saramorgan

Do new secured CC make your score go down?

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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 :)

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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.

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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 fees

you'd still take a $75. sign up and a 21% rate and a monthly service charge???

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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.

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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.

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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.

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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.

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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.

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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.

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