Orchard Bank

[laurannm]

Since we are discharged I decided to apply for an Orchard Bank card to start rebuilding credit. I was approved with a $750 limit and just received the card yesterday.

Starting around Wednesday, they have been calling the house at least 5-7 times a day (we haven't been home to answer up until last night). I finally spoke with them last night, and they were trying to sell me credit protection, which I politely declined.

Today we came home from a B-Day party and I noticed that they called 5 times while we were gone. Any else had to experience these repeated phone calls?

Thanks for listening to me vent...

[wayne-o]

yes the called a lot in the beginning, after I declined 2 or 3 times they quit

[magyar123]

Insurance companies are pushing them to peddle that crap. Sooner or later your mailbox will be flooded.

[mdabcdefg]

I just got a new Orchard card and holy shi#! The dang guy sat for 10 minutes telling me about credit protection. I said no thanks. Then he starts questions me w/ questions like.... Do you agree if you lost your job you would be in financial trouble, Do you agree that protecting your credit is important. He would not accept me saying no so finally I just had to hang up on the vulture.

[AngelinaCatHub]

I just got a new Orchard card and holy shi#! The dang guy sat for 10 minutes telling me about credit protection. I said no thanks. Then he starts questions me w/ questions like.... Do you agree if you lost your job you would be in financial trouble, Do you agree that protecting your credit is important. He would not accept me saying no so finally I just had to hang up on the vulture.

[laurannm]

I just got a new Orchard card and holy shi#! The dang guy sat for 10 minutes telling me about credit protection. I said no thanks. Then he starts questions me w/ questions like.... Do you agree if you lost your job you would be in financial trouble, Do you agree that protecting your credit is important. He would not accept me saying no so finally I just had to hang up on the vulture.

They called me back last night and this time I wasn't so polite... Hopefully they got the hint

Hub - I hear what your saying. Both myself and DH were very nervous about receiving a new card. But we both realized that like it or not, we'll need to have good credit eventually, and we'll need to learn how to use it wisely. And since we didn't reaffirm our mortgages our vehicle, CCs are the best option to rebuild. We figure we'll use it for our monthly gas purchases and pay it off every month.

[BROKENN]

Yeah, do pay it. Orchard was the worst on membership, fees, interest etc... I had one long time ago to rebuild and after my second card I closed that one

[b_girl]

Hub - I hear what your saying. Both myself and DH were very nervous about receiving a new card. But we both realized that like it or not, we'll need to have good credit eventually, and we'll need to learn how to use it wisely. And since we didn't reaffirm our mortgages our vehicle, CCs are the best option to rebuild. We figure we'll use it for our monthly gas purchases and pay it off every month.

ITA. If you plan to make major purchases later on in your life, you must rehab your credit. The best and really only way is to open a few credit cards and use them very responsibly. Congrats on getting a fairly high limit for Orchard.

[mdabcdefg]

ITA. If you plan to make major purchases later on in your life, you must rehab your credit. The best and really only way is to open a few credit cards and use them very responsibly. Congrats on getting a fairly high limit for Orchard.

I agree. I now keep all cc balances below 20% of the total limit. All my limits are $200. I just run up a $20-30 charge on each and then pay off completely at end of month.

[Flamingo]

I've hard an Orchard Bank Mastercard for over two years, obtaining it shortly after our discharge. Do not accept any of the checks they send you to deposit nor accept any insurance offers through them. You are asking for problems and trouble if you play games with the timing of your payments and also watch when they add on your yearly fee that you have enough available credit in your account at that time each year. It is a good card to start with - just stay away from any of their offers. They are bombarding you hoping you will just say "OK enough! I'll take it!" That is how they make their money and how those folks on the phone make a commission or a gift card to the local mall as a bonus.

[magyar123]

My wife has two Orchard cards - a Mastercard with a $700 limit, but a $99 annual fee, with a current balance of about $200, and a Visa with the same limit, but only a $59 annual fee, and appriximately the same balance.
Both cards will be renewed shortly, one in December, one in January. We plan to pay those off by initiationg a cash advance from another no fee credit card, put the money in the bank and pay off the two Orchard card balances - IF they don't waive the annual fees. Transfering their balances to other cards would cost more in fees than a one time cash advance from an ATM.

[Never_Again]

ITA. If you plan to make major purchases later on in your life, you must rehab your credit. The best and really only way is to open a few credit cards and use them very responsibly. Congrats on getting a fairly high limit for Orchard.

I disagree...

I can always plan to pay CASH. Yes, I know, that is a strange thought.

I mentioned to my niece (25 years old) about not wanting to borrow money ever again, and her response was, "What if you want to buy a car?" Doesn't that say something about our society??? It used to be, "What if you want to buy a house?" There isn't a car out there that I want that I can not pay cash for.

I've hard an Orchard Bank Mastercard for over two years, obtaining it shortly after our discharge. Do not accept any of the checks they send you to deposit nor accept any insurance offers through them. You are asking for problems and trouble if you play games with the timing of your payments and also watch when they add on your yearly fee that you have enough available credit in your account at that time each year. It is a good card to start with - just stay away from any of their offers. They are bombarding you hoping you will just say "OK enough! I'll take it!"

My wife has two Orchard cards - a Mastercard with a $700 limit, but a $99 annual fee, with a current balance of about $200, and a Visa with the same limit, but only a $59 annual fee, and appriximately the same balance.
Both cards will be renewed shortly, one in December, one in January. We plan to pay those off by initiationg a cash advance from another no fee credit card, put the money in the bank and pay off the two Orchard card balances - IF they don't waive the annual fees. Transfering their balances to other cards would cost more in fees than a one time cash advance from an ATM.

I personally refuse to play these games with anyone! I will worry more about my bank balance, and my net worth, than about my CREDIT SCORE!!!! This is part of why we are in so much trouble as a country. People have an easier time calculating their FICO than their net worth.

Although, let me be fair... personal finances are personal, and different people will do it different ways. If you choose to build credit, that is your choice. Just don't blindly follow those who say that it is the only way.

[b_girl]

The truth is that most of us are going to have to have credit to buy a house...it's just that simple. Even my house, which we purchased 3 years ago for only $38,000, was unobtainable without a loan. If we want to buy another home in the future, which we do, we will have to rehab our credit. As it is, we will want to refinance this loan in 2 years, so we have to work hard to rebuild the good credit that we had before my health failed.

Saying that you're going all cash is great, especially on smaller purchases (that does include cars), but for most, a house is unobtainable without a loan. I just think it is very unrealistic not to consider using credit again and to advise others against it. It is the wise use of credit which should be advocated.

[Never_Again]

I just think it is very unrealistic not to consider using credit again and to advise others against it. It is the wise use of credit which should be advocated.

It is really not unrealistic, as there are many, many people doing this. Not only people, but companies as well.

I agree on the wise use of credit. It is just the definition of wise use that can get us in trouble. Some, for many years, said that 20% of your take home pay going to consumer credit payments was OK. Some will say to use cards and pay them off every month. Some used to say to take a mortgage for as much as someone would give you... the house will go up in value, and you will look like a genius! (Wow, whatever happened to that advice!) So, what is wise?

For me, "wise" is using credit intelligently for a home mortgage. This means a 15 year fixed rate, with at least 20% (preferably 30% or more) down. And, you don't need to play with credit cards to get this. You save your rent receipts, utility receipts, phone bills, and other regular payments for two years, and find a bank that will work with that information. They are out there, if you are making a decent down payment.

For me, going forward, "wise" means getting the house paid off, and not needing the mortgage again. Think about it... other than for buying a house (arguably), since when is being in debt "normal", not as in everyone is doing it, but in the fact that it is a preferred state?

But, as I said, personal finance is personal. Just sharing what is working for us. Some results will vary. Everyone should do what works for them.