- This topic has 15 replies, 6 voices, and was last updated 8 years, 8 months ago by .
- May 14, 2011 at 9:25 am #211774AnonymousInactive
There’s always a catch, a downside, a negative. What’s the deal with these cards?
- May 17, 2011 at 7:21 am #278685AnonymousInactive
I have one. I’m a credit counselor and I used myself as a guinea pig on the orchard bank card. I only use about 10% of the limit and pay off the complete balance every month. Not just the min. balance. After about 6 months you can request a limit increase. It’s a really good stepping stone to better credit if it is used properly.
- May 17, 2011 at 8:24 am #278811jusnailTopekMember
I have it and I like it
- May 26, 2011 at 3:47 pm #284102Valerie AkersMember
They of course have higher rates, but if you need to establish or rebuild credit they are a good starting point. Don’t carry a balance greater than 25% of the limit, pay on time every month and it will help to significantly improve your credit score, provided you continue the same approach to all your debts.
- June 11, 2011 at 6:00 pm #288095AnonymousInactive
It is a secured credit card that is viewed as a regular credit card on your credit report. it helps build or establish credit. If you are constantly being turned down by credit card companies this is a great way of avoiding all the inquires on your credit report. just simply transfer funds into your credit card account and use like a credit card, u can always increase the limit by adding more money. i currently have one and the only fee i get charged is a $35 annual fee which is great compared to other cards which charge you as much as $200 in fees. The catch i would say is that you would have to deposit the funds yourself inorder to use but if it builds your credit history who cares you’ll benefit from it anyway.
- June 12, 2011 at 10:38 am #288944dharadinsudiMember
I used Orchard to help rebuild my credit after a bankruptcy. There was no catch, just pay them off before the due date every month and they are fine.
- June 25, 2011 at 7:22 pm #331488AnonymousInactive
yes, because you may not have a car if in an accident and you may be covered
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