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Orchard Bank


browneyes
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Does anyone know if Orchard Bank is the best way to go to increase your credit score? I'm trying to get my score up so that I'll be in a better position to apply for a mortgage...hopefully within a couple of months. Just not sure my scores are up to par just yet, but if this credit card will help, I'm willing to try anything at this point. Can anyone explain to me how it's supposed to work? My scores are 542, 562, 574 (or in that range).

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Yeah, you'll probably be approved for a card with those FICOs. However, have you tried your first round of disputes yet? If not, I recommend that you knock out the easy baddies before attempting rebuild steps.

When I first started the repair journey, I think I mailed out six or seven untimely DV letters and disputed every negative TL with all three CRAs as "not mine". Three CA/JDB's immediately folded despite the fact that the letters were untimely and the CRAs deleted another 2-3 negative TLs.

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Yep, the fastest way to get your score up is to get baddies off your report. Adding new accounts may lower your score in the short term. It would be well worth it for you to concentrate on improving your score before applying for a mortgage, a few FICO points could mean hundreds of $ a month (really). You need 6-12 months to really get your score up.

-r

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My score just jumped up to 579 on Christmas (30+ points overnight) so for some inexplicable reason I decided to apply for a Kay Jewelers card online and I was instantly approved for $1500. They pulled Equifax for me. Maybe that one is worth a try for you?

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And if you do go for an Orchard Card, look for their Snap card. I have it and it's great. 14% APR and 2% cashback on purchases (which basically covers the interest rate). There is an annual fee though, I think $79, but this applies to all their cards.

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VEVE

so you think paying the 79$ per year is worth having a worthless credit card from orchard bank?

Shred that and use your debit card. They are a joke, just like first premier.

Horns.

That $79 has helped me refinance my car loan which is reducing my overall payments by more than $6,000.

I'll gladly pay the $79 again next year if need be.

I use my debit card for most things. I used credit cards to pay for gas. That's about it.

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Brown Eyes,

Previous posters have good suggestions for you. The Orchard Card can't hurt your credit (long term) while you take care of any disputes, etc on your credit report. The Orchard account will "age" while you work on those other activities and be even more helpful as you complete your other actions. I have an Orchard Card myself, and it was helpful for my repair efforts.

You might also consider getting a Target store card. They RARELY turn down people that walk in and apply, and it only takes a few minutes.

US Bank and Bank of America have secured cards that normally go unsecured in 12 months or so, I have both of those as well.

Between Orchard, Target, US Bank, Bank of America, over the last 12 months I've gotten my scores from low 600's (612, etc) to all over 700.

I secured a mortgage at a great rate last September, and am currently living in my new home.

There are a LOT of very smart people here. Take some time to study the various credit repair techniques.

Quietman

****************

Orchard Bank - $300 (Most likely cancel before renewal)

Target Visa - $4000 (Started at $200, went to $500, then to $4000)

US Bank - $4000 (Secured till Feb '08)

BOA - $1000 (Secured till Feb '08)

BP Gas - $300

JC Penney - $2800

Sears M/C - $1250

Sears Store - $1000

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