LoveToKnow Creditcards:AllComments

Comments

Dave,

You are correct. If a person does not have a credit card and has poor or no credit, it always makes more sense to start with a secured credit card than it does to apply for a credit card with very high interest rates and fees.

Unfortunately, some people with credit problems already have an Orchard Credit Card. Due to the high interest rates on this card, we suggest that they concentrate on getting the card paid off and that they don't add to the balance. We also suggest that they don't cancel the card since to do so could be seen as a negative on their credit report.

Thank you for your comment and for visiting LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

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Susan: The advice to get an Orchard Credit Card is false. They charge over 30% interest plus late fees. This is almost usary. I would suggest a person to open a bank account and get a secured credit card first. Orchard or Providian should be your last resort to build up your credit!

-- Contributed by: dave

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Donna,

It is possible that the creditor does not report to all credit bureaus on a regular basis and so the information has not been updated by the bureau. You should suggest to your client that they contact the company with which they had the loan and make sure that they are reporting accurate numbers to the credit bureaus based on the status of the bankruptcy. Your client should ask for a letter from the creditor stating the loan balance status. Be sure the letter includes the account number. Then, your client should contact the credit bureau, provide a copy of the letter from the creditor and request that the credit bureau information be updated.

Thank you for your question and for visiting LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

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i have aclient who recently filed chapter 7. He is trying to fix his credit report. Is is common for the credit bureau to list the balance of the loan and in the remarks section, they are reporting chapter 7 bankruptcy and nothing else. I thought the credit bureau would change the balance due to Zero and state in the remarks: Chapter 7, discharged. Why would their be a balance when it was discharged?

-- Contributed by: Donna Arias

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Patrick,

Yes, someone is actually reading this! Starting with an Orchard bank credit card is a great way to start rebuilding your credit. If you are looking for additional credit lines, start by checking your credit score and your credit history. Make sure that you credit report is current and does not reflect any inaccurate information. Then, consider opening an unsecured credit card that is designed for people with limited or poor credit. These cards tend to report frequently to the credit agencies, so your good repayment history can have a more immediate effect on your credit score.

Thanks for your question and for visiting LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

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I filed for bankruptcy in 2004 on some bad advise, now 4 years later I have an Orchard bank credit card with a 300. dollar limit that I put in to start the card. I dont know where to go from here I cant get another card, mabye I'm looking in the wrong places. I'm 34year old man with 3 children and everything is on my wife because of a swift talking lawyer that wanted to make a couple bucks quick,by telling methe laws were going to change and I would not be able to do this later. Now I am embarrassed everywhere I go because people just about laugh at me when I apply for anything. I just need a little advise and help about how to get someone to give me a chance, I make around 70,000 dollars a year, yet with the chapter 7 they look at me like s.... Should I fill out creit card offers that come in the mail or do you have any advise, I am extremly deppressed. I dont know if anyone actually is reading this or I am just venting for no reason. Thanks Patrick.

-- Contributed by: patrick cunane
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