Orchard Bank Secured Card vol.BAD credit

22
10
Joined Apr 17, 2011
I have a really bad credit & recently tried wellsfargo. I got declined. I read about secured credit card & saw orchard bank. 
I'm curious about the chances of getting approved for a secured credit card. It says on their policy that it doesn't affect your credit score. 

Anyone have this bank for secured credit card & could give me inputs...

Thanks a bunch
 

Sir San Diego

formerly brolic scholar
12,466
10,888
Joined Feb 20, 2011
What is the benefit of the card if you have bad credit? What do you plan on using it for?

You should just start stacking and offer settlements to pay off your debts. Bad credit will hurt you in the long run.
 
22
10
Joined Apr 17, 2011
I'm paying my debt but the reason for a credit card is for traveling really.. mostly renting a car.
 

Sir San Diego

formerly brolic scholar
12,466
10,888
Joined Feb 20, 2011
Oh. Guess it's worth a shot, but if you just applied for a card and got declined, doesn't that hit show on your credit as a new inquiry?
 
1,212
456
Joined Jan 21, 2008
Originally Posted by Brolic Scholar

Oh. Guess it's worth a shot, but if you just applied for a card and got declined, doesn't that hit show on your credit as a new inquiry?
Yup, shows up as a hard inquiry. Too many aren't good and will affect your score.
 
22
10
Joined Apr 17, 2011
that's what the bank told me BUT they said that secured credit card is a bit diff. because you deposit your OWN money so the bank doesn't have anything to loose. In this case, it shouldn't affect your score.. if anything it will be a soft hit meaning it will not deduct any points. Not sure though that's why I want to know from a secured card holder.

I'm tempted & I called their 800, they keep saying to go online for information.
 
22
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Joined Apr 17, 2011
^yeah but not sure if it works the same on secured card. This is what it says on Orchard Bank:

Here's how our card selection process works:
-Complete our secure inquiry form and select the Submit button. We'll attempt to pre-qualify you in as little as 30 seconds, without affecting your credit score!
-View the credit card you're actually pre-qualified for, then select Continue. Our process takes out the guesswork.*
-Read the terms and conditions of the credit card you've selected and if you agree to the terms, then click Submit Application and we'll process your application.
-Complete any additional steps, like choosing a card design, and your application is done!
 
834
16
Joined Mar 24, 2005
get a Capital One secured credit card. Minimum Security Deposit $49, $99 or $200 refundable deposit based on your credit. Annual fee, $29. If you have a $200 credit line, don't use more than $150. Pay more than your minimum payment. If it's 20, pay $45. You're basically using your own money to rebuild your credit. I just started getting approved for real credit cards again, #feelsgoodman
 
8,054
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Joined Sep 5, 2006
Originally Posted by NYMVP

get a Capital One secured credit card. Minimum Security Deposit $49, $99 or $200 refundable deposit based on your credit. Annual fee, $29. If you have a $200 credit line, don't use more than $150. Pay more than your minimum payment. If it's 20, pay $45. You're basically using your own money to rebuild your credit. I just started getting approved for real credit cards again, #feelsgoodman
Came to post this. I prefer this one over orchard because your minimum balance is $200 rather you deposit $49,$99 or $200, also the more you deposit the higher your credit line will be.You also get your deposit back when you're able to get a "real" credit card. NYMVP how long did it take for your credit to build up and get approved for real credit cards?
 
18
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Joined Aug 27, 2011
Don't get a secured card. Like you said, it doesn't even affect your credit. There are plenty of cards out there for people with bad to no credit. For example, I have a Capital One "Platinum" with a $300 limit and 1% cashback.Of course 3 bills ain't %%+# and I always have well more than that in my bank account which really just means I'll never go into debt off this card unless I just totally forget.

The reason for all of this is I am trying to buy a house right now but the mortgage lender looked at my credit and I have a 0 score, though I do have 6 paid off lines with no negatives (but they don't generate a score since they're over 2 yrs old) so all I needed to go was get some lines of credit, stay in good standing and Capital One reports every month so it should give me something pretty quick.

Check some of these out, http://www.creditcards.com/bad-credit.php but remember you want one that also reports monthly so you can start to build your credit back up. You might have to deal with a small annual fee, but they don't charge you up front. They put it on your card.
 
10,187
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Joined Apr 29, 2007
Secured credit cards are not a bad thing. I don't know much about Orchard but I would suggest you getting one from your current bank if at all possible. A secured credit card is meant to see how well you can handle credit as previously stated once u make a couple months worth of on time payments they will unsecured your card and return your initial deposit. Truthfully you have very little to lose by using an unsecured card and its a great way to get back in good with credits (they look at it as you borrowing money from yourself then paying yourself back in a timely manner, which is true) plus you will already be use to making credit card payments making it easier to get into the habit of paying that bill every month.

People #+% on capital one but it really is a pretty good starter card for most people. My boy has had one since we were freshman I think they have since raised his limit to something like 2 or 3 thousand.
 

mrbrown

Banned
3,559
691
Joined Jan 3, 2011
Like stated above.... get one with your current bank
not sure if its because of the amount of time Ive been with them but BofA gives me APR 7%
 8K 

if you have debt I suggest you pay that off before trying to get a card..... thats what I would do
 
22
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Joined Apr 17, 2011
Good points NT.. unsecured credit card I can't be approved the reason why I want to go with secured since most likely, I will get it (I think)
I am still paying off my old debt & have the intention of paying it off by the end of this year. In the meantime, I need something just for renting a car really.. nothing else.
Some companies do let you rent a car with debit cards but it's those really cheap ones.

I was planning to try out wellsfargo but secured card this time (since I got declined for unsecured), but since it's those popular banks, not sure what the chances are... that's when I saw orchard bank. I also read about citi.

Orchard does report to all 3 credit companies so that's good! Any suggestion?
 
22
10
Joined Apr 17, 2011
I checked the site, pretty good! Under poor credit, they recommend orchard over capital one. It also said orchard does a soft hit inquiry (doesn't lower score). Not sure if capital one does it as well... or if it's standard in all secured card
 
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