@Anonymous wrote:
@Revelate wrote:
.....There's a reason why all secured cards expire (and cannot be renewed) at either the 2 or 3 year mark,
I don't believe this in the least. Got anything to back it up.
Find me any example that does not. This is a consistent trend across the secured card industry as near as I've been able to determine: if it does not graduate, you open a new account if you wish to extend it past it's expiration date.
Put simply from a positive standpoint, the benefit to a secured card which graduates is that you can keep the tradeline open longer, which has some advnatages from a FICO scoring algorithm perspective, whereas most other secured cards you're stuck closing if for no other reason than to get your deposit back.
In my case there's a non-zero chance that my BOFA secured (which I still assume is going to graduate at the 1 year mark, they have for me in the past), may well be kept for an indefinite period of time, wheras my other two rebuilder cards (one a secured card which does not graduate, going to want that 2K back someday) are definitely going to get closed for various reasons as I make the transition to prime cards sometime in the future.
Edit: sloppy spelling
Back in the summer of 09 my gf and I dropped in at a Citi branch and opened 25k secured MCs. Neither of us had any banking history with Citi. My gf had a FICO over 800 while I had a number of baddies but, because I also had a WF secured Visa opened learlier that year my FICO had risen to about 650. My gf opened the secured card to get the 4% CD. A nice bump compared to the $500 she was getting on her regular savings. While the 25k and 4% CD have been history for a while Citi unsecured us both after the 18mo CD term and we each have 25k Citi cards as a result.My gf pc'ed to the Citi Forward card earlier this year. I haven't asked Citi to do the same yet but Citi waived the AF after they unsecured it. Technically my card is a standard MC with $29 af and 13.25% APR. The WF card I got (after 10 years of zero credit) was unsecured at 18 months to a 0 AF card. They also bumped my CL a few k just a couple months later.
Zero problems with either company and I really like Citi's virtual CC for online/phone shopping.
@dobirdsmommy wrote:IN RE:
I bank with Chase and they do not have a secured card either. Although still currently on my CR I show a Chargeoff to Capital One and I got approved for the secured card with only 49.00 down. So I think they are forgiving at some point.
Meanwhile my husband was not approved for Capital One and he has nothing on his credit report and orchard bank gave him an unsecured card with nothing down. I applied for Orchard and they told me secured card and pay 200.00.
Interesting considering the merging of the companies.
Cap One didn't buy HSBC, only a portion of it (HBSC is one of the largest banks in the world): namely most or perhaps all of their US credit card portfolio.
To my knowledge, neither company has outright stated what's happening with Orchard cards, and none of their customers (including myself) have been notified of any impending change.
It wouldn't surprise me if it was kept separate for various reasons, it may not have even been sold as it looks like there's a bunch of options in the deal as signed back in August and some of the information that I found is a little conflicting as to whether or not HSBC USA Bank issued-cards were being sold, and I think Orchard was under that banner (vary explicitly HSBC Nevada whatever that business entity is).
@cashnocredit wrote:Back in the summer of 09 my gf and I dropped in at a Citi branch and opened 25k secured MCs. Neither of us had any banking history with Citi. My gf had a FICO over 800 while I had a number of baddies but, because I also had a WF secured Visa opened learlier that year my FICO had risen to about 650. My gf opened the secured card to get the 4% CD. A nice bump compared to the $500 she was getting on her regular savings. While the 25k and 4% CD have been history for a while Citi unsecured us both after the 18mo CD term and we each have 25k Citi cards as a result.My gf pc'ed to the Citi Forward card earlier this year. I haven't asked Citi to do the same yet but Citi waived the AF after they unsecured it. Technically my card is a standard MC with $29 af and 13.25% APR. The WF card I got (after 10 years of zero credit) was unsecured at 18 months to a 0 AF card. They also bumped my CL a few k just a couple months later.
Zero problems with either company and I really like Citi's virtual CC for online/phone shopping.
I should mention that WF did not do a HP when they unsecured while Citi did. Both unsecured unsolicited.
