topic Re: Orchard Bank Visa - Yay! in Rebuilding Your Credit

Orchard Bank Visa - Yay!

Anonymous — Sat, 14 Jan 2012 21:22:05 GMT

So I'm super happy at the moment. It's the small victories that are getting me through on the way to my goal.

I was going to sign up for another secured card with a small limit, so that I can have some revolving accounts (as I currently only have 1). I was going to do BOA's next week, but then thought about trying Orchard's secured card.

Well, I hesitated trying for their unsecured Visa (since my other card is Mastercard) because I had been denied last year, and was approved - well initially. The online said approved, but when I checked the status it mentioned that I couldn't be approved at this time. I called cust service to no avail (since the acct wasnt showing up since it had just been applied for). I called the back door number today and spoke with a really nice lady who told me that they were having issues verifying my identity since my last name changed, etc.

Answered some basic identity questions and was officially approved!! Its only $300, but its unsecured! Hey, it's a start.

Re: Orchard Bank Visa - Yay!

laz98 — Sat, 14 Jan 2012 21:27:29 GMT

congratulations!

Re: Orchard Bank Visa - Yay!

Anonymous — Sat, 14 Jan 2012 22:46:06 GMT

Congrats!!! Did you have to pay a processing fee? Which report did they pull, do you know?

Re: Orchard Bank Visa - Yay!

Anonymous — Sat, 14 Jan 2012 23:19:35 GMT

@Anonymous wrote:
Congrats!!! Did you have to pay a processing fee? Which report did they pull, do you know?

Thanks laz and dphillips!

Dphillips, because I applied for the Visa Classic there is a $39 processing fee. $29 AF the first year, which goes up to $59 (but I'm hoping to only 'need' it for a year before possibly trying to get a different type of card). Their Visa Platinum and the secured visa (not sure about the secured mastercard) supposedly don't have any processing fees though.

Also, I forgot to ask which report they pulled because I was so excited! LOL. I'll see if I can find out.

Re: Orchard Bank Visa - Yay!

ptkdude — Sun, 15 Jan 2012 00:35:03 GMT

Congratulations! About a year ago I was right where you are. Keep focused on paying everything on time, and watch your utilization and you'll be in a much better position in a year.

Re: Orchard Bank Visa - Yay!

Revelate — Sun, 15 Jan 2012 03:47:46 GMT

Orchard pulled EQ for me, actually that seems to be default with HSBC for most things from what I've read here.

Orchard is OK as a rebuilder and in my case I can't be choosy, but the cards have some annoying policies. Then again it's unsecured, which I guess is a bonus in the longer run.

Re: Orchard Bank Visa - Yay!

hal7465 — Sun, 15 Jan 2012 04:05:08 GMT

i just applied for there unsecured card 12/28/2011 and they pulled my exuifax

Re: Orchard Bank Visa - Yay!

2NE1 — Sun, 15 Jan 2012 06:23:34 GMT

Yes, Orchard Bank/HSBC pulls EQ... I just received it in the mail last night! time to start rebuilding credit again! gotta wait till the first billing statement to see it show up on my CRs though... *sigh*

Re: Orchard Bank Visa - Yay!

Anonymous — Sun, 15 Jan 2012 06:30:48 GMT

thanks for responding everyone. I'm glad I was approved if they pulled EQ, b/c that's the one CRA that has not been reporting my positive revolving secured credit card account with Cap1 (which is my only revolving account btw).

Do you think it's too early to see if they could raise the CL a little before I actually get the card? Supposedly the card won't come until around 2/13 (hopefully I get it before then so that it can start reporting sooner).

How long did it take for others of you to receive it?

Re: Orchard Bank Visa - Yay!

2NE1 — Mon, 16 Jan 2012 16:17:33 GMT

@Anonymous wrote:
thanks for responding everyone. I'm glad I was approved if they pulled EQ, b/c that's the one CRA that has not been reporting my positive revolving secured credit card account with Cap1 (which is my only revolving account btw).

Do you think it's too early to see if they could raise the CL a little before I actually get the card? Supposedly the card won't come until around 2/13 (hopefully I get it before then so that it can start reporting sooner).

How long did it take for others of you to receive it?

I applied on the 6th and got it on the 13th... so it took a week! I dunno about asking for a CLI before getting it, I doubt they would do it but I guess you can try?

Re: Orchard Bank Visa - Yay!

Anonymous — Mon, 16 Jan 2012 17:54:37 GMT

Congrats!

Re: Orchard Bank Visa - Yay!

Anonymous — Wed, 18 Jan 2012 07:34:56 GMT

I applied on the 6th and got it on the 13th... so it took a week! I dunno about asking for a CLI before getting it, I doubt they would do it but I guess you can try?

Yeah, I'll wait on the CLI! LOL. You got your card in a week?!! That's amazing. They told me that there is a mandatory 14-day hold (for funds clearing) and then another 7 days to process and 7-10 days to receive!

It hasn't cleared my bank as of today (but the weekend and holiday just passed) so hopefully in the next day or so. I'm anxious because I want it to start reporting ASAP .

I hope mine doesn't take a whole month.

Also, thanks for the congrats Yoli!

Re: Orchard Bank Visa - Yay!

Revelate — Thu, 19 Jan 2012 06:24:33 GMT

Thought you posted it was unsecured?

There's should be no bank hold for that, and like an above poster I got mine within a week.

Re: Orchard Bank Visa - Yay!

Anonymous — Thu, 19 Jan 2012 06:41:29 GMT

@Revelate wrote:
Thought you posted it was unsecured?

There's should be no bank hold for that, and like an above poster I got mine within a week.

Hi, yes its unsecured. They were referring to the funds for the processing fee being held. It's been pending in my bank account since yesterday so hopefully it'll post and I'll get it next week.

Thanks for the input.

Re: Orchard Bank Visa - Yay!

seattletravels — Thu, 19 Jan 2012 20:20:00 GMT

@Anonymous wrote:
@Revelate wrote:
Thought you posted it was unsecured?

There's should be no bank hold for that, and like an above poster I got mine within a week.
Hi, yes its unsecured. They were referring to the funds for the processing fee being held. It's been pending in my bank account since yesterday so hopefully it'll post and I'll get it next week.

Thanks for the input.

Congrats on the approval. Weird, I wonder why they didnt just take the fee off the balance.

Re: Orchard Bank Visa - Yay!

2NE1 — Thu, 19 Jan 2012 22:17:34 GMT

@Anonymous wrote:

Hi, yes its unsecured. They were referring to the funds for the processing fee being held. It's been pending in my bank account since yesterday so hopefully it'll post and I'll get it next week.

Thanks for the input.

That's odd... cause when I applied to an unsecured Orchard CC I didn't have to pay any fee... the AF was going to be autimatically deducted from the CL... did you apply thru their website?

Re: Orchard Bank Visa - Yay!

Revelate — Fri, 20 Jan 2012 02:34:53 GMT

@2NE1 wrote:
@Anonymous wrote:

Hi, yes its unsecured. They were referring to the funds for the processing fee being held. It's been pending in my bank account since yesterday so hopefully it'll post and I'll get it next week.

Thanks for the input.
That's odd... cause when I applied to an unsecured Orchard CC I didn't have to pay any fee... the AF was going to be autimatically deducted from the CL... did you apply thru their website?

I did, and they just tacked the first year AF $59 onto my balance; as soon as I received it, activated it, and logged into the online account, it was right there. Pretty certain they mention that in their credit card agreement you have to sign.

Re: Orchard Bank Visa - Yay!

Anonymous — Fri, 20 Jan 2012 06:16:39 GMT

@2NE1 wrote:
@Anonymous wrote:

Hi, yes its unsecured. They were referring to the funds for the processing fee being held. It's been pending in my bank account since yesterday so hopefully it'll post and I'll get it next week.

Thanks for the input.
That's odd... cause when I applied to an unsecured Orchard CC I didn't have to pay any fee... the AF was going to be autimatically deducted from the CL... did you apply thru their website?

Hey, yes I'm referring to the PROCESSING fee, not the AF. The particular card that I got had a $39 processing fee. Also, yes I applied through their website and also spoke with the hsbc reps and credit analyst. Thanks for checking!

Re: Orchard Bank Visa - Yay!

Anonymous — Tue, 31 Jan 2012 08:42:19 GMT

Card arrived today! Can't wait to see hopefully an increase in my credit score over the next few months.

Re: Orchard Bank Visa - Yay!

esme — Tue, 31 Jan 2012 15:06:42 GMT

I just want to suggest this for anyone looking for another good unsecured card to help rebuild credit. My husband applied for a Capital One credit card back in October 2011 when his scores were in the high 500s and was approved for a $300 limit with them saying that he would have the opportunity for a CLI after 5 months of on-time payments. I have no idea how he was approved for the card with that score, but hey, we'll take it!!! Hopefully you all will have similar success if you decide to apply!