Orchard mail offer: ChaChing!

[whipster1]

Got this offer from Orchard by mail a few days before discharge:

14.99%
39.00 Annual Fee

Did the online response and was immediately given a $1500.00 credit line.

Will try Cap One next, but they are still showing a balance on my IIB account, so will dispute that first.

My wife got an offer for a no fee HSBC card and Orchard at 9.9% (They are both HSBC bank btw)...we may do the online app in the next few days.

These will spend most of the time in the sock drawer, as time heals all our wounds

[Intoodeep80]

Awesome!!

I have 3 'credit rebuilding' cards now and Orchard is by far my favorite.

I really appreciate the ease of use on the Orchard website and their email notifications. A+ for Orchard Bank!

[FloridaGuy]

Watch HSBC!

I also just got Household Bank (through HSBC) offer in the mail. I was discharged 9 months ago. Have not applied for any credit.

I have 18 years worth of credit history... NO late payments prior to the BK...

So after my wifes credit score dropping 27 points due to "lack of revolving credit" I thought we had start things rolling.

I was DENIED at HSBC... their reason? "Lack of sufficient credit history".

So now I'm sure I have a "hit" on my CR... and no Credit Card to show for it.

I was going to also try Orchard... but since they are also part of HSBC... I'm not sure.

I went to my bank for a Secured Card... luckily my banker had just gone through this with another client... they will not even issue a SECURED card until 12 months after DISCHARGE of the BK.

[whipster1]

Orchard seems to be very lenient with BK filers, in fact it looks like they specialize in giving credit to BK filers. If you got a pre-approval I would give them a shot.

[liz417]

Yes, I prequalified for an Orchard card, but the limit was only $300 and there was a $79 annual fee I went with Capital One and got approved right away with only a $39 annual fee.

[killinstinct]

Nice! I may try it to rebuild credit, for rentals, etc. Thanks for the encouraging info. Out of curiosity, were you late on much when you filed?

[CCCrazy]

Yes, I prequalified for an Orchard card, but the limit was only $300 and there was a $79 annual fee I went with Capital One and got approved right away with only a $39 annual fee.

Liz, did you BK a Cap One card in your bankruptcy? I did, and I'm wondering if Cap One might be an option for me...thanks for your help

[whipster1]

Nice! I may try it to rebuild credit, for rentals, etc. Thanks for the encouraging info. Out of curiosity, were you late on much when you filed?

I was late 30 days on two accounts out of about 10, the rest were current with no lates for several years when I filed BK. Seems to have helped as I was expecting a 300-500 limit if anything from Orchard.

Good luck!

[killinstinct]

Thanks, I'm sure it will be more difficult for me. We'll have about 30-60 days late on most cc's and 6 months late on mortgage (house was surrendered).

[Intoodeep80]

Yes, I prequalified for an Orchard card, but the limit was only $300 and there was a $79 annual fee I went with Capital One and got approved right away with only a $39 annual fee.

I didnt bk on Cap One, but they sure act like I did! After I had my Orchard Bank card for a 3-4 months, I tried at Capital One. Fico score (Experian) 646, Cap One still denied me

[liz417]

Liz, did you BK a Cap One card in your bankruptcy? I did, and I'm wondering if Cap One might be an option for me...thanks for your help

No, I did not BK on them.

[Amy26]

Capital One keeps denying me all the time with the reason "too many outstanding Capital One debts".... so, they don't seem to be forgiving me for BK'ing them.