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Hi everyone....I have heard alot of contradicting information on Orchard Bank's Mastercard. I have not-the-best credit, and am looking to help improve my score. I have one bill to pay off, but 2 'black marks' on there. I was wondering if anyone has used Orchard Bank's Credit Cards to rebuild their credit, and how it worked out. IM NOT looking for a credit card to charge on.....just a card that i can put small purchases on to help my score go up. Also, i know it is secured, and you have to put down $100 less than the line of credit you want, but do you get that deposit back ever? Please, comments.

2007-08-23 04:39:24 · 5 answers · asked by ~Giggles~ 2 in Business & Finance Credit

5 answers

Secured credit cards are a great way to rebuild your credit. Most secured credit card companies require a deposit equal to the credit line your are seeking. Make sure they report your payment monthly to the major credit bureaus. Making your payments on time monthly will increase your credit rating. You will also get you deposit returned to you after one year, turning your secured credit card into a unsecured credit card.

2007-08-23 08:18:43 · answer #1 · answered by Anonymous · 0 0

I would guess that the FP is the one with the $250 credit limit and charging you the 6$ a month. If you have 0 balance on that, I would defiantly close it now. Now as for the Orchard card, you should not close that one. But what you need to do is pay it off. Once it is paid off, use it for a few daily purchases every month. Then at the end of the month pay it off ON-TIME to avoid the interest. When you do this do not spend over 30%($120) for the most help in your score. I have not heard of Orchard charging a "Monthly" fee, but if they are you might want to call them and see if they can remove that fee for you. If you have had the card for a while and decent history they might.

2016-05-20 23:36:33 · answer #2 · answered by ? 3 · 0 0

Hi. I have never heard of Orchard Bank's Mastercard. The prepaid Visa Debit Card with a Credit Builder. Visit the website below it might be what you are looking for.

2007-08-23 11:38:33 · answer #3 · answered by sabri 3 · 0 0

Any secured credit card will help you rebuild your credit. Just don't carry any balances. Pay it off in full every month. And since they tend to have low credit limits, don't charge more than half of the limit. When your credit improves, apply for a non-secured card, somewhere other than Orchard.

You should concentrate on paying off those negatives. A paid old debt is much better.

2007-08-23 05:01:36 · answer #4 · answered by bdancer222 7 · 1 0

i didn't have to put down a deposit, there was no deposit needed, it had an annual fee of $49. it did help my credit and its my oldest account. it started with a $500 limit and moved up. it wasn't a mastercard though, it was a visa. Go to orchardbank.com and apply. I don't think its too hard to get.

2007-08-23 04:53:38 · answer #5 · answered by cashmaker81 6 · 0 0

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