Orchard bank
Date: Thu, 06/24/2010 - 15:59
It has all just been completed this week and already (unbelieveably) Orchard Bank has sent a "reserved" credit line offer at 0% intro APR for nine months 14.9% after that .....
Questions: Is this cc company at all reputable? Does anyone have one of these cards?
What is a "reserved" credit line?
I do not see anything about fees upfront....does anyone know anything about charges that I am not aware of (yes, I read the fine print, but did not see anything about upfront membership fees).
If I do apply for any credit cards right now....will this look worse on my credit report? How long do you wait after a major hit to your credit before you try to get a new account or accept an offer.
I do not plan on using any credit...just to pay off minor balances ...just so that I can start to rebuild.....
I also thought this would be a good topic to discuss for all of us....I would like any of you who have been throught this and with any info....please reply....I do appreciate all of the advice here.
Still planning to post my journey....., but for now I am exhausted!!!
Most of the banks offer you a reserve line of credit. This is an
Most of the banks offer you a reserve line of credit. This is an account type where you can avoid overdrawing your bank account. In a reserve line of credit, a cash reserve remains attached to your original account. Whenever you need to cover an overdraft, cash is advanced from this cash reserve.
If you apply for credit cards, whether or not it will look worse on your credit report depends on how good your credit is. If you already have bad credit score, applying for new cards can further damage your credit score. What is your current credit score?
SC.....I have been posting about my journey....so I will give yo
SC.....I have been posting about my journey....so I will give you the reader's digest version. My husband's business was not doing well and finally went out in Jan. of 2010. He used our HELOC and many credit cards (ones I did not know about) to try to save his business. I did not know about these debts and found out by checking my credit score on Dec. 31st after watching the Today show.....hard to believe huh?
we had a credit score over 800 when we bought our house 8 years ago.
well, that is history. the debt was $185,000 in unsecured credit card debt and $60,000 HELOC. I am lucky that our initial mortgage is such that we have equity in the home. we were going to file BK, but I came here and decided to try to save my credit. We stopped paying our bills in Jan 2010 after consulting with a BK attorney because I just did not see any other way out. I have a good job , but my husband is unemployed.
I came here a few weeks ago after the BK attorney did not sound so positive on a Chapter 7 and on us keeping our cars/house. Originally, he said "no problem" to everything I brought up regarding my concerns.
Okay, so came here and decided to pay off my debt in full (with help from my family) and we settled my husband's accounts. My credit scrore was trashed.....I paid off $86,000 with help from my Mom and my credit score is 529 at this point. I have the FICO monitoring in place. My husband's credit score is 429 and I think that is good at this point. I paid all joint accounts too. The credit cards we settled of my husband's cc's were in his name and on his credit report only ....
I guess this is not the reader's digest version...but that is it. So, when I received the offer for the Orchard Plantinum card....I just wondered how to best rebuild my once good credit rating. I will save....it is tough since I did not run up the debt and trusted my husband of 20 years. But I am so forutunate to have help with this from my family at this point
My feeling is that FICO knows the card and rates accordingly. H
My feeling is that FICO knows the card and rates accordingly. However, the only downside would be the inquiry with a potential upside if they see available credit unused. I am going to take one myself, as I have also received this offer. dtm
