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Preapproval for Orchard / Household bank

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I have no credit cards currently. I received a preapproval from HB, but on the back it says Orchard. It's a 14.9 % and 39.00 a year fee, should I accept it to help rebuild my credit?

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There are better secured options to rebuild your credit than Orchard, and yes Orchard is Household.

 

Look into National City Secured Card (do a search here for the phone number. You must request an application by phone and they approve everyone and fees are low) or look at DCU.

 

Personally, I would avoid Orchard and Household at all costs.

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Just a note...not all Orchard offerings are secured. As to the other comments about Orchard/Household, just make sure you do your research before taking the plunge- some have had no problems and others have encountered more than their share. Not sure if their CSR's after you get the card are US-based of if they are 800-OFF_SHORE.

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If you're good to them (read pay on time always) you will have no problems.

 

I've found this to be true of all the creditors I've had over the uears. Make sure you understand the terms of the companies you're dealing with.

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Orchard is a good card for rebuilding credit, I've had them for about 18 months. Just don't expect to receive credit limit increases too fast but pay on time and you'll be ok.

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If you're good to them (read pay on time always) you will have no problems.

 

I've found this to be true of all the creditors I've had over the uears. Make sure you understand the terms of the companies you're dealing with.

 

I agree with Jerseybaby. They have never treated me wrong, and have given me CLI and interest rate reductions over the years. They even have waived the annual fee. They are a very good credit rebuilding choice, and the 14.9% sounds better than their standard rate. They also have free online bill pay. I would say go for it if you need a positive tradeline and are willing to play by their rules. I would certainly say they are better than capital one, another subprime player.

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Hi,

 

Would having CO's with Best Buy and CompUsa (also issued by Household) make applying for Orchard unwise?

 

Thanks,

 

Dave

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Hi,

 

Would having CO's with Best Buy and CompUsa (also issued by Household) make applying for Orchard unwise?

 

Thanks,

 

Dave

 

believe it or not...they have been known to approve even with other HH accounts shoing as charged off. However, antiquity of those accounts is usually a key.

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