Post Bankruptcy Credit Cards Woohoo

[Exinobel102]

So I was recentyl discahrged and a few days before my discharge against my better judgement, I applied for a credit card through Orchard Bank and much to my suprsise the card was approved, considering I BK'd on about 3k worth of debt to their bestbuy card. The limit is $300.00 wich is not going to get me into too much trouble. My original intentions were to get the secured card, but the website prequaled me for the unsecured so I gave it a shot. o far so good, the credit card came through the mail, I used it here and there, and paid it off in full about 15 days prior to the due date. now here is the catch, I paid it in full using their online bill pay function and linked the payment to my bank account at TD Bank. The transaction has hardposted to my account for three days and although the payment reflects on my credit card, it has not yet been made available. Orchard Bank decided to place an eight day hold on the payment. There reason was that the accoutn was new and my payment was a recent and the whole line on ghow they reserve the right to hold the payment for up to 14 day. Lets just hope they don't plan on placing a hold on my payment every month. It makes me not want to even use the card. I understand that this card is marketed to people whop are not the most credit worthy or savvy. I am just going to apply at Capitol One. I know that they are another bloodline, but atleast the payment post regularly. My other Gripe with Orhcard is that I have had the accout for a month and a half and the account does not yet show up on my credit report. I wonder hopw fast they would reprot if I were to default...lol

[jennordhavn]

Cap 1 is holding my payment too...and I paid online and the money was taken out of my account. They did apply it, but it's not available. They said it's because it's a new account. I paid the entire balance too....over $400. It's been 6 days now and I wanted to use that card to pay another bill this week. Oh well.

Hooters did the same thing with my DHs first payment, but now they apply it to available credit right away.

I'm glad you told me about Orchard because I just recently got a card with them. Now I know not to expect to use it for a week or so after the payment.

[Exinobel102]

- The Rep at Orchard said that they should not hold the paymenet after a few consistent payments. I hope so. He also said that the best way to guarantee a hold is not placed is to send in a money order or cashiers check, but that leaves room for mail getting there late and late fees, whichi I am sure they'd love to charge. I recently filed for bk this year and my intentions with this card are to raise my fice to buy a house in a few years, but with all this bologny that I am geetting I don't even want to use credit cards. It is a really messed up predatory industry with little to no ethic or moral.