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New Member
Posts: 11
Registered: ‎05-21-2012
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Re: Orchard Bank/ Cap One

No I applied for the Orchard Bank card just in time in mid-May and they sent me the paperwork to start the card with the deposit paperwork and all.

 

That's why I was wondering if I should continue with getting it since I just beat the deadline...

Valued Contributor
Posts: 2,140
Registered: ‎03-30-2012
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Re: Orchard Bank/ Cap One

Oh, in that case, you might as well since I'm assuming you already took the hit inquiry wise.

Scores 5/15/2016 (clean reports!): TU Walmart FICO: 696 | EQ FICO: 679 | EX AMEX FICO: 680

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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Orchard Bank/ Cap One

I rebuilt with 3 secured cards, a PSB secured card, HSBC secured card and Capital One card.  IMO,  It was a bit overkill, 1 or 2 secured cards is enough for most people but larger deposits and credit limts are desirable.

 

I suggest you put the $1000 on the Capital One secured card and forget about the Orchard card since it is now owned by Capital One. If you have extra money , add even more to the deposit.     Wait at least a year or more before trying to get a card with Capital One and then use Capital Ones preapproval to pick from.  That large secured deposit should help get a decent credit limit with them(it helped me).

 

If you want to add a 2nd secured card, I'd only do it with a bank or CU that you want to keep doing business with.   This is not a bad idea, but I would get a decent depost with Capital One first. 

 

You might consider applying for a store card from a store you frequent, as they are often easier to qualify for and it is easy to buld some positive history if you are a regular customer.  

 

You do get your money back when you close a secured card, but 60 to 90 days wait is common, so be advised and don't tie up money that you can;t afford to wait on.    

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Posts: 17,443
Registered: ‎12-30-2011
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Re: Orchard Bank/ Cap One

[ Edited ]

Wolf3 wrote:

I rebuilt with 3 secured cards, a PSB secured card, HSBC secured card and Capital One card.  IMO,  It was a bit overkill, 1 or 2 secured cards is enough for most people but larger deposits and credit limts are desirable.

  


Didn't you post not just the other day that you wanted 3 cards for a max FICO perspective? Smiley Wink

 

To the OP: anyway, 2-3 cards is fine, one is too few.  Don't drag out a building / rebuilding process any longer than it needs to be.  Either chase the Orchard card (meh), or personally I like Wolf's suggestion if you have a CU or a national bank you do business with, try them instead.  It really doesn't matter who you get a secured card from as long as, and this is important, they report to all three bureaus.  Any card which doesn't report to three is extremely suboptimal, and any which doesn't report at all, is a complete waste of time from a building/rebuilding perspective.

 

Inquiries /shrug.  Rebuilding is a multi-year process, and they only count for a year score wise.  Don't worry about them now, just get your requisite credit cards open for FICO goodness.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Regular Contributor
Posts: 161
Registered: ‎02-17-2011
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Re: Orchard Bank/ Cap One

I have both orchard and cap one...started with orchard lousy limit blah blah.  Never got a cli until they were almost done being purchased by cap one.  Then they gave me a whole 100 dollars!  I also got the cap one under the steps now at 500 but 0 interest for a short time.  I used the card until the interest kicked in.  I still use both for payment history but not more than 20 or 30 a month.  Sadly Hooters is gone, went from 500 to 1500 cl in no time Smiley Sad 

 

Amazon is prob my other fav.  They bumped me pretty quickly and since I do alot of shopping with them it's all good.  Also love their 120 day 0 interest on purchases over 100 I believe it is. 

March 2011 FICO® ~ 595 TU, 605 EQ, 525 EX
Aug 2012 Lender pulls: 702 TU, 667 EQ, 660 EX
Established Contributor
Posts: 592
Registered: ‎07-20-2008
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Re: Orchard Bank/ Cap One


Crashem wrote:
Check out your local credit unions. Call and see if any are new credit friendly. Also, don't pull tu myfico. Use eq myfico as your guide. 

Can I ask why you say not to pull Myfico TU score?  Just curious.

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Fico 7/20: TR:580
Cap1 3500/2500, Merrick 1000.
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Posts: 17,443
Registered: ‎12-30-2011
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Re: Orchard Bank/ Cap One


westo12 wrote:

Crashem wrote:
Check out your local credit unions. Call and see if any are new credit friendly. Also, don't pull tu myfico. Use eq myfico as your guide. 

Can I ask why you say not to pull Myfico TU score?  Just curious.


TU here = FICO '98: really not very utilized at all these days... and TU is also the least polled bureau anyway for the majority of Americans.

 

EQ here = FICO '04: the gold standard for mortgage applications, and still pretty relevant for credit card applications as well.  

 

In general, the EQ score here is worth more than the TU one, and since they cost the same amount of money, if you're just going to pull one, EQ > TU.

 

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Posts: 17,409
Registered: ‎07-14-2009
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Re: Orchard Bank/ Cap One


Revelate wrote:

westo12 wrote:

Crashem wrote:
Check out your local credit unions. Call and see if any are new credit friendly. Also, don't pull tu myfico. Use eq myfico as your guide. 

Can I ask why you say not to pull Myfico TU score?  Just curious.


TU here = FICO '98: really not very utilized at all these days... and TU is also the least polled bureau anyway for the majority of Americans.

 

EQ here = FICO '04: the gold standard for mortgage applications, and still pretty relevant for credit card applications as well.  

 

In general, the EQ score here is worth more than the TU one, and since they cost the same amount of money, if you're just going to pull one, EQ > TU.

 

 


I respectfully disagree. Although TU98 is being used less and less there are still millions of pulls for TU98 made every year by lenders. But I do agree that it's probably the least pulled score.

 

 

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Posts: 17,443
Registered: ‎12-30-2011
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Re: Orchard Bank/ Cap One


MarineVietVet wrote:

Revelate wrote:

westo12 wrote:

Crashem wrote:
Check out your local credit unions. Call and see if any are new credit friendly. Also, don't pull tu myfico. Use eq myfico as your guide. 

Can I ask why you say not to pull Myfico TU score?  Just curious.


TU here = FICO '98: really not very utilized at all these days... and TU is also the least polled bureau anyway for the majority of Americans.

 

EQ here = FICO '04: the gold standard for mortgage applications, and still pretty relevant for credit card applications as well.  

 

In general, the EQ score here is worth more than the TU one, and since they cost the same amount of money, if you're just going to pull one, EQ > TU.

 

 


I respectfully disagree. Although TU98 is being used less and less there are still millions of pulls for TU98 made every year by lenders. But I do agree that it's probably the least pulled score.

 

 


You may be right, but the major lenders have all moved on to my knowledge, and I suspect there's perhaps billions of '04 pulls in comparison to possible millions of '98 pulls.  I probably certainly overstated the case though even though I do think it's a few orders of magnitude difference.  Even discounting the mortgage and auto applications of which I don't think '98 is used at all (certainly not for mortgage) I think '04 and even '08 both are more utilized these days than '98.  Could be wrong though, I know you, PD, and a few others I respect swear otherwise, but it just doesn't seem to track anecdotally.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Established Contributor
Posts: 657
Registered: ‎06-27-2012
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Re: Orchard Bank/ Cap One

patience, don't go for the 99 AF not worth it.  Let your cap 1 account age some more.

 

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