Got pre-approved for Orchard secure card after recent discharge

[HOMEBODY]

When it says "pre-approved" does that mean you get the card or do they still have to pull your credit and let you know. It says I was approved for $500 and I should print and send in the application but I was at home and didnt have a printer so now I dont know if I have to do this again and if it will show another inquiry on my credit.

Does it mean that I need to pay them $500 that i could use and pay as I go? There is no monthly fee and the annual fee is $39.00. Is this a good deal to reestablish credit?

I already have a car loan that I am paying as I reaffirm, how many cards do I need to get a good score again? I've learned my lesson about credit and I just want to use these cards to get a good score. I will NEVER allow myself to be controlled by credit card companies and now my financial situation is much better. I am saving about $2,000 in the bank...that was the money I was paying the credit card companies and the principal was not decreasing at all..ALL INTEREST!!

[SPalin]

As many on this board will tell you "pre-approved" doesn't mean anything now at least for unsecured cards... they will pull a hard inquiry! But since your card is a secure card and your approved all you need to do is send in your deposit. A secured card would be better, but if you want to increase your credit limit, just deposit more money... seems HSBC parent company for Orchard Bank is not giving out many credit line increases lately, so your unsecured card can grow! For me I have three credit cards and that is my limit, as things improve I will probably get rid of the Best Buy Rewards MC (HSBC) as it has an annual fee and has not had an increase in credit line since opening and my other cards have increased. Best of luck and keep us updated!

[tobee43]

As many on this board will tell you "pre-approved" doesn't mean anything now at least for unsecured cards... they will pull a hard inquiry! But since your card is a secure card and your approved all you need to do is send in your deposit. A secured card would be better, but if you want to increase your credit limit, just deposit more money... seems HSBC parent company for Orchard Bank is not giving out many credit line increases lately, so your unsecured card can grow! For me I have three credit cards and that is my limit, as things improve I will probably get rid of the Best Buy Rewards MC (HSBC) as it has an annual fee and has not had an increase in credit line since opening and my other cards have increased. Best of luck and keep us updated!

DITTO!!! it usually means nothing....except a come on and then a NO...LOL!!