For those with a Orchard Bank Master Card

[dp1969]

What is your annual fee?

After the discharge, I received several offers for cards. One being the Orchard Bank MC, which at the time, showed a $35 annual fee. We applied and although given a great interest rate, had a very high annual fee of $60 when we received the terms & agreement (seems it had changed since I received offers via email). I called to cancel the card but after talking to the account rep decided that I would talk it over with my husband. The rep mentioned that they report monthly to all three agencies and that we've already taken an inquiry hit to our score by applying for the card. True, but isn't a $60 annual fee a bit outrageous? We applied and received a WaMu with a $2000 credit line and a $35 annual fee. He stated he couldn't do anything about the annual fee but could combine our accounts and raise our limit by $200. I wasn't into that as we want to build our scores based on separate accounts.

So, would it be a good idea to keep this card being that it does carry a very low interest rate? I'm only planning on carrying a VERY SMALL balance on this card (gas). Anyone else have this card and and how are you using it (or did you cancel it)?

[BassBoy]

Hmmmm.....funny how the fee went up AFTER you applied. I would talk to them about that a little more. Before you do that though, go through their site and look to see if that is disclosed anywhere. Even if you have to go back to the application and re-read the terms and conditions, like any other person might do before applying. If you don't find it, say it's non-disclosure. You may get the original $35 fee. It doesn't hurt to ask.

At any rate, Orchard seems to be a very good card to rebuild after BK. I feel anyone who can get an approval is better off with Orchard/HSBC instead of First Premier, Continential Finance and I think New Millenium as well that has the highest fees of them all. When you get these cards, most of the credit limit is gone with the application fee, processing fee, account set-up and annual fee. It's ridiculous.

You already have the WaMu card with better terms it seems, so I suggest paying off the Orchard card and then bury it in your sock drawer.

[wayne-o]

while the fee is kind of high. Orchard is a good card for rebuilding. They do report to all three bureaus. Since you've already applied, might as well keep it for one year anyway

[HopeFaith]

Mine AF was $35 on both cards. I have an Orchard and HSBC - both $300 CL. I know you can only have 2 HSBC CC's open at once... has anyone ever cancelled one and re-applied shortly after to get a better rate or limit?

[Stilltheone]

Both of ours are $60...but, my husband's is divided monthly, where as mine they charged right off the bat. Both limits are $750. Good luck!

[dp1969]

Both of ours are $60...but, my husband's is divided monthly, where as mine they charged right off the bat. Both limits are $750. Good luck!

I just noticed that mine is $60 (charged monthly) and my husbands is $39 (yearly). Crazy way of calculating who gets "picked" for AF's. We both were approved for $500.

[monkatom]

my wife was approved with them for 2K no service fees 2 months out of BK while I on the other hand they want all kinds of fees.

[Flamingo]

I have had an Orchard Bank MC since shortly after discharge. I applied online and was approved immediately with a $35 annual fee. I am assuming the annual fee may be higher for those with lower credit scores. At the time I applied, my score was in the high 600's. I have no complaints about the card but if you have an issue you are directed overseas. Also, do not accept any of their insurance or other offers they will constantly send you either via email, snail mail or tucked inside your bill. If you accept them and try to cancel them I have read horror stories by many who just cannot get the feature cancelled and fees keep getting charged each month.

Pay the bill on time each month if you have a balance and do not be late. They are a good start for a credit card and your fee is not that bad compared to places like Aspire or other preditor banks.

Three months after I applied for the above card, my husband and I applied jointly through WAMU after receiving an offer in the mail. We were approved online instantly with no annual fee, 11.9% annual interest (we receive many check offers for .99% interest, etc. which we do not utilize as we keep a very low or zero balance on this card). Our initial credit line was $3,500 and less than two years later it is $11,500.

We don't need nor want any other cards. I will get rid of the Orchard Bank card in 4/09 when the BK starts to come off our records and obtain a better, no fee card.

[pd1373]

$5/month, $500 limit, 8.9%. I thought that was fairly reasonable, all things considered.

[Cali]

dp1969 - you pay a fee of 60$ monthly? That can't be right.

And 60$ is probably high for Orchard but it isn't high compared to other cards.

[PaKettle]

My fee is $39. The guy told me (at Orchard) that they report to all 3 Credit Bureaus, so to me it's worth it, to rebuild my credit. Once it gets good, I'll dump them unless they give me a card with no annual payment and a good interest rate.

[bkdone]

We have each had a HSBC card for the past 1-1/2 years. No complaints with very good limit increases...regular increases. We've set up auto payments so that the bill is never late...have had zero problems.

I'd agree that I wouldnt be very happy about the annual fee, but given that we are all on this forum due to BK...its not a bad deal. And, in time...you can move on to better termed cards. Use it for what it's worth now...as a stepping stone to better credit.