saramorgan Posted August 3, 2007 Report Share Posted August 3, 2007 I'm thinking about applying for a small secured CC through Orchard Bank. I just got approved for the Target card so I have an inquiry from them now. I don't want to create any more inquiries on my report and just wondered if secured credit cards will create another inquiry.Thanks Link to comment Share on other sites More sharing options...
aadam101 Posted August 3, 2007 Report Share Posted August 3, 2007 It's easy enough to get rid of inquiries. I wouldn't worry about those. Link to comment Share on other sites More sharing options...
kevin3344 Posted August 3, 2007 Report Share Posted August 3, 2007 An inq might cost you 2pts, if you don't have a pre-existing major credit card, it will probably result in a 20pt increase. I'd say it's worth the pull. Link to comment Share on other sites More sharing options...
saramorgan Posted August 3, 2007 Author Report Share Posted August 3, 2007 Cool thanks guys Link to comment Share on other sites More sharing options...
Dayspring Cheri Posted August 3, 2007 Report Share Posted August 3, 2007 the best way and cheapest way to get a secured card is to apply with your credit union. I have my customers do this and they always get a super low rate, and NO app fees of any kind.wonder why this site doesnt mention it???? Link to comment Share on other sites More sharing options...
saramorgan Posted August 3, 2007 Author Report Share Posted August 3, 2007 Can't find any CU around me that do secured, they only do unsecured. Link to comment Share on other sites More sharing options...
Dayspring Cheri Posted August 3, 2007 Report Share Posted August 3, 2007 maybe you didnt look hard enough, my customers usually dont have a problem. Link to comment Share on other sites More sharing options...
saramorgan Posted August 3, 2007 Author Report Share Posted August 3, 2007 I'll keep looking, I went through the local phone book when I first thought about getting one. I'm on the NC/SC state line so maybe I should check out SC. Link to comment Share on other sites More sharing options...
chilton1 Posted August 3, 2007 Report Share Posted August 3, 2007 I'll keep looking, I went through the local phone book when I first thought about getting one. I'm on the NC/SC state line so maybe I should check out SC.what is your FICO score? Link to comment Share on other sites More sharing options...
saramorgan Posted August 3, 2007 Author Report Share Posted August 3, 2007 Eq- 618Ex- 587Tu- 588 Link to comment Share on other sites More sharing options...
kevin3344 Posted August 3, 2007 Report Share Posted August 3, 2007 It doesn't matter...I had a secured credit card for 2 years through New Millenium Bank, just closed it the other day when I got Amex Blue. Loved the card even with the annual fee. The key here is to GET ONE, it doesn't matter where. I wasn't concerned about the fees so much as I needed the credit card reporting on my cr. Link to comment Share on other sites More sharing options...
saramorgan Posted August 3, 2007 Author Report Share Posted August 3, 2007 I'm not worried about the fees either since I plan to use it for minor purchases and just PIF each month. Wanting to boost my score as much as I can so that DH and I can buy a house sometime in the next year. Link to comment Share on other sites More sharing options...
Dayspring Cheri Posted August 3, 2007 Report Share Posted August 3, 2007 http://www.locallender.info/credit-unions/north-carolina-credit-unions/here is a list of the credit unions in NCgood luck!! Link to comment Share on other sites More sharing options...
Dayspring Cheri Posted August 3, 2007 Report Share Posted August 3, 2007 You have to be concerned about the fees. Why wouldnt you care about the fees??????????????????????????to not be concerned about the fees sounds like your well on your way to making the same sort of mistakes....if I show you how to get a card at 5% with no annual dues and no sign up feesyou'd still take a $75. sign up and a 21% rate and a monthly service charge??? Link to comment Share on other sites More sharing options...
Dayspring Cheri Posted August 3, 2007 Report Share Posted August 3, 2007 one more thought to ponder....New Millenium, Capital One and Orchard Banks are KNOWN lenders to poor credit.just having them on your report is as bad as it is good. Link to comment Share on other sites More sharing options...
saramorgan Posted August 3, 2007 Author Report Share Posted August 3, 2007 IT's nice of you to be so concerned Cheri but you don't know enough about me to make that kind of statement your well on your way to making the same sort of mistakes....When I say I'm not concerned with fees I mean that I'm willing to pay in order to repair my credit because I can pay. I can afford to pay off a $500 secured card monthly with no problem. I would never use a card that way however and only intend to spend max $100 a month and pay off in full each month. Of coarse I want to save money, but I also want to begin repairing my credit quickly. I'm not going to apply to 10 different companies in the hopes of getting approved only to be denied and stuck with those inquiries. I want the sure thing which for me is a secured credit card. Link to comment Share on other sites More sharing options...
nativechild48 Posted August 3, 2007 Report Share Posted August 3, 2007 the best way and cheapest way to get a secured card is to apply with your credit union. I have my customers do this and they always get a super low rate, and NO app fees of any kind.wonder why this site doesnt mention it????Have you ever done a search on this website? I and many others have mentioned this many times. I have also mentioned about opening a CD and borrowing on it. Some CU's do not report to all of the 3 major players so this is a problem for one with a thin file. Link to comment Share on other sites More sharing options...
saramorgan Posted August 3, 2007 Author Report Share Posted August 3, 2007 I have also mentioned about opening a CD and borrowing on it.This is new to me, where can I read more about that? Thanks Link to comment Share on other sites More sharing options...
Dayspring Cheri Posted August 3, 2007 Report Share Posted August 3, 2007 and so you WOULDNT get a secured card from a CU that doesnt report then would you class?Miss. Cheri Link to comment Share on other sites More sharing options...
kevin3344 Posted August 3, 2007 Report Share Posted August 3, 2007 New Mill doesn't pull an inquiry, and they report as unsecured. Sure, they have a yearly fee but having them on your credit will not limit you. I've gotten $22k in unsecured credit last month alone with them on my credit and it hasn't mattered one bit.Now, we all would like to avoid fees where possible, true. However, if it comes to having a secured cc or paying fees, well, the benefits outweigh the costs. Each person has to make the decision that's best for them. Link to comment Share on other sites More sharing options...
nativechild48 Posted August 3, 2007 Report Share Posted August 3, 2007 and so you WOULDNT get a secured card from a CU that doesnt report then would you class?Miss. CheriCan you explain what you are saying? Many CU's only report to 2 CRA's at most. My CU does happen to report to all three (Penfed) but I do not know if they have secured cards. Link to comment Share on other sites More sharing options...
Believe Posted August 3, 2007 Report Share Posted August 3, 2007 one more thought to ponder....New Millenium, Capital One and Orchard Banks are KNOWN lenders to poor credit.just having them on your report is as bad as it is good.Actually, when my score was 758 I had a Cap 1 card, so I suppose they lend to those w/ good credit as well. I had no idea that they were the poor credit lenders, nor did my FICO score, thus the high score. Link to comment Share on other sites More sharing options...
Dayspring Cheri Posted August 3, 2007 Report Share Posted August 3, 2007 New Mill doesn't pull an inquiry, and they report as unsecured. Sure, they have a yearly fee but having them on your credit will not limit you. I've gotten $22k in unsecured credit last month alone with them on my credit and it hasn't mattered one bit.Now, we all would like to avoid fees where possible, true. However, if it comes to having a secured cc or paying fees, well, the benefits outweigh the costs. Each person has to make the decision that's best for them.but we are speaking of secured cards are we not?and how can you tell if the card bumped your score as high as a card from say Citibank with 0% I'm telling you from 9 years in this crazy crazy business that Orchard and Cap one and several others are not AS favorable as say your CREDIT UNION when it comes to scores. Link to comment Share on other sites More sharing options...
Dayspring Cheri Posted August 3, 2007 Report Share Posted August 3, 2007 almost every CC issuer has several levels of cards, this isnt new thinking.... Link to comment Share on other sites More sharing options...
nativechild48 Posted August 3, 2007 Report Share Posted August 3, 2007 but we are speaking of secured cards are we not?and how can you tell if the card bumped your score as high as a card from say Citibank with 0% I'm telling you from 9 years in this crazy crazy business that Orchard and Cap one and several others are not AS favorable as say your CREDIT UNION when it comes to scores.Read the statement. Kevin was speaking of secured. He said he recently got it unsecured. Of course its good to know many things but there are many banks that offer secure credit and they report to all three. Bank of America, National City and I believe CitiCards have secured cards. Credit Unions will mainly give you dollar for dollar on your money and all might not report to all three on secured CC's. Link to comment Share on other sites More sharing options...
Recommended Posts