topic Re: HOW LONG FOR SECURED CARD???! in Rebuilding Your Credit

HOW LONG FOR SECURED CARD???!

Anonymous — Fri, 03 Feb 2012 21:25:26 GMT

I posted this over in the CC forum, but I think all the grown up CC holders have far more to concern themselves with than my secured card question-LOL

I applied back in December, yea...DECEMBER and have not gotten my card yet!

Whenever I call they always say its still processing. I sent the deposit and everything- they havent cashed it so Im not worried about them trying to swindle me out of my little $200, but really- DOES IT USUALLY TAKE SO LONG???!

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Fri, 03 Feb 2012 21:26:01 GMT

Oh, the card is Orchard Bank

Re: HOW LONG FOR SECURED CARD???!

GoodCredBen — Fri, 03 Feb 2012 21:35:23 GMT

I have seen it on the forum where people report certain banks taking 2 - 3 months.... the worst thing to happen is that they return your money or deny you.... You can try to call and have them rush it or something? I am not sure that there is a backdoor number in the backdoor phone number or not... couldnt hurt to try thoughl.

Re: HOW LONG DID IT TAKE YOU TO RECIEVE YOUR SECURED CC?!

Anonymous — Fri, 03 Feb 2012 21:48:20 GMT

I have found EVERYTHING about establishing credit to be the slowest experience of my life! When we applied for our first secured CC, it took 2 months to get it, then -- although the inquiries were posted on our CRs in the twinkling of an eye, the posting of the actual account took another two months. In the meantime of those months, we applied for 2 other secured CCs and they also took FOREVER to show up in the mail and then report. Also, when making the payments -- THAT also took a long time to post, and then, holds were placed before the credit line was freed up for ongoing use of the card. It has been one frustration after the other!

The ONLY thing "fast" in this whole process is the inquiries. If everything else could happen at the speed of an inquiry -- we could get on with life couldn't we?

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Fri, 03 Feb 2012 21:48:51 GMT

Thank you Ben..I will try that!

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Fri, 03 Feb 2012 21:53:03 GMT

I do know with Orchard Bank they usually keep the funds for 14 days (business) after they deposit it to make sure the funds don't come back NSF or something...that still seems excessive, is there a number you could call and speak to a real person??

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Fri, 03 Feb 2012 21:59:34 GMT

Ive actually been calling and speaking to live people, they tell me its still processing-LOL!

I have found the backdoor number, now what is it that I say? Can I just ask them to put a rush on things?

I really wanted it to be reporting before I go in for my car loan man! Had I known it takes this long I would have applied last summer!

Re: HOW LONG DID IT TAKE YOU TO RECIEVE YOUR SECURED CC?!

Anonymous — Fri, 03 Feb 2012 22:07:36 GMT

Oh my!!! So waiting isnt whats going to pee me off the most? LOL

I really wanted this line of credit reporting before I went for a car loan, but I guess it may not work out that way...ce la vie

Re: HOW LONG FOR SECURED CARD???!

GoodCredBen — Fri, 03 Feb 2012 22:12:22 GMT

yes, dont be rude, but ask them to escalate it.... couldnt hurt.... just explain to them that this has taken exceptionally longer then expecte.d

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Fri, 03 Feb 2012 22:19:30 GMT

Yes, never rude...I know I need them to do me a favor! I will tell them I love them and tuck them in with a goodnight kiss if i hafta!

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Fri, 03 Feb 2012 22:33:31 GMT

Hi,

Did you have to print out your application and mail it in? I do, another step to make the process even longer for me. I need something like this on my credit report, even if it's only $200. Is $200 going to help your credit (and mine too)?

Also when it says to have a $30 balance but pay it back before they report to the credit bearues that means spend only $30 or spend $170?

Good luck getting your card!

I'm very nervous that since I had to print mine out and send it in that I'll be denied, it says you either receive a kit or a letter back .. eeek!

Re: HOW LONG FOR SECURED CARD???!

GoodCredBen — Fri, 03 Feb 2012 22:38:43 GMT

The issue is NOT the amount, and i wouldnt recomend eve n 30, i would recomend using it, but before the bill is due, pay it to like 5 dollars......

Its the trade line that helps your credit, not the amount on the trade line....

Think of it like this, if you finance a house, it doesnt matter whether it is 1.2million or 120k, it helps your credit score exactly the same

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Fri, 03 Feb 2012 22:39:40 GMT

HHG,

I sent mine out in the mail too- dont worry, I got the "welcome kit" aka "the letter"...but that apparently doesnt mean anything-LOL

I think for those of us just starting out, paying th balance in FULL each month is important. Also, less that 10% is what I plan on using it for. So no more than $20 bucks each cycle. Thats fine by me, this isnt a means of survival, its a way to build credit. It will help our credit tremendously girl! Especially if youve never had a CC, which I havent...and Im 30!

Re: HOW LONG DID IT TAKE YOU TO RECIEVE YOUR SECURED CC?!

LS2982 — Fri, 03 Feb 2012 22:49:55 GMT

@Anonymous wrote:
I am in the process of buiding my credit and applied for an Orchard bank card back in DECEMBER!!!

I have been calling weekly to see the status of my application and was told today to be on the lookout for a confirmation from them.

They have had my deposit check since December and have not cashed it or anything but MY GOODNESS how long does it take???!!!!

Why not go though Cap1?? They are alot quicker about it.

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Fri, 03 Feb 2012 22:57:15 GMT

haha it's okay, I went credit card crazy when I was about 20 and had NO job! Was a student.. no income. I didn't even know how a credit card works. I thought you just got $300 a month to spend and then every month it magically refilled lol ..

My boyfriend (husband now) was like.. what are you doing, you're a mad woman, stoppp lol. I had 7 of them lol .. only $300 each but I maxed them all out and paid off all their balances a few years later but they are still on my credit report as 'charge-off's' .. 'paid' .. still, I hope they agree to remove themselves!

The worse part was while I was online going credit card crazy we had dial-up at the time, and his boss had been trying to call all night (he worked at an Arena) to tell us the Foo Fighters were going bowling down the street and invited us to go with. Because I couldn't stop applying for cards and then spending them that night we missed the calls hahahaa.

Anyway, hopefully they send your card to you very soon and you see a nice bump in your credit score

The simulator showed mine would either stay the sime or raise up to 20 points. I wouldn't mind if it went up 20 points woohoo

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Sat, 04 Feb 2012 03:59:55 GMT

I would try for another card, but Orchard already has my check! I dont play those games, I need to see results! LOL. Either a card or my check returned...uncashed and unharmed...

HHG, was hubby mad you guys missed The Foo Fighters??? LOL - that is HILARIOUS!

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Sat, 04 Feb 2012 04:15:29 GMT

Yes he was mad! He would remind me once in a while how I made him miss meeting the Foo Fighters because of going credit card crazy lol .. I kinda kick myself for it too, could have met Dave Grohl and maybe wouldn't be in this mess. Having to wait over a month for an Orchard Bank Secured card haha. I looked on my application and it says once you send in the check it could be another 30 days to process that and receive your card.

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Sat, 04 Feb 2012 04:17:39 GMT

The guy I spoke to today told me give it to the end of next week...we shall see! I will just be glad to know that my check isnt floating God knows where-LOL

DH is a good guy...he married you even after all that LOL!

Re: HOW LONG FOR SECURED CARD???!

Anonymous — Sat, 04 Feb 2012 04:36:55 GMT

I know what you mean! They wouldn't let you pay the money online or over the phone with a bank card? You had to send a check?

Re: HOW LONG FOR SECURED CARD???!

izzesparks — Sat, 04 Feb 2012 07:28:59 GMT

OMG I am having the same problem, lol!! I applied for 3 credit cards, 2 secured, 1 not. a month ago! and I still have not received them I have called 5 times, its really ridiculous!