Credit Card Center Advertiser Disclosure

Posts: 14
Registered: ‎11-19-2009
0 Kudos

Secured card advice/question: Citi vs. Orchard Bank

[ Edited ]

Hi all,


I've been reading this forum for the last several weeks now and have gotten a lot of great advice... thanks for all the info! 


Here's my question: I'm 23 and for the first time, am able to do something about improving my credit history/score.  I've been researching secured credit cards and have set aside $900 for a deposit.  My first inclination is to apply for Citi's Secured Mastercard because of the great CD interest rate and the possibility of being offered an unsecured card after 18 months.  However, I found out on this forum that Citi does not report to the 3 CRA's during those first 18 months...which I guess doesn't help that much.  So, now I'm considering the Orchard Bank Secured Card... which does report immediately, but I'm sure doesn't offer a 4.17% APY on my deposit and more than likely, won't offer an unsecured card (plus, I hear some complaints about HSBC).  My credit scores are in the toilet (500s), so which card should I go with? Or should I perhaps split my deposit and apply for both? Any advice would be greatly appreciated! Thanks!

Message Edited by cavchic on 11-19-2009 10:03 AM
Message Edited by cavchic on 11-19-2009 10:05 AM
Valued Contributor
Posts: 3,022
Registered: ‎08-13-2009
0 Kudos

Re: Secured card advice/question: Citi vs. Orchard Bank

Another thought...


Purchase a CD at your bank/credit union.  Some will let you buy one for as low as $500.


Take out a secured loan against the CD.  My credit union will let me do that.  


If the interest rate is 2% on the CD, then my loan interest rate is 4%.  The loan must be for the amount of the CD or less.  The loan must be paid off in full before the CD matures.  They did report my loans.


Ask if your bank offers that type of secured loan before you purchase a CD!  Smiley Happy 

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.