So after some credit disasters (both my husband and I were laid off, living in a very expensive area, went back to school for 2 years) it was *impossible* to get credit approval for even some of the more basic cards. Luckily, when we were both re-employed, we had a decent income, and I applied for an Orchard Bank Mastercard (I think it was a basic one). Anyway, I got a $300 credit limit plus the usual fees and somesuch, so my first bill before I even got the card was like over $150. Annoying, very much so. But this was to rebuild credit, and sometimes it's good to have a major CC for things like car rentals.
Anyway, I got my $300 credit limit in Feb or March of 2005. After 3-6 months of not really using the card much (too low a limit) and paying off the balance in full or almost full online (easy to do with such small amounts) every month or 2 weeks, they upped my limit to $600. After that, I noticed that between every 3-5 months, they would increase my limit $300. Only one time did I ask for an increase (and they changed it from $900 to $1100). A year later, without asking, they upped it to $1300. That was within the past month. So I went in 3 years from 300 to 1300 in credit. I've never been late on a payment, tho I have been over the limit a handful of times. Most of the time, this has been from stupid stuff like their credit keeper service (which they enrolled me in TWICE without my permission).
I did have my CC # stolen and called them and they immediately erased the charges and overage fees.
From a straight point of view, this isn't the greatest card in the world. The limit isn't great, the APR is high, and the annual fee is high. But even carrying a balance they still increase your limit. Just pay online frequently, even if it's not the whole balance.
You can rebuild your credit with this card. After 2.5 years with this card, I was approved for a WaMU card with a $6500 credit limit.
Thanks for the insight. Although this isn't the best card out there, it's definately one of the better ones, and is backed by a big bank. Their CLIs aren't all that great, but your review helps us get an idea of what to expect.
On your CLI and glad that you had good experiences with Orchard Bank... Sometime we have to start over and I'm glad this site is helping me realize that you have to first, look at the problem... And fit it. Credit can improve with time and effort. I know it feels great when you work on a goal and actual see the improvements in you credit history. Good luck and wish you and your family well.
Ava1974 this review helps others and myself since Im checking up on HSBC to see if its worth having there cards... I am planing to consolidate.
in fact with "HSBC INFO"
Thank you,
Alex
Comment 4
Comment Title: Its Not What You Think! From Nrodluvsu2on 2009-08-31
I am a student with new credit and was forced to begin my credit through HSBC's Orchard Bank but I am really upset and concerned with the quality of internet security HSBC Orchard Bank Premium card provides. I recently had an unknown person try to pay my card through the internet with a card number completely foreign to me. When this payment bounced Orchard Bank had also charged a payment returned fee as well. When I first spoke to an agent in India which was very uncooperative and sarcastic she told me that This card company did not provide any insurances for cardholders in terms of internet fraud and in these internet circumstances could not refund or withdraw penalty fees although she saw and agreed that this payment was not my own. I also questioned how one would be able to post a payment to my account without going through a bank verification like usual. She understood how this didn't make sense but still told me there was nothing the company could provide for me. So my suggestion is find another card which will provide security on the increasingly popular internet banking front. If my credit card company is pushing my to go "paperless" and use the internet I feel like they should provide me security in this medium as well? I feel like this is abusive and of much concern to us common people, as I feel like this is a scheme to make money on penalty fees. Please look out and ask questions folks, for your money's sake!
Mr. VoiceGuy,
Thanks for all of your wonderful advice. It worked. I have my utility rate down to about 15% right now. As soon as all of my payments hit the bureaus, it will go down to about 9%....
Keep up the good work classy and your advice about the Orchard account to SCuser was accurate as well. You are learning quite a bit on here...stay with it...I have now gotten to the point where I...
Patrick - would you mind PMing me the complaint you filed with the BBB? I desperately need to get them off my report!! I've paid and they're still reporting as an Open Account....ugh...
Since I received an infraction due to posting a link to my co's website for spamming, I don't know what I'm able to post here, so I will give you this... You can look at my name on here and go to...
A paid collection account will NEVER have a positive impact on your credit. It actually resets the clock on the statute of limitations and since that is new activity on your credit, it will affect...
on 2008-04-25
Thanks for the insight. Although this isn't the best card out there, it's definately one of the better ones, and is backed by a big bank. Their CLIs aren't all that great, but your review helps us get an idea of what to expect.
Mr. VoiceGuy, Thanks for all of your wonderful advice. It worked. I have my utility rate down to about 15% right now. As soon as all of my payments hit the bureaus, it will go down to about 9%....
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