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 Posted: Wed Mar 07, 2007 1:51 pm |
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Has anyone had any positive experiences with Orchard Bank? Checking user reviews online leads to pretty mixed results.
Just wondering if anyone had anything staggering that was either positive or negative to say about them.
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Guest
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| Posted: Wed Mar 07, 2007 1:56 pm |
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Never dealt with them.From what I heard they are expensive with horrible customer service but they do report to bureaus. Most have said use them to build history.Once you get better,dump them!
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cajunbulldog
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| Posted: Wed Mar 07, 2007 1:57 pm |
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they changed my annual to 3x what is was after 5 years of never being late or over limit.. I cancelled my card
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Poptartsmom
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| Posted: Wed Mar 07, 2007 2:04 pm |
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Like I said,it is a subprime builders card.Use them if you need them then kick them to the curb as soon as you can.
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cajunbulldog
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| Posted: Wed Mar 07, 2007 2:07 pm |
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Oh yeah.. it costs me 10% of the annual fee to pay off the account ( maintance fees  ) and I pay every month and a few more and it is gone...... 
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Poptartsmom
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| Posted: Wed Mar 07, 2007 3:14 pm |
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STAY AWAY FROM THEM!!!!
When you apply for the card they take $59.00 off the top.
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Roadwarrior
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| Posted: Tue Jun 05, 2007 10:34 am |
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Sounds like Orchard Bank is a negative choice and not a positive one.
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| Posted: Tue Jun 05, 2007 11:26 am |
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You should never have to pay a fee for a credit card. Credit cards that charge fees are often geared for those with less-than-holy credit. One thing to keep in mind with Orchard is that for every 3 months of on-time payments, you will get a $100 credit increase. The annual fee is also broken down into monthly payments, which can make rebuilding your credit even easier.
My recommendation, after keeping the card for a year, and making on time payments, cancel it. You can apply for another credit card (if needed) with a much lower APR.
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Teleport
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| Posted: Wed Jun 06, 2007 6:56 pm |
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My son got a pre-approved letter from them & I shredded it right away - there were so many fees on it, the kid would have had a balance without even making a purchase! Didn;t seem too good to me.
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dalfire497
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| Posted: Wed Jun 06, 2007 7:17 pm |
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Orchard Bank cards are definitely not the card of choice for most folks looking for a credit card. But they are a way of rebuilding credit, if you are disciplined enough to pay the fees on time, and only make small purchases and pay them off right away when the bill comes.
Then, as others mentioned above - cancel the card on your terms when you have rebuilt your credit sufficiently to qualify for something better. That's the only thing this card is really good for - the fees involved make it too expensive for regular use.
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SUEBEEHONEY70
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