orchard bank int. rate reduction

[Anonymous]

called orchard on 6-13-08 and told them to close the acct!! it is a secured card!! they switched me over to acct manager!! lowered from 14.9% to prime+2.74%!! is that good?? i really want my $300 back!! got talked into it!! so on fri. the 13th i went to Belks applied in the store and was approved there also for 500cl(EQ is 695). should have played the lottery yesterday!!!

[Anonymous]

Keithc,

Your score is good enough that you should be able to get prime cards and not have to worry about the likes of Orchard. If you are bk free and don't have any lates on your history in the last 2 years I would recommend applying for a BoA, Citi, Discover, Amex, or Chase card. All of those banks are prime, will grow with you, and usually have less fees and crazy high rates.

Congrats on getting Orchard to lower the rate. You definitely don't need them or a secured card though. If they don't let you switch to unsecured on your next call I would close the account.

[Anonymous]

debtis good, i am afraid to go with those cards yet!! my tu is 644, and last pull on experian was 646. of course my high score is EQ-695!!!

[Anonymous]

KeithC, well you certainly are getting close to the range. You could also think about another secured card with BoA - if you apply for the plat plus visa and get denied I bet they would at least offer you the 99/500 (99 deposit, 500 credit line) card. Thus you would definitely have a prime card in 6-12 months after opening that account, no need to close the card after your credit is fully built as it will carry the original account date even after it graduate to unsecured.