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Established Contributor
glamchick
Posts: 507
Registered: ‎01-09-2008

applying for Orchard secured card when do you get approved?

I am applying for the Orchard secured card how long does it take to notify u if you are denied or approved?

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Frequent Contributor
manyquestions
Posts: 291
Registered: ‎10-20-2008

Re: applying for Orchard secured card when do you get approved?

Orchard Secured Card approves everyone unless they can't verify your identity.  I think I got the card about the time they finally said I was approved so it was something like two weeks.  They did not appear to be in a hurry.
Frequent Contributor
moondog7324
Posts: 488
Registered: ‎04-09-2008

Re: applying for Orchard secured card when do you get approved?

Hopefully never, just curious how much fees are you paying for this card? Here is a solution I reccommend

1. Join credit union (NFCU is awesome if you qualify) open savings account- this is going to be an account for credit repair- not for paying bills!! Keep your bill paying accounts seperate from this one

2. Deposit $25 or $50 a pay period (more if you can afford it) direct deposit is best-

3. Once you reach $1,000 through deposits or additional funds added ask if they offer a secured credit card(not a bank card)

4. Remember these secured funds will NOT be available to you for probablly a year- until the card goes unsecured

5. Keep balance <$400- always pay in full to avoid interest

6. Keep making those monthly deposits  

 After a year you should get that deposit back, you've created good habits and now have a card with great history.

 

 

Frequent Contributor
manyquestions
Posts: 291
Registered: ‎10-20-2008

Re: applying for Orchard secured card when do you get approved?


moondog7324 wrote:

Hopefully never, just curious how much fees are you paying for this card?

 

Orchard Secured card has a $35 annual fee that is waived the first year.  So...first year fees = $0.

 

Established Contributor
Andy77
Posts: 567
Registered: ‎10-02-2007

Re: applying for Orchard secured card when do you get approved?

HSBC Secured is not guaranteed approval...

 

I was declined a secured card with them....as I had included them and Neiman Marcus in my ch 7 bk that was discharged in the last six months

 

I am not certain they blacklist forever, but thus far they have with me.

 

Thanks 

Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: applying for Orchard secured card when do you get approved?


manyquestions wrote:

moondog7324 wrote:

Hopefully never, just curious how much fees are you paying for this card?

 

Orchard Secured card has a $35 annual fee that is waived the first year.  So...first year fees = $0.

 


No AF is fun to pay but $35 is not too bad if someone is rebuilding and if having this CC for awhile will help them do that. I can't tell someone that they absolutely should NEVER pay an AF. Each person must make that decision for themselves. After first researching all the options of course.

Frequent Contributor
moondog7324
Posts: 488
Registered: ‎04-09-2008

Re: applying for Orchard secured card when do you get approved?

$35 is not bad for a rebuild- I've seen some First Premiere offers that charge like 120 on a 200 card- the worst are the ones that charge monthly fees- they get 12 chances a year for a slip up-

 

 

Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009

Re: applying for Orchard secured card when do you get approved?


moondog7324 wrote:

Hopefully never, just curious how much fees are you paying for this card? Here is a solution I reccommend

1. Join credit union (NFCU is awesome if you qualify) open savings account- this is going to be an account for credit repair- not for paying bills!! Keep your bill paying accounts seperate from this one

2. Deposit $25 or $50 a pay period (more if you can afford it) direct deposit is best-

3. Once you reach $1,000 through deposits or additional funds added ask if they offer a secured credit card(not a bank card)

4. Remember these secured funds will NOT be available to you for probablly a year- until the card goes unsecured

5. Keep balance <$400- always pay in full to avoid interest

6. Keep making those monthly deposits  

 After a year you should get that deposit back, you've created good habits and now have a card with great history.

 

 


 

PenFed is pretty much the same.

 

Why in the world would you want an Orchard Bank secured card that will not only never grow with you, but also cost you $35 a year when you can join PenFed and get a secured card that will grow and has no annual fee?

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Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: applying for Orchard secured card when do you get approved?

PenFed is pretty much the same.

 

Why in the world would you want an Orchard Bank secured card that will not only never grow with you, but also cost you $35 a year when you can join PenFed and get a secured card that will grow and has no annual fee?

 

As I said before a person needs to explore all options before deciding what is the best path for them.

Frequent Contributor
manyquestions
Posts: 291
Registered: ‎10-20-2008

Re: applying for Orchard secured card when do you get approved?


O6 wrote:  

Why in the world would you want an Orchard Bank secured card that will not only never grow with you, but also cost you $35 a year when you can join PenFed and get a secured card that will grow and has no annual fee?


Penfed secured cards are hard to qualify for.  Not everyone can get them.  They are like Citi secured, Wells Fargo secured, and many other desirable secured cards.For someone with a FICO around 500 and many recent baddies,  the Orchard Secured ($35 annual fee waived first year, 7.9% APR) is one of the best cards available to them. It's the best of the subprime cards.

 


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