Against all odds!!!

Discussion in 'Credit Talk' started by Kathy, Apr 18, 2001.

  1. Kathy

    Kathy Guest

    Even though Ron and someone else was very insistent that NOBODY would approve me for credit, because 9 months ago I was searching for a new car loan and between 2 dealers I had 35 inquiries. I tried today at Target and low and behold *APPROVED* ok I know it's not like AMEX, but it helped to know that this credit repair has worked. I also received a pre-approval from Orchard Bank today for *up to* $1500 line with a $69 annual fee. I'm wondering if I have a chance to get it. Any ideas anyone? FICO 593, no recent late, no bk, 4 old collection accounts one is a settled charge off card from 1995, the other 3 are from 96/97 for $25, $28 and $343. Have current paying as agreed 3 Visas, Speigel, open bank installment loan, open GMAC, 2 paid off mortgages, open Lane Bryant. NO lates anywhere on my history and about 7 paid off bank installments loans over the years and 4 car loans. Oldest account is 1977. Thanks
  2. Jill

    Jill Guest

    I don't see whay you shouldn't get it. I got mine a year ago and my credit looked alot worse than yours. They will probably start you off with a $300 limit but at 6 months, you should start getting increases at $250 per increase. At least that's what they've done with me. I have two of their cards, one just a year old with $900 and the other with $500 at about 7 months old. Also, my interest rate just dropped with the fed to %17.9. Good luck!
  3. Kathy

    Kathy Guest


    Thanks, the positive feedback ALWAYS helps more than such negativity.
  4. mvfl

    mvfl Guest

    Re: Jill

    Kathy, congrats on the Target card! I just got one a month ago. It did feel great to get an instant approval online!! You should get the Orchard, their main requirement is just no delinquencies in past 6 months. (Most sub-prime cards require that). 593 isn't bad, as far as sub-prime is concerned. You should definitely go for Orchard.
  5. Kathy

    Kathy Guest


    Thanks, I didn't want to waste my time if I wouldn't get it. They did give me an acceptance number and said I could apply online with that, and my zip code? Which would be better or do you know??
  6. Jill

    Jill Guest

    Re: mvfl

    apply on line. I did it through the mail but that was before I knew they had a website.
    Jill(from home)
  7. RichGuy

    RichGuy Guest

    Re: Orchard Bank


    Ron's a great guy, but I could tell he didn't understand the issues you raised in your previous post. He was just trying to be practical, but he assumed way too much.

    Congratulations on the Target card, for which I was declined 8 months ago.

    As for Orchard Bank, I don't see any reason to doubt whether you could get the card. They approach people with fair credit like yours, and they allow for a few defaults along the way. The high annual fee, along with the high interest rate, gives them plenty of room to survive a few defaults and still come out ahead. (I'm sure you wouldn't default anyway, but they don't know that yet.) Barring any sudden surprises on your credit report, I think you're almost guaranteed approval.

    Whether you would want the card is a separate question. You wouldn't be getting anything positive from Orchard that you aren't already getting from Capital One. In essence, you'd be starting another Cap One account that would always lag behind your other accounts, since it was opened later than the others. Unless having an extra account or a fresh name on your credit reports is important to you, that card is an expensive luxury.

    With that said, consider my bias in the matter. I have 3 cards with $59 annual fees, two of which I'm trying to get rid of but can't pay off yet. The only card with an annual fee that was worth it for me was the Providian Visa, which grew from $500 to $3350 in about a year.

    Whatever you decide to do, I hope you enjoy the results. I'm sure you can make it work either way.


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