Applying for Secured Credit after BK, what do you think of this ???

[OneDay]

Applying for Secured Credit after BK, what do you think of this ???
I read this in the terms and conditions while applying for a secured card @ TierOne bank *local bank*

We will be unable to approve your application if your credit bureau reflects a bankruptcy, you are less than 18 years of age or if your enclosed check is less than $300.

I am either confused or thinking why in heck.....

Can anyone tell me if Orchard Bank will allow joint secured cards?

[mdabcdefg]

From what I read Orchard Bank does allow that.

[Cali]

Orchard has secured credit cards, but they aren't automatic. You can still be denied.

[mdabcdefg]

When I filed at the end of August, Orchard Bank closed my card. I had a $0 balance w/ them at filing and a perfect 1 year record. I just opened up a new Orchard Bank card last week and was approved, lol. Now I have to try and get my damn deposit back. They are jerking me bigtime on getting that back. The card is good and the fees are good compared to others but it seems they are horrible and giving you back what they owe you.

[tylalee]

i just rec'ced an unsecured card from orchard bank. 300 limit

[JasonK94Z]

Applying for Secured Credit after BK, what do you think of this ???
I read this in the terms and conditions while applying for a secured card @ TierOne bank *local bank*


I am either confused or thinking why in heck.....

Can anyone tell me if Orchard Bank will allow joint secured cards?

is there some reason somebody like Capital One won't issue an unsecured card to you? they wer in my mailbox before I was even discharged!

[credit1]

Secured credit cards are great for young people who are just starting out. They carry a low amount of risk; this is something which benefits everyone. Since secured credit cards have a much higher interest rate than unsecured cards, you can expect to pay more in interest when using them. Those who are looking for low interest rates will want to look at unsecured credit cards. These cards are aimed at people who have built up a good amount of credit, and have demonstrated that they can make payments on time. Building up a solid credit history is an important part of managing your finances.

[toomuch]

Same story here

When I filed at the end of August, Orchard Bank closed my card. I had a $0 balance w/ them at filing and a perfect 1 year record. I just opened up a new Orchard Bank card last week and was approved, lol. Now I have to try and get my damn deposit back. They are jerking me bigtime on getting that back. The card is good and the fees are good compared to others but it seems they are horrible and giving you back what they owe you.

I could have written the above as I had a zero balance with them too and they canceled my card post filing. They still have my security deposit and said they need a letter from my lawyer before they will refund it. Meanwhile, they said they can go ahead and give me a new secured card. Go figure.

Toomuch

[lillaimof2kids]

DH now has a $500 unsecured card through Capital One. No annual fee. We've had it for probably a month or so, but still haven't activated it. I'd rather him use that card when he's away on business instead of our check card. Then I could pay it every other week.

[Flamingo]

is there some reason somebody like Capital One won't issue an unsecured card to you? they wer in my mailbox before I was even discharged!

Anyone on any mailing list in this country gets credit card offers in the mail all the time. The key is whether or not you qualify for the card, even if it states "preapproved." Once you apply and the BK or the bad credit shows up, they do not have to extend credit to you. People seem to forget that having a BK on your record is the worst credit stain there is, followed by a foreclosure. Because some banks are stated to be BK friendly does not mean they have to extend you a card. There may be other things on your credit report or other reasons along with the BK (income, etc.).