Should I open new accounts to increase score?

[Anonymous]

I know for a fact that Orchard Secured card doesn't even pull a credit check as my friend did so last year, but look into it.  You need to do your research on who will work with you.  And the previous poster is correct, the sooner you build positive history, the better.  Also, try to stay away from the crazy fee secured credit cards if you can.

[Revelate]

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@Anonymous wrote:

I know for a fact that Orchard Secured card doesn't even pull a credit check as my friend did so last year, but look into it.  You need to do your research on who will work with you.  And the previous poster is correct, the sooner you build positive history, the better.  Also, try to stay away from the crazy fee secured credit cards if you can.

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I'm fairly certain they do: Orchard's application link is single - they give you the card you're qualified for, basically a cascade of counter offers apparently from their top tier all the way down to their secured product.

Maybe there's a way to apply for the secured card directly, but everyone I've talked to who's applied to Orchard has an inquiry on their EQ report.  It'd be interesting if so though, just I find it unlikely but I'd be happy to be proved incorrect on this one as it's definitely useful to know otherwise.

[js0319]

I did some research and found that with Orchard you can do an application and it will tell you what you will most likely be approved for before you actually submit. I just did this, and in my case I was most likely approved for the unsecured MasterCard, and I believe the CL starts out at $300 on that card. It is unsecured, and would be an additional TL I could have reporting positively, but it's not something that would grow with me either, necessarily. I'm not sure if I should go through with it and complete the HP to get the card, or if I should hold out. I was also thinking about trying for a store card at some point, rather than a Visa or MC, like Macy's or Best Buy. Anyone have any thoughts on what you might do if you were in this situation?

[Anonymous]

I apped for the Orchard first and then the Cap One in the same week and got both. In hindsight, I'd have tried Cap One first, since they put me in the Credit Steps program. My initial low limit has now gone up to $3000 - where it seems stuck, but it's better than Orchard, which never passed $300. I closed it 11 months later when the AF was coming due again and they wouldn't waive it. I also got the BoA 99/500 2 months later, which unsecured a year or so after. I still have that card as well and it now has a $7500 limit. 

At the time, I had 1 charge off, several 120 lates on 2 student loans, and 60 lates on 1 credit card, but I think my score was just over 600. Getting the cards did help my score a lot, and I'm sure that 3 years of on time payments on those cards has balanced out the bad stuff so that I now have 2/3 scores over 700.