Is the Orchard bank credit card really good to apply for??

Right now I have to major credit cards and only one department store card. My credit is bad though bcause of the past. I had a target card and a K-mart that I let go bad but eventually paid off. Now theres a few other negetative things on my credit, like PG&E from when my and my fiance split up he never paid so really I'm probably like 2,000 only in debt if that. I have a couple doctors bill to but not for much. I finance my car so that's a good thing and I pay my store card always but I can't get my credit back up. I've heard alot about this credit card thru orchard bank? is it really worth applying for??? Ive always been scared to apply for a credit card cause of all the hidden stuff that comes out once you got it. I started to apply and it approved me for a card, I'm just scared to do it...so can anyone help..is the card what it's cracked up to be???

Public Comments

1. Ive heard good things about it. I am thinking of opening up a secured card with them to start with.
2. Take a look at all the fees. There's something like $240 involved in first-year fees for a card with a $300 limit. Paying $240 to get $60 of usable credit is sorta what got you in the "bad credit" category, wasn't it?
3. ORchard bank I don't feel is very good they have very high interest rates and I believe some hidden fees as well.. and if your late they hound you to death about payments.
4. A Credit card for people with bad credit is a form of borrowing that often involves charges. So it's wise to compare terms and fees before you agree to open a credit or charge card account. Try looking for a credit card<!--with a low APR. Find out the APR because this is the amount charged to you on monthly balances. http://badcredits.awardspace.com/credit-card-for-people-with-bad-credit.htm Are you overwhelmed with credit card offers and don’t know which one is right for you? Tired of looking for a credit card? Chances are you have received your share of credit card solicitations. Not sure-->which credit cards you should apply for? Shop around because not all credit cards for people with bad credit are created equal.
5. I have a card with Orchard Bank, and I guess I could say its ok. I have never missed a payment so I haven't experienced the harassment like the person mentioned. There is an annual fee, and they are suppose to help you build back credit. (That's there so called slogan) But what they mean by that is you apply for the card, make payments on time, and they report your on time payments to the three credit agencies. That's it! Nothing more or less, than any other credit cards. There are no rewards. No cash back. Nothing. I think you should get a copy of your credit report and try to fix the things that are wrong with it, instead of applying for more credit. They also increased my credit limit but it was only by 100.00. I just really think its not anything that you wont be missing if you don't apply. You could do without. Keep paying what you have on time, (especially the car loan) and fix the rest.
6. PAUL DING "Take a look at all the fees. There's something like $240 involved in first-year fees for a card with a $300 limit." Speaking of looking at the fees, perhaps you can show us where Orchard Bank charges "something like $240" in first year fees? I am NOT defending Orchard Bank, I just dislike people dispersing GROSSLY false information. They do have a high annual fee (usually around $59) and generally high interest rates but of the sub-prime card companies they are generally one of the better ones.
7. If you have a major credit card, spend the money you'd be using to pay on the Orchard Bank card (which will more than likely only award you $300 (about $220 after annual fee is billed) to start off with IF you aren't so bad off as to need a secured card). Upon looking at the interest rates, they offer a 30.49% rate. That is ABSOLUTELY ridiculous!!! Trust me, paying your payments to existing companies in time will look MUCH better than getting new cards and running yourself further in debt. Orchard's promise to customers about rebuilding their credit? Well, if you make your payments on time, even delinquent accounts will start reporting current to the bureaus...so just keep what you've got and stay strict with it.
8. I damaaged my credit while I was in college and now after graduating I am so mad at myself. I was not managing my money carfully and also I spent more money than I made in income. I didn't have the money so I relied on credit cards and department store cards. My credit score dropped to a all time low of 510. I want to rebuild my credit and I can not find a credit card that would approve me. Worst of all, when you apply for credit cards or any type of credit it add inquiries onto your credit report and lower your score. Now, I am overly obsessed with increasing my credit score. After carefully researching many different credit card option. Orchard was the best secured credit card to help you re-build your credit. You pay the annual fee of $59.00, but you are not charged any other hidden fees. Well, of course since it is a secured card you have to make a security deposit with at least $200.00 or $250.00, which in the end is refunded back to you. I belive it takes about 2 years for you to re-build your credit and then the secured card turns into a regular credit card and you get your security deposit back. I searched around and some places charge you a one-time fee of $75.00, plus a processing fee of $125.00 and an annual fee of $75. So be every careful and pay attention to the hidden fees in fine prints when applying for a secured card. Let me know if you have any questions. I have an orchard secured card for about a year now and it's also a great way for me to save and rebuild my credit score. The money you deposit will be refunded back to you after you pay on time and keep your account current for at least 2 years. You can also keep increasing your credit limit by depositing the money into your saving account that they set up for you.
9. Orchard bank which is now owned by hsbc is pretty good when it comes to helping ppl with bad credit. They have a couple of different credit card offers that are designed for ppl like u who have bad credit. So why not give it a try.
10. Read the disclosure paperwork first. I had a bankruptcy four years ago and needed to build credit. So I got one a year and a half ago with a $300 limit and it helped my credit score immensely. Now I have a $800 limit with them and it helped my credit enough to qualify for a Wells Fargo card with a $4500 limit now.