Orchard Bank - Mixed Reviews... Ok.. So I apply for an Orchard Bank Card earlier this month. I go to log into the site to get a status and I notice two entries that both have a status of "We are unable to finalize your credit card application. You will be hearing from us within the next 10-14 days. Thank you! " So, of course, I call. The first two times I called I held for someone for about 10 mins, each time, only to have it then go to a fast busy signal. The third time I call, later in the day, I finally get someone (with a very deep Asian accent,) that said that they've receive two applications for me (yup, I got two HARDS!!!!!!!!!.) I know for a fact that I only applied once. I then asked for a status and the rep starts asking me for the standard ID questions (color of car, lic. plate # etc) and then tells me my application is being 'reconsidered' after a talk with his supervisor... huh? Was I denied? I really don't get it... The CSR was not only one of the rudest people I've spoken to, but none of my questions were answered. I would ask a question and he would reply with "please call in 10-14 days to get a new status on this account." While I am not the type to get upset at these things, I can now certainly see where there are so very many complaints about HSBC. Can I just opt out at this point? It this truly the only secured card that reports as unsecured? This is the only reason I applied to them... Yup, 2 wasted pulls!!!
Now Orchard bank charged my bank account. I get the impression that, after further consideration, I've been approved. I guess no one else has experienced these issues? It seem that either people have had great experiences with Orchard Bank or they experienced hell first hand with them...
Personally, I say stay away from all credit cards or any form of credit. Move to all cash. If you can't pay cash then don't buy it. Here is why I say that. When we were in an economic situation when what you borrowed could easily be paid off with cheaper dollars. Getting credit was the smart thing to do so long as you didn't get in over your head. Now the economy is in a depressive state and will continue for a very long time. Yesterday's easy credit will become ever more difficult to pay off. In time it very well may be totally impossible to pay off. Right now, dollars are fairly easy to come by. Only credit is getting increasingly hard to come by. Soon it will become impossible to obtain credit except for the very wealthy and even those will have a hard time getting credit. The availability of dollars will follow the same path as that of credit. Things will be amazingly cheap by today's standards but nobody will have the cash to buy. Right now we are seeing signs of what will turn out to be a false bottom. Stocks are gaining in price albeit by very small daily increments. We have seen a temporary decrease in unemployment rates but only by a few thousand fewer new applications. We are seeing a temporary rise in home purchases but those are mostly older homes, not new homes being built. That trend will also continue as more and more foreclosures glut the market. Oil is enjoying a very temporary price increase. The number of scam offers of how to make money on the internet is rapidly increasing but if they truly were valid ways to make money then why would the seller want to practically give away his information and his secrets? If money were truly being made by means of affiliate marketing then nobody would be selling the jobs. There would be so many people clamoring for a chance to get honest work they wouldn't have to do any advertising at all or at least very little. Word of mouth would provide more takers than they knew what to do with. Do what you will, but if you end up with a bunch of due payments you can't meet don't say you weren't warned.
But to survive and be ready for the upturn, you're going to need credit. It will become harder to obtain, at least in the immediate future. Get credit cards, but only buy what you can afford to pay for each month. That's the same as using cash, but it builds your credit. You may get to the point that you'll find some property or something to invest in, and you'll need the credit. I had a neighbor when I was growing up who had the theory that if he couldn't pay cash for something he didn't need it. He even saved up for his house and paid cash. Imagine his surprise when he tried to buy a car on credit and couldn't qualify because he had no credit. The fact that he had only bought things that he could afford by saving for them didn't prove that he could make payments.
Great advice, Thanks. However, this was for a secured card. I just want to make a big deposit and have it reported as unsecured so as to help my credit profile. From what I've read, Orchard Bank is the only place that has a secured card report as unsecured... Is this still true? I've read quite a few opinions on this card, mostly negative. One even said that Ochard Bank does not use your total amount in savings as your reported credit line. I was under the impression that your reported credit limit was based on current total amount in your saving account with them at the point of their CRA reporting. Is this not the case? Can you not keep increasing your reported credit line with every deposit? Again, I keep reading mixed reviews, can anyone confirm any of this?
These are my thoughts precisely. And somewhere down the line, there's a strong possibility that the dollar could become worthless paper when foreign investors yank their money from our bankrupt, over-everaged financial system. Iceland is living proof of this.
Always remember if the investors pull their money we can always ban export and imports on there goods.Because if they did that they would leave us no choice but quit sending our money overseas,and goods and wheat,rice,cattle,and other goods.We all would have to adjust like in the 1930's.If there's no money coming in we wouldn't have a choiceWell except to nuke them but that wouldn't make sense morally.Anyway all this is just a thought,not reality.
TampaLu- Ask your bank where you have a checking account if they offer secured credit cards. Chances are they do, and they should provide you with a credit limit equal to the amount you deposit in cash with them. Most banks will report your activity on a monthly basis to the credit bureaus just as they would for an "unsecured" card.
