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Orchard Bank Mastercard - Interest Skyrockets!

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    #1

    Orchard Bank Mastercard - Interest Skyrockets!

    I'm so mad I could spit nails!

    I opened an Orchard Bank Mastercard about 6 months ago to start rebuilding credit. It's a SECURED card. They have my entire line of credit (a whopping $300) in a savings account to cover my balance.

    I put $125 on it and have made 5 payments on it, all on time without incident, in an effort to show a solid payment history.

    Today, I get a notice in the mail that they are jacking up the interest rate to 29.99% because of my credit rating!!!!!!!!

    I can't believe it. My credit rating was EXACTLY the same (actually a tad better now) today as it was 6 months ago.

    I called them and they refused to budge. I asked the girl "has this account ever been late?" Her reply "no, you have a perfect credit history with us". I also pointed out that since they were holding my security deposit there was no risk to them at all. It was like talking to a brick wall.

    So I closed my Orchard Account today. I won't fall victim to their scam. I realize that I don't have to carry a balance, hence won't pay interest, but this card comes with a yearly fee as well and I feel like they scammed me so they don't get a dime of my money ever again.

    I'll just put my $300 into my current savings account and see if I can find a better offer of credit to re-build.

    AHHH! I'm soooooooooooooo mad!

    PS: I'm sure they're crying right now for losing such a big account (just kidding, of course)
    Last edited by JusticeForAll; 08-31-2006, 08:43 AM.
    Tags: None
    #2
    Wow.....29.99%?! What was your rate before that? Just curioust.
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

    Comment

      #3
      Hi BassBoy, my interest rate was 13.4%

      The thing is, there is no reason for the increase. I have not applied for any additional credit, I've never been late or missed a payment.

      So it more than doubled for no reason at all!!! She said it based on my "credit rating" which (I've already looked at it today) is the same as it was 6 months ago (actually a little better score). No additional inquiries or new accounts.

      It's just a rip off.

      I never did the Premier bank card thing because the fees are outrageous, however, at least they are upfront about it. They don't hide it from you then hit you with it 6 months later.

      Comment

        #4
        Why not go for the National secured they report as unsecured or Merrick Bank secured? With Merrick after 3 month of payment you will get the hooters card, I got it with 2 month payment.

        Comment

          #5
          Sounds good to me! I don't know who they are, never heard of them! Can you point me in the right direction??

          Thanks!

          Comment

            #6
            Originally posted by JusticeForAll View Post
            Sounds good to me! I don't know who they are, never heard of them! Can you point me in the right direction??

            Thanks!
            You would have to call National to get their secured application, they are a prime bank:

            http://www.nationalcity.com/personal/


            Merrick, you can do online app and then they will give you a one page printout with your app# and you will then send your check with that form/printout. They report to credit agencies fast, and send the card fast also.

            Merrick Bank
            http://merrickbank.com/
            Merrick Bank is FDIC insured and recognized as a top credit card issuer in the U.S. In total, we proudly serve nearly 3 million cardholders and have extended over $5.3 billion in credit.

            Comment

              #7
              Thank you so much! I REALLY appreciate your help!

              Comment

                #8
                Not that it matters much now because you've closed the account, but if it's not written anywhere in the agreement about the rise in interest, then there's no justification for it. But that's my thoughts on it because I'm a real pain in the a$$ when it comes to non-disclosure. You don't tell me about it or put it writing, then I'll bury you with it.
                Bankruptcy History:
                Chapter 7 filed - 10/12/2005 - Asset
                Discharged - 02/16/2006
                Case Closed - 11/08/2007

                A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

                All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

                Comment

                  #9
                  Update!!

                  Happy Ending!

                  Well after a couple of days of looking around, I decided it was probably a mistake to close the Orchard card. They do have the best deal, all the others (660 Rewards, Aspire, First Premier, etc) are just ridiculous with fees, etc. Even with the high interest rate, the limit is/was only $300 and I was paying it anyway, so how much trouble could I really get in?

                  So I called them and asked them if was too late to re-open the account, and of course, it was, since they already processed the cancellation and sent the refund of the security deposit.

                  So, I decided to go to their site, because they have that prequalification process, then make you an offer of what they will likely approve you for. Well, I did that and they said they would likely approve me for an unsecured card. I finished the application online and they approved me instantly for a $500 limit at 15% interest!!

                  I know it doesn't sound like much, but I'm very pleased as it will give me an open credit account to re-build with. I'll use it to buy gas and pay it off every month .

                  So, in the end closing the account worked out as I got an unsecured card with a lower interest rate. Of course, I'm expecting them to jack it up again like they did last time. But right now I have to take what I can get so I can get back on track.

                  Comment

                    #10
                    Originally posted by JusticeForAll View Post
                    So, in the end closing the account worked out as I got an unsecured card with a lower interest rate. Of course, I'm expecting them to jack it up again like they did last time. But right now I have to take what I can get so I can get back on track.
                    Glad to hear that everything worked out so well for you!
                    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

                    06/01/06 - Filed Ch 13
                    06/28/06 - 341 Meeting
                    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
                    10/05/06 - Hearing to resolve 2 trustee objections
                    01/24/07 - Judge dismisses mortgage company objection
                    09/27/07 - Confirmed at last!
                    06/10/11 - Trustee confirms all payments made
                    08/10/11 - DISCHARGED !
                    10/02/11 - CASE CLOSED
                    Countdown: 60 months paid, 0 months to go

                    Comment

                      #11
                      ORCHARD SUCKS !!! Me and DH both got cards from Washington Mutual with a 3,000.00 limit with 0 % interest until January and then only 14.99 % interest after that..We immediantly closed Orchard ! I HATE THEM !!

                      Comment

                        #12
                        Originally posted by fsugirl View Post
                        ORCHARD SUCKS !!! Me and DH both got cards from Washington Mutual with a 3,000.00 limit with 0 % interest until January and then only 14.99 % interest after that..We immediantly closed Orchard ! I HATE THEM !!
                        Yeah they do suck. But ya gotta take what you can get for the time being... Just look at it as a stepping stone.

                        Comment

                          #13
                          Originally posted by fsugirl View Post
                          ORCHARD SUCKS !!! Me and DH both got cards from Washington Mutual with a 3,000.00 limit with 0 % interest until January and then only 14.99 % interest after that..We immediantly closed Orchard ! I HATE THEM !!
                          Orchard has its uses; I had no complaints about them, really.

                          Not sure how long you had the Orchard cards, but keep in mind that in general, it isn't good to close accounts you've only had open a short while.

                          Comment

                            #14
                            i'd pay it every month and forget about the interest rate then. I'm not sure how big of a adv it is to carry a balance every month. Not sure if they even send that.

                            r
                            Filed: 05/04/06 (los angeles)
                            341: 06/05/06
                            Discharged: 8/29/06
                            Closed: 9/08/06

                            Comment

                              #15
                              Hi
                              Highndry,
                              will MerrickBank still give you a secure credit account even if you have filed BK? I know Bank of AMerica won't give you a secure account with them if you have filed BK in the past. Which I think is so stupid! That's what you need the card for to establish credit. I have a First Premier and thinking about getting Orchard. I was turned down for the Hooters Card. So if I can get a MerrickBank card that would be great. ALso do they report as secure on credit report?

                              Comment

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