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Discussion in 'Credit Talk' started by Kathy, Apr 18, 2001.
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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!
Thanks, the positive feedback ALWAYS helps more than such negativity.
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.
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??
apply on line. I did it through the mail but that was before I knew they had a website.
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.