My experience with Orchard Bank was uneventful. Nothing bad, nothing good. I knew I wasn't getting around the AF, but that was expected. They served their purpose for what they are, a stepping stone. I would recommend them to anyone in need.
Tiffany1971 wrote:Hello,My husband and I are begining the long road of rebuilding our credit. We do not have any cc's currently and are activly paying off old debt that should be taken care of soon. My question is this, should I apply for an Orchard cc? I am concerned about being denied (my score 485) and the hit on the cr. We are planning on refinancing our home through FHA Secure in a few monhs and I am not sure if I should chance it, but if I am approved than the positive credit would be a blessing.I would love to hear other peoples experience and opinions. Thank you for your time!Tiffany
Like the others said, the card won’t grow w/you, but that’s true of just about every other subprime cc. I have 2 orchard golds- perfect history w/them for 1+ yrs, no automatic CLIs (though they did offer $100 CLI IF I paid $20 LOL no thanks), nothing really outstanding, BUT the APR is low on my accts. I’m going to combo the 2 ccs into 1 to cut my # of ccs down and hopefully orchard will @ least keep the total CL. @ this pt, they’re sockdrawered w/a 0 balance. Keeping them through @ least early 09, my 2 yr anniv b/c orchard (and first premier) is my oldest + cc tradeline @ this point. I’m definitely firing first premier!
In hindsight, I wish I’d have thought of going for BA’s (or another prime lender) secured cc. you have to put $ upfront for those cards, but they WILL grow w/you. btw, if you can’t put the $ up for BA/another secured cc, consider Capital 1…some of their cards WILL grow w/you and they have fewer fees than first premier etc.