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can anyone recommend a secured credit card
trying to build up credit
is orchard bank the only one to do it
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Posted 7/9/08 9:07 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: can anyone recommend a secured credit card
I wouldn't get a secured credit card. Way too many fees attached to them. In fact when you apply for a new card you are huring your credit so it's counterproductive.
There are plenty of other ways of building credit. Do you have any existing current credit cards with balances? Any existing loans? Just make your payments and your credit will improve over time.
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| Posted 7/9/08 9:45 PM |
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EmmaNick
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Member since 12/06 16001 total posts
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Re: can anyone recommend a secured credit card
Orchard Bank has an unsecured card, although I think the processing fees are around $100. Worth it though to rebuild and they typically offer 0% interest for six months on the new card. It's through HSBC so they are very legit.
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| Posted 7/9/08 9:47 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: can anyone recommend a secured credit card
Posted by ave1024
I wouldn't get a secured credit card. Way too many fees attached to them. In fact when you apply for a new card you are huring your credit so it's counterproductive.
There are plenty of other ways of building credit. Do you have any existing current credit cards with balances? Any existing loans? Just make your payments and your credit will improve over time.
This is not that true. If you want to REBUILD credit. Secured are the way to go. You dont hurt your credit when and if you trying to build it back up by applying. It will help in the long run as it does not shows as "Secured" on the credit report.
Im sure if she has any cards at all, she wouldnt be looking for a secured card.
ORchard may even give you unsecured if you can handle it first time around. Usually I think like Summer said, theres a one time fee, an annual fee and a HIGH over credit limit..make sure you are never over the limit.
Also try Providian. A lot of fees as well, but unfortunatly the only way to go.
If you get one of those, Capital one may offer you one.
The only other option I know of for increasing or regaining credit is a car loan.
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| Posted 7/9/08 9:51 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: can anyone recommend a secured credit card
Posted by dm24angel
This is not that true. If you want to REBUILD credit. Secured are the way to go. You dont hurt your credit when and if you trying to build it back up by applying. It will help in the long run as it does not shows as "Secured" on the credit report.
Again you are NOT going to rebuild credit any faster by opening a new credit card if you have other credit cards. And you hit the nail on the head, secured credit cards can report as secured on your credit report. A huge minus.
Plus your credit takes a hit when applying for a new card. It's counter-productive.
Credit improves over time, that's the best way of improving credit. Opening new accounts is NOT the best way to rebuild credit, no matter what people try to say.
Secured cards are a waste. If you don't have any other credit cards, there are other more mom and pop cards out there that will give you credit that isn't secured. You just have to look for them.
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| Posted 7/9/08 9:58 PM |
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EmmaNick
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Member since 12/06 16001 total posts
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Re: can anyone recommend a secured credit card
Posted by ave1024
Posted by dm24angel
This is not that true. If you want to REBUILD credit. Secured are the way to go. You dont hurt your credit when and if you trying to build it back up by applying. It will help in the long run as it does not shows as "Secured" on the credit report.
Again you are NOT going to rebuild credit any faster by opening a new credit card if you have other credit cards. And you hit the nail on the head, secured credit cards can report as secured on your credit report. A huge minus.
Plus your credit takes a hit when applying for a new card. It's counter-productive.
Credit improves over time, that's the best way of improving credit. Opening new accounts is NOT the best way to rebuild credit, no matter what people try to say.
Secured cards are a waste. If you don't have any other credit cards, there are other more mom and pop cards out there that will give you credit that isn't secured. You just have to look for them.
Donna said secured cards do NOT show up as secured on a CR and they don't. Period.
There is no sense in wasted inquiries applying for things you know you won't get when you can apply for secured and go from there.
My sister had awful credit. Lots of lates and c/o's from years ago. She obtained an Orchard Bank card to rebuild and her score improved dramatically. In turn, she was able to get more prime cards, so it did in fact help her.
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| Posted 7/9/08 10:01 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: can anyone recommend a secured credit card
Posted by ave1024
Posted by dm24angel
This is not that true. If you want to REBUILD credit. Secured are the way to go. You dont hurt your credit when and if you trying to build it back up by applying. It will help in the long run as it does not shows as "Secured" on the credit report.
Again you are NOT going to rebuild credit any faster by opening a new credit card if you have other credit cards. And you hit the nail on the head, secured credit cards can report as secured on your credit report. A huge minus.
Plus your credit takes a hit when applying for a new card. It's counter-productive.
Credit improves over time, that's the best way of improving credit. Opening new accounts is NOT the best way to rebuild credit, no matter what people try to say.
Secured cards are a waste. If you don't have any other credit cards, there are other more mom and pop cards out there that will give you credit that isn't secured. You just have to look for them.
What your not getting is if she needs a secured card , she obviously does not have current credit cards, which change sthe entire scenario.
YEs, opening cards is not in a REGULAR situation the best way, this is different, read her post again.
applying for Mom and Pops cards that she may not get , is worse no?? 3 declines and your in the situation your warning her against?
Each situation is so different.
A credit counselor might be able to help you too with which secured cards are best.
My mom had one with Chase a while back when she was re establishing credit( though it was her bank at the time)...
They offered to turn it to unsecured within 18 months of one time payments and she has a high 700's creidt score now.
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| Posted 7/9/08 10:05 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: can anyone recommend a secured credit card
Posted by Summerrluvv
My sister had awful credit. Lots of lates and c/o's from years ago. She obtained an Orchard Bank card to rebuild and her score improved dramatically.
There is a reason why the Orchard card gets such bad reviews.
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| Posted 7/9/08 10:20 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: can anyone recommend a secured credit card
of course they get bad reviews, their fees are out of control, but the end result is to better credit.
Most people give bad reviews when they are paying a lot of money.
Providian and ORchard are known for their fees....people sue them even, but it depends on what your needs are.
They are an option if you understand how they work.
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| Posted 7/9/08 10:24 PM |
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EmmaNick
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Member since 12/06 16001 total posts
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Re: can anyone recommend a secured credit card
If you know what you are signing up for and need to rebuild your credit, there is no reason for a bad review. Yes their fees stink, yes they charge astronomical over the limit fees every 10 days you are over the limit, but all of this is in the disclosures that people don't read.
In a perfect world everyone would have perfect credit and not need products like this, but unfortunately that's not a reality.
OP I would apply through the card selector on Orchard Bank's site and see what they offer you.
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| Posted 7/9/08 10:31 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: can anyone recommend a secured credit card
Posted by Summerrluvv
Donna said secured cards do NOT show up as secured on a CR and they don't. Period.
Oh Really? Better read post #10
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| Posted 7/9/08 10:39 PM |
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EmmaNick
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Member since 12/06 16001 total posts
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Re: can anyone recommend a secured credit card
Okay well Orchard Bank does NOT show up as a secured card.
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| Posted 7/9/08 10:40 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: can anyone recommend a secured credit card
Posted by Summerrluvv
Okay well Orchard Bank does NOT show up as a secured card.
But as you see... there are a decent amount of banks that DO report as secured and this is BAD.
So you shouldn't say that all secured cards don't report as secured.
I already had an article i was going to post that details this, but I wanted to find out if there were banks out there that did report this and there are!
There are plenty of unsecured credit cards out there for people with bad credit. All you have to do is take the time to investigate, read reviews of credit cards. Most people that post reviews will probably post their credit info.
So if you see somebody say they got approved for bank X unsecured card with FICOs of 570, if you have a FICO of 650 you will probably get approved. 
But hey if people want to pad the bank's pockets with tons of secured card fees, well then I guess that's one point I can't argue against.
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| Posted 7/9/08 10:45 PM |
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EmmaNick
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Member since 12/06 16001 total posts
Name:
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Re: can anyone recommend a secured credit card
I'm not sure how "bad" that reporting is since I just read on there that the BOA secured did not have a negative impact on the person's score.
I'm not even sure why we are still discussing this. The OP obviously cannot get a prime card, Orchard Bank was offered as an alternative to a total secured, you don't like that idea, are steering him/her to a prime, which probably isn't even an option, don't know what to tell you! 
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| Posted 7/9/08 10:51 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: can anyone recommend a secured credit card
Posted by Summerrluvv
I'm not sure how "bad" that reporting is since I just read on there that the BOA secured did not have a negative impact on the person's score.
It will be bad if the account is manually reviewed by an actual person. A lot of times if you apply for credit and you are "deferred", it gets sent to a credit specialist for manual review. The credit specialist will see a secured card on the report and wonder why it's there. This can seriously impact future credit decisions.
There are tons of articles on the web that say avoid secured credit cards that report as secured on the CRAs. There is a reason for this.
Take a look at some of these unsecured options for people with bad credit - might be worth a look
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| Posted 7/9/08 10:55 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: can anyone recommend a secured credit card
Getting a secured card & using it for routine things like gas or food & paying it in full every month will improve your credit as long as you don't have huge lingering balances on other cards that you're only paying the minimum on.
Most people that can only qualify for a secured have a score of 620 or less & honestly a short term "hit" is worth it for the gain they'd get if they do the right thing.
OP-You need to get your credit reports & go over them to make sure there are no errors. Sometimes subscribing for online credit report monitoring is a good thing, you can pull you credit daily sending your old bad stuff further down the line. My co-worker started doing this after reading creditboards.com & she's getting pretty good results.
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| Posted 7/9/08 11:36 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: can anyone recommend a secured credit card
Go to a Credit Union if you belong to one. There are usually no fees associated with a secured credit card there. You just have to have the $ to secure it against.
They won't even pull your credit most of the time. It will help you build your credit in time.
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| Posted 7/9/08 11:59 PM |
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