I got a question for you all about secured CC's. With my abused and damaged credit I'd like to find an avenue to start the repair process and I thought that a secured credit card would be the best way to go. But I'm having trouble finding one that I like. Ideally I'd like one that doesn't do a credit inquiry (hey, they have my cash already so they shouldn't need one), reports to all three bureaus and won't try and screw me over with hidden fees and such. Since the bank that I'm currently a customer at doesn't do secured cards, I looked elsewhere. I tried BofA, but I found they do a credit check. I'm afraid that another inquiry would ding my score even more, and I recall hearing that BofA is fairly stringent about credit histories. But they're a big bank and very reputable so I would imagine they wouldn't rain fees on me. Then there's the Orchard Bank SCC. I'm fairly sure I could get one there, but then I feel that this is the type of bank that would whip out fees left and right without telling me. Does anyone have any suggestions for me that would hit a nice medium between these two?
Most institutions offering CCs will do a credit inquiry, even on a secured account. What is the point in avoiding all credit activity to maintain marginally higher scores, if the end result is you use no credit? The effect of that inquiry will fade in 6 months or so. A year down the road, given a good payment record, and no net increase in total debt, your scores will probably be higher from having the account and its payment history. Have you looked at credit unions?
New Millenium Bank states that they don't do credit checks for their secured card. http://www.nmbonline.com/secured_credit_cards.html I was thinking about going with them until I got an approval for unsecured card from Orchard Bank. I am going to activated, use it once a month and ride off until the sunset.
I'm thinking about trying to apply for a 2nd Orchard card. A year ago I had to BofA cards, so I figure it may be allowed with Orchard. Anyone tried this?
Is your first Orchard Bank card still active? Orchard Bank cards are issued by HSBC, and HSBC only allows you to have one credit card account with them at a time. Have you looked into the Tribute MasterCard Gold Card? http://www.creditnet.com/credit-car...edit/Tribute_MasterCard_Gold_Card.php?c=index Many prepaid debit cards report to credit bureaus as well. http://www.creditnet.com/credit-cards/Prepaid_Debit/index.php Good luck.
Does that mean that I will not be approved for a secured Orchard Bank card since I already have a Best Buy (HSBC) retail card?
i don't think you'll be approved for a second HSBC card if you already have a best buy retail card. according to orchard bank's faqs, "8) Can I have more than one credit card account? Currently, you may only have one type of HSBC credit card account." https://www.orchardbank.com/ccssa/OBCustomerCare?cmd_Redirect=FaqCard#7
