Orchard secured cards

[BK2008]

I was 'prequalified' for an Orchard secured card, but I haven't hit the 'apply' button yet.

I was wondering, do these card eventually turned unsecured, or do they remain secured forever?

Does anybody have any experience with these? My credit scores aren't so great, and B of A just turned me down for a secured card, nevermind that I have a decent savings account with them and they don't take that into consideration that that would be the security for the card.

Thanks for any input.

[AngelinaCatHub]

Only my opinion, go cash, a secured card pulls your money like a Debit card or at least locks that amount so that you cannot pull it out later. If you have a savings account make it a checking account and ask for a Debit Card. 'Hub

[BK2008]

Problem with a 'checking account' for savings is the federal limit on how many w/d's you can withdraw in a month.

So everytime i use the secured cc, it 'pulls' from the security account, and when I pay it back, then the funds are recredited ?? Trying to understand how 'secured' really works. I understand the 'security earns interest, so If you pay the bill each month, there is no 'costs' for the credit, other than an annual fee.

[ansky0007]

Most will not pay you any interest on your deposit and will also charge you a 9.9 to 20% rate for charges even though its secured with your own funds not to mention a yearly fee for the secured card.

[Intoodeep80]

Only my opinion, go cash, a secured card pulls your money like a Debit card or at least locks that amount so that you cannot pull it out later. If you have a savings account make it a checking account and ask for a Debit Card. 'Hub

Isnt the OP asking a question about rebuilding credit with a secured credit card?

In this case, a savings account or debit card will do nothing to your rebuild your credit .. well keep you out of potential debt, thats about it.

Im going to be rebuilding my credit soon as well. I plan on applying for a Hooters card, if no luck there then I am going the secured card route.

To the OP: Apply for the secured - Orchard has had good reviews on bkforum, be careful to pay in full each month as to not get violated with interest rates. There will be a fee to have the secured credit card but if it rebuilds your credit then I would say its whatever that is worth to you.

[Floridagail]

Wait for unsecured card.

[GoFigure]

I agree, wait for the unsecured card.

I was issued an unsecured Orchard card in 2005 with a CL of $1200.

Today the CL is $2200 with an annual fee of $39.

After my BK in 2003 I went the route of First Premier, Aspire, Total Card etc. They charge you those huge fees just so you can build credit again. I think that is totally unfair. I paid like the rest of the people did. In about a year I was able to get much better cards and I closed all of those.

[BK2008]

Update: I actually went ahead and applied for the Orchard Platinum:

Approved for $750 limit to start, no annual fee and 8.9%. Increase in limits are based on payment performance, etc. I keep my usage to 15%, will let it statement, and pay it (they have online payment processing, which I like).

Other than the limit, it's a better card then what I had in the past. Go figure.

[bpn2009]

I applied for the Orchard Card and first got the secured card offer, closed out went back in about an hour later and got approved for a 10.99% card with a $300.00 limit. We're fresh out of a CH13.