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i just applied for a orchard credit card and got aproved with a $300 limit. I was happy to get approved since my credit score is 449 and have a steap hill to climb to fix my credit. But all I read on these phorums is how bad orchard is. Sgould I get another card, should I get more than one?
@pyboathon wrote:i just applied for a orchard credit card and got aproved with a $300 limit. I was happy to get approved since my credit score is 449 and have a steap hill to climb to fix my credit. But all I read on these phorums is how bad orchard is. Sgould I get another card, should I get more than one?
There is nothing wrong with Orchard for a rebuilder card IMO.
Besides with your scores being so low I wouldn't be thinking about applying for additional credit just yet unless I was going to apply for a secured card and open it with a decent limit of 2k-5k.
Let the card you have now age a little.
Good luck
thank you. I know it will be a long process to fix my credit, but I am excited about it. quick question, will getting a secured cc with a 500 to 1000 limit not do much for my credit
Congratulations, Orchard is a very good card for your score. There are much worse out there, but not much better that you can get. Treat it well for over 6 months and then add another card. Capital One would be a good choice, especially the secured one so you can build a higher CL on your report. A $500 to $1000 secured card is good for your credit, but the higher you can grow it the easier it will be to get higher limits in the future.
the higher I can grow it?
what does that mean. Can you start off putting down $500 and lets say add 100 each month. I feel like there should be a section in communtiy for people that have 400 scores and are clueless. lol
I've been sitting here reading trying to figure out if I should pay off accounts that are in collection that are over 2 yrs old, if I should settle? pay full? some post say it will hurt my score and not help
I like the Capital One secured the best of the major banks. You can start with a $200 deposit and that would be your limit. You can add more deposit in $100 increments whenever you want. It is very easy to do on their website. Your CL will then be increased by that amount ( takes 2 weeks to show up however). Capital One will also review your account every 6 months and may add additional unsecured CL to your account. You still have to qualify for most secured cards, so I would still wait until I had at least 6 months of good reporting on Orchard before I applied.,
@pyboathon wrote:the higher I can grow it?
what does that mean. Can you start off putting down $500 and lets say add 100 each month. I feel like there should be a section in communtiy for people that have 400 scores and are clueless. lol
I've been sitting here reading trying to figure out if I should pay off accounts that are in collection that are over 2 yrs old, if I should settle? pay full? some post say it will hurt my score and not help
If you were to get a secure card, I will first talk to a local credit union. They are generally flexible and are willing to look at unsecuring in less than a year and give a good CL after that.
With a $300 limit, should I spend $20 a month and pay it off every month
I will wait 6 months to apply for the capital one. Now with capital one, I had a car back from 2003 to march 2006, It got repo. Would me applying for a cc mess with it falling off after the 7yr mark, which should be 2013
@pyboathon wrote:With a $300 limit, should I spend $20 a month and pay it off every month
I will wait 6 months to apply for the capital one. Now with capital one, I had a car back from 2003 to march 2006, It got repo. Would me applying for a cc mess with it falling off after the 7yr mark, which should be 2013
You can spend whatever you want on the card. I will pay many times a month (every time a purchase posts) to keep utilization low. Don't apply for capital one unless you try a pre approval. You may end up piling too many cards with an AF.
The best bet will be to see if a local credit union will give you a secured card.
how often does utilization get checked, I assumed if I spend $20 and pay it off once a month then my utilization should be close to 0%