I went to cardoffers.com and read all the reviews on the Orchard Bank card and now I'm freaking out. I mean I've had the card for a short period and my limit is only $300 but so far so good. As I build my credit up I will cancel this card because of the low limit it offers, or will offer, and the annual fee attached. I don't really need the history as my Cap1 card is older and I will keep that one. I'm scared if I cancel it they will somehow screw my credit up like some of the stories I've read. It's not a sock drawer card because of the $300 limit and the annual fee of $79. Isn't that ridiculous? But since I've already paid my annual fee when I got the card, I guess I'll hold on to it until the year is almost up and then cross my fingers and cancel it.
$79 annual fee for a $300 limit... are you out of your freaking mind! That is ridiculous...and highway robbery. they are charging you 26% upfront just to issue you the card then probably some upsurd fee just to have a balance... they are taking advantage of people with poor credit establishing good credit doesnt have to cost so much
To be honest, I thought it was a no annual fee card so I was surprised when it came and later noticed the $79 fee on it for the membership. I don't know what I was thinking. I paid the $79 and its now just sitting in my wallet. I do have a 0% interest free period right now but what the hell can I get for $300 to take advantage of that? I wanted it to build credit post BK but should've just stuck with my Cap1. What's done is done, for now. I will call next year before the membership fee is due to see if they will waive the annual fee. If not, I'll get rid of it.
That 1 year of having a good tradeline (use it) will come in handy. At the 11th month, tell them no fee, or cancel. And be prepared to walk. But if you are a good customer, and use the card alot they may just waive it! Probably not, but you never know. So keep it, you paid $79 for a good tradeline, thats worth it in my books. I paid a few of those in the rebuild process. $49 3 times for crap 1. Now i dont use the card, but its my oldest tradline (9.9%/9.9%/no annual fee). But it is my oldest tradeline. So that to me was worth it. Whatever you do don't close it before you ask them to nuke the fee. My goal was to get MANY good tradelines to battle the baddies, and it worked out. That was my philosophy and after 3.5 years i have $200K in credit lines now. So if its a bad philosophy then i guess its bad. YMMV
I had a similar experience with Household Bank. I applied for the Best Buy credit card online unknowlingly they send me a household card w/79 fee and a crummy 300.00 limit. I immediately wrote them a letter stating I wanted the card CLOSED, the fee reversed and I never called to activate it. They did what I asked. It is not on my credit report. Just made me mad to think I need a measly expensive card like that when I have a Chase Platinum w/5k limit and no fee!
Orchard=Household Finance=Bad news! Unless you really, really need this card, best to get out as soon as you can. The posts you read about the horror stories are all correct. Since our wonderful legislators refuse to do anything really of use against these predatory lenders, we consumers can do so--by not patronizing them except in extreme circumstances. Good luck to you.
