Secured cards

[Anonymous]

Hi.

I posted on another section on this form with a query as to how to build credit.  I have a limited credit history, having only recently moved to the US.  I received some extremely helpful replies, suggesting that Orchard Bank, Bank of America and credit unions might be good places to start.  I've now started looking at these, and am looking for guidance on the following points if anyone can shed any light on them:

1) Many of the comments online about OB's practices are very negative.  Once I build up my credit to a decent level, are there going to be any down sides to closing the OB account?

2) BoA doesn't look like it is taking applications any more for its secured card - is this possible?

3) I often receive offers from Capital One - does this mean it's worth looking at one of theirs also?

4) Is it also worth looking at offerings from the other major banks, i.e. Chase, Citi etc?  I'd feel safer using a larger institution.

Thank you! 

[BungalowMo]

Do you know what your TU & EQ FICO's are? 

What information is in your reports?  

Do you currently have a bank or CU that you use for direct deposits and checking and/or savings?  If so, maybe go to the loan officer & sit & explain your situation & see what card they may have.  You might start out with a secured visa through your bank & have it unsecured in a year & get a limit increase too.

[Anonymous]

Hi Bungalow Mo.

That's the issue - I don't yet have a score, because I've only had a credit agreement (a cellphone contract) here in the US for less than the 6 months I'm told I need before I can get a score.  The only thing in my reports is AT&T's query.

Thanks.