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I've seen vague references to Orchard Bank being bought out/closed/their secured CC program being phased out.
Does anyone have any current information/details on this situation?
I am headed towards applying for a secured CC and it's between Orchard Bank or Capital One. I'd really rather not open a card if it's going to get yanked out from under me soon...
Thanks in advance!
@tk777777 wrote:I've seen vague references to Orchard Bank being bought out/closed/their secured CC program being phased out.
Does anyone have any current information/details on this situation?
I am headed towards applying for a secured CC and it's between Orchard Bank or Capital One. I'd really rather not open a card if it's going to get yanked out from under me soon...
Thanks in advance!
HSBC is looking to unload the portfolio. I believe Cap One has put in a bid for it so either way, you might be opting for a Cap One card.
@visorboy1974 wrote:
@tk777777 wrote:I've seen vague references to Orchard Bank being bought out/closed/their secured CC program being phased out.
Does anyone have any current information/details on this situation?
I am headed towards applying for a secured CC and it's between Orchard Bank or Capital One. I'd really rather not open a card if it's going to get yanked out from under me soon...
Thanks in advance!
HSBC is looking to unload the portfolio. I believe Cap One has put in a bid for it so either way, you might be opting for a Cap One card.
If that happens, I'm closing my card. Haven't had it that long anyway - maybe a few months - and I refuse to do anything with Capital One.
That's what I heard too. The irony is that since you're only supposed to have 2 Cap One cards (non branded/store ones), that would push me over the limit since I have 1 Orchard Bank card too. I'm sure it won't affect anything really. And the 2 cards limit could vary by person, that's just what I was told as the reason for being declined when I applied. At least it didn't give me an inquiry, just a letter stating it wasn't happening.
@seruby wrote:HSBC is looking to unload the portfolio. I believe Cap One has put in a bid for it so either way, you might be opting for a Cap One card.
If that happens, I'm closing my card. Haven't had it that long anyway - maybe a few months - and I refuse to do anything with Capital One.
Could you share why? I am trying to avoid getting stuck with a bad company right out the starting gate of rebuilding. (PM is okay too.)
@Anonymous wrote:That's what I heard too. The irony is that since you're only supposed to have 2 Cap One cards (non branded/store ones), that would push me over the limit since I have 1 Orchard Bank card too. I'm sure it won't affect anything really. And the 2 cards limit could vary by person, that's just what I was told as the reason for being declined when I applied. At least it didn't give me an inquiry, just a letter stating it wasn't happening.
That would give me three cards with Cap1, as I already have two plus an OB. It would be nice if they would allow people to combine cards again. If they buy HSBC and allow us to combine cards, I'd be happy to simply fold the CL from my OB into my Cap1 No Hassle MC.
Cap1 has left a bad taste in a lot of people's mouths for one reason or another. I personally have their No Hassle Cash Rewards card and love it. Sure, it'll probably only grow to $750, but it's a rebuilder card. What can you expect? I have 0% interest until Feb, 17.9% after that (I won't carry a balance anyway, but that's their lower rebuilder rate), low annual fee, and the cash rewards are great. They have a good website as well. Once they get to know your payment habits, your payments post and are available within a day.
If it were between Cap1 and Orcahrd, I would definitely go with Cap1. But, most here will tell you to get a secured card with a CU for better rates and better chance of graduation to an unsecured card.
@tk777777 wrote:
@seruby wrote:HSBC is looking to unload the portfolio. I believe Cap One has put in a bid for it so either way, you might be opting for a Cap One card.
If that happens, I'm closing my card. Haven't had it that long anyway - maybe a few months - and I refuse to do anything with Capital One.
Could you share why? I am trying to avoid getting stuck with a bad company right out the starting gate of rebuilding. (PM is okay too.)
Check out my recently post "Capital One judgement vacated" (still on the main page) and also read the forum I linked inside. That's my story with Capital One - the recent being a continuation of the previous.
@Anonymous wrote:
If it were between Cap1 and Orcahrd, I would definitely go with Cap1. But, most here will tell you to get a secured card with a CU for better rates and better chance of graduation to an unsecured card.
Thanks stanggt03. I have been looking into CUs but the ones I've looked into so far require a credit check as well as higher scores even for a secured card. (I am in the 400's.) In addition, I am only able to afford a $200 deposit to start out with and all of the CUs I've looked into require $500 or more. That's why Cap One and Orchard have been the main secureds on my radar.
Do you have any CU recommendations for a low-level rebuilder secured CC?
See if any of this helps:
I know I heard of one of the major CU's people talk about on here that didn't do a credit check for secured, but I can't remember who.