT

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!!!!

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 17:54:54 GMT

Thanks I haven't done any serious shopping around yet, I was just going to try and wait out my credit report and score and try again with BoA secured.

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 18:00:23 GMT

You could try for a Hooter's Mastercard. I think they are HSBC, but they seem to give higher credit limits than Orchard and are fairly easy to get. I think they approve with high 5's low 6's and no collections on the report. Annual fee is not too outrageous.

Re: Orchard Bank?

mamabear — Wed, 09 May 2007 20:12:29 GMT

Have we answered the question yet? Does the limit matter as long as you have low utilization? $30 of a $300 limit versus $300 of a $3000 limit?

Re: Orchard Bank?

Tuscani — Wed, 09 May 2007 20:16:32 GMT

mamabear wrote:
Have we answered the question yet? Does the limit matter as long as you have low utilization? $30 of a $300 limit versus $300 of a $3000 limit?

Nope

Message Edited by Tuscani on 05-09-2007 03:16 PM

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 20:17:29 GMT

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.

I had a Merchant's card that turned into a collection about 5 years ago. Same scenario, and I got approved for the Orchard.

dazednconfused wrote:
You could try for a Hooter's Mastercard. I think they are HSBC, but they seem to give higher credit limits than Orchard and are fairly easy to get. I think they approve with high 5's low 6's and no collections on the report. Annual fee is not too outrageous.

Funny you mention that. I pulled up the database often mentioned here that details scores, CRA pulled and other info to research my revolving next TL. Based on my wimpy 633 TU score Hooters was by far the best choice. I have a hard time believing they approve someone hovering right at 600 up to $5K, but there seems to be many documented cases of that happening, even with CO's and unpaid collections. I applied, awaiting the dreaded manual review.

Message Edited by devhip on 05-09-2007 01:17 PM

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 20:50:04 GMT

devhip wrote : I had a Merchant's card that turned into a collection about 5 years ago. Same scenario, and I got approved for the Orchard. Did they send your's to Wolpoff and Abramson? And don't you just love all the different names they use on the credit report, Merchant's Bank, Metris companies. HSBC. lol

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 21:19:52 GMT

I have checked my credit status on various places that use the 3 different bureaus. What I got from it is it cancels each other out. Under reasons why your score is what it is under bad I got you have low credit limits but under good it says your percentage of credit available compared to your limits is high. I will say I have all three cards listed by previous posters and although my score stayed around 680 for months as of today its 725 despite neither raising my limit in months and having a chapter 13 still on my report

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 21:20:04 GMT

Yes, "assignee of Metris" etc. I used to feel like Rick Moranis in Ghostbusters, chasing these old accounts around. I got them removed but it wasn't easy.

Re: Orchard Bank?

Anonymous — Wed, 09 May 2007 21:22:14 GMT

Thanks steel, that's the answer I was looking for. Guess I'll keep the Orchard and use it to finance an occassional sandwich.

Re: Orchard Bank?

Anonymous — Thu, 10 May 2007 03:44:58 GMT

Devhip:

You are correct the same formula applies no matter the limit. However, the bad thing is the fees associated with the s/p card that is bad. Good luck!