"2 Years In With This Card "

Orchard Bank® Gold MasterCard® Review
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Written by: hammer23 on 2011-03-27

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hammer23's review: I got this card 2 years ago right after my BK was discharged. I was shocked that HSBC had approved me so soon after my BK since they where included in the BK. My scores when I applied where in the low 500's. My rate is 8.90% fixed on this card and has a $8 per month fee with it ($96) per year. I started with a $300 limit and was increased to $500 after 20 months. My scores are now in the mid to upper 600's and I called HSBC to ask for a lower fee, cli, or other concession and was told I did not qualify for any concessions.

Overall this card has served its purpose in helping me to re build my credit after my BK. I am going to be closing this account soon due to the fee.


Comment 1 by patrick12
Re: 2 Years In With This Card on 2011-03-27

Thanks for the feedback! I just closed my Sears Solutions Mastercard with HSBC as well, those darn fees are rediculous! I also closed CorTrust Bank and First National, all of them had stupid fees! My advice to you would be to apply for a credit card with a local credit union or bank, for they tend to be a lil less hard on bankruptcies, seeing as how you have already re established you should be right on track to qualify for one! Best of luck on your rebuilding journey!
Comment 2 by brian23
Re: 2 Years In With This Card on 2011-03-27

Yup, I agree with Patrick. And you might want to consider replacing the card before you close it.
Comment 3 by hammer23
Re: 2 Years In With This Card on 2011-03-27

Thanks for the advice... I was able to recently get approved with a local credit union (BFG) for an Unsecured Visa with a $1000 limit, no fees, and an 8.9% Fixed Rate.
Comment 4 by patrick12
Re: 2 Years In With This Card on 2011-03-27

Thats great! Keep your fingers crossed for me, I just applied for a membership with Navy CU, I was able to join through a relative of mine! Just waiting for the ok, and once I am in, I am looking forward to the high APY CD rates and low apr credit cards! I hear nothing but great things about Navy! Wanderer is right, its time for me to toss those subprime cards and get some prime bank or credit union cards with higher limits and low APR!
Comment 5 by brian23
Re: 2 Years In With This Card on 2011-03-28

Patrick, congrats! I love Navy FCU and you should be hearing back shortl regarding your membership and from there, the sky's the limit with them.
Comment 6 by wndblwn06
Re: 2 Years In With This Card on 2011-03-30

I had not gone bankrupt, and had a score close to 600 when I was approved by Orchard, with a $300 CL. After 8 months(?) of paying on time I called and requested a CLI. Denied. Guess what? I paid it off and closed the account... Not worth the annual fee. I only keep one card that has an annual fee, and that's because they increase my credit limit regularly!
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