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Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009
0

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


manyquestions wrote:

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.

 


 

I called PenFed and NFCU because I want to get a secured card for my son and they told me that approval was basically automatic and that the only reason they even pull a credit report was to determine the interest rate.
IAALBNYL
Frequent Contributor
manyquestions
Posts: 299
Registered: ‎10-20-2008
0

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


O6 wrote:

manyquestions wrote:

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.

 


 

I called PenFed and NFCU because I want to get a secured card for my son and they told me that approval was basically automatic and that the only reason they even pull a credit report was to determine the interest rate.

I'm guessing your son doesn't have bad credit so he could probably get them. Most posters who try for Penfed's secured card report that they were turned down due to having negatives on their report.  When they ask Penfed why they can't get a secured card Penfed usually tells them that the Penfed secured card is for people who lack credit, not people with bad credit.  They describe it as being a card for building new credit (someone who has a blank report), not rebuilding (someone who has a lot of baddies).

 

Frequent Contributor
moondog7324
Posts: 488
Registered: ‎04-09-2008
0

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

[ Edited ]
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.

 

 

There lies the problem, if you take time and develope good habits and follow the advice for a CU card- it will not be suprime- JUNK BEGETS JUNK.

 

Good credit is the result of good habits- not quick fixes.

Message Edited by moondog7324 on 11-05-2009 01:12 PM

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