It is what it is
Written: Mar 28 '08
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Pros: Always reports current to all 3 bureaus, good web site
Cons: High interest and fees, no credit increases, lots of JUNK
The Bottom Line: If you can get something else, you should. If not, be smart and this card can really help rebuild credit.
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| laserblue06's Full Review: Orchard Bank Credit Card |
Make no mistake about it - this is a card for people with bad credit. If you have enough credit to get something else, you probably should think about it. However, as long as you understand going in that you will pay high interest and fees, get no credit limit increases or upgrades of any kind, and pushy reps will try to sell you every piece of crap under the sun, you CAN make this card work for you.
Several years ago I had a credit card chargeoff and basically couldn't get a credit card for many years. Enter Orchard Bank. I was denied for their regular card (which is quite a feat in itself) and had no choice but to go with a secured card, first with a $200 and later $1,000 deposit. The first thing I noticed is that there is no 800 number for customer service. The second thing I found is that every time you call - no matter what for - they will try to sell you everything from insurance to credit reports, and they absolutely will NOT take no for an answer. I did finally sign up for the CreditKeeper service because I thought credit monitoring was worthwhile (and it was/is), but that's very annoying!
Over 4 years, I used my card a lot and almost always paid my bill every month, although I was late a couple of times and ran up against my $1,000 limit quite a few times, and they are relentless with the fees. Once or twice I carried a balance, but mostly I paid off the card every month. Some months I even ran 2 or 3x my limit in business expenses through the card and paid the bill in full multiple times within the month. Several times I called and requested for my card to be converted to an unsecured card, and they always refused. Over the years I've improved my credit score to over 700 with all 3 bureaus, and I now carry high-limit/lower-interest cards from American Express, Capital One, a handful of department stores, and my local bank. Orchard Bank, however, still refuses to convert my account to an unsecured card. I'd like to keep it in the sock drawer simply because having an older account on my credit report helps my average account age, but oh well.... time to go! I need my $1,000 back.
One great thing I found is that even if you are late or go over your limit, they always report the account current to all 3 credit bureaus. I don't know if this happens for all Orchard Bank cards or just secured ones, but I cannot overstate the value of that if you are rebuilding credit. In my book, that almost makes up for whatever other shortcomings they may have.
Final straw - I actually liked the CreditKeeper service they sold me, so when I decided to cancel the card I tried to change my monthly CreditKeeper billing to my Amex card. Because CreditKeeper and Orchard Bank are both subsidiaries of HSBC, they told me that the service was tied to my Orchard Bank credit card and couldn't be changed, only canceled. Buh-bye!
The long and the short of it is that these guys are predators who feed on people with bad credit, but if you are smart with your card you can beat the house. They depend on you continuing the behavior that got you into bad credit in the first place - high balances, minimum payments, late payments, etc. If you are serious about rebuilding your credit, this card can be a valuable addition to your toolbox. But if you haven't learned your lessons yet, you're probably better off not digging the hole any deeper.
Recommended:
Yes
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Epinions.com ID:
laserblue06
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Reviews written: 1
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