Orchard Bank vs Capital One

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fl_226_2
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Orchard Bank vs Capital One

Postby fl_226_2 » Tue Jun 19, 2012 7:50 pm

Hello I am in the early stages of rebuilding and thus far the only CC I have is the ol' Cap One secured card $200 credit line. I have only had this card for about 5 months.

I recently pulled my TU from here on myfico and it said I was at TU658. I was pleasantly surprised and got carried away by that number and I made some mistakes already by applying for a couple of cards that were out of my league because I listened to Credit Karma suggestions and thought I could be approved for the Capital One Rewards card. I was promptly denied for that as well as the Chase rewards card. Again, the only reason I applied for those is because of suggestions and the fact that Credit Karma said I had a good chance of approval. I don't think those hard pulls are helping me too much now.

Anyway I think that the best course of action from what I have read is to obtain and increase my lines of credit however I can and it seems that the only way I will be able to do that is by secured cards. My plan is to increase my available credit and maintain a low Utilization Ratio. I have only had the Cap One card for a few months so I figure I should get all I can now as my Average Age of Accounts is not much so new credit might not hurt.

Being that (I think) I am limited to secured cards I applied and sent off for the Orchard Bank secured card and was unaware of the Cap One acquisition. I guess I did it just in time because they sent me the packet for the sign up and deposit info and such.

Anyway (finally) my question is, should I proceed with the Orchard Bank card to show another credit line or should I not as I already have one secured card with Cap One?

Will I be less likely to ever be approved for the Cap One Rewards card in the future if I have 2 secured cards with them?

If I wanted to add additional deposit to increase the credit line, which one should I add to? I will be able to get the deposit back if I cancel the card of course, right? I was thinking of putting an additional $1000 on one of them...

What about the Visa Platinum from Credit One Bank? I know it's a $99 annual fee but if that's what I have to do to rebuild then I will just have to and cancel when things are getting better. It is an unsecured card and looks like it is easy to get.

I just don't know what to do about the Orchard Bank card. It came in an HSBC envelope. You can tell they are going through the final stages of the acquisition because the final documents they want to activate the account are not printed on the pages evenly and there is highlighter marks and what not on the pages and stuff. they actually just look like a bunch of photocopies.

Thank you for your opinions!!!!! I just have such limited knowledge I don't know what to do.


DavidNY
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Postby DavidNY » Tue Jun 19, 2012 8:58 pm

Forget about Credit One.

Try for another unsecured card (preferably not another Capital One).

If that doesn't work go for the BofA secured card.

bmw1990Z
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Postby bmw1990Z » Tue Jun 19, 2012 9:29 pm

citi card?
OR forget about credit for a few years and stick to debit cards.
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

fl_226_2
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Postby fl_226_2 » Wed Jun 20, 2012 1:18 pm

DavidNY wrote:Forget about Credit One.

Try for another unsecured card (preferably not another Capital One).

If that doesn't work go for the BofA secured card.


Thanks, I was a little hesitant about that card for some reason. It's just that it looks easy to be approved for...

So, would you say go with the Orchard Bank (now Cap One) card and just start with the rebuilding? Or should I go the BofA instead? Or both?

What are your opinions about the USAA secured card?

I hate to seem like I'm just trying to acquire secured cards and am impatient but I would like to do all I can to show available credit, low Utilization Ratio, and start to get some age of accounts going. This isn't about being obsessed with my credit score, I have a family now and would like to do all I can to be in the best position to apply for a mortgage for a home for us.

-------------------------------------------------------

bmw1990Z wrote:citi card?
OR forget about credit for a few years and stick to debit cards.


Which Citi card are you referring to?

bmw1990Z
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Postby bmw1990Z » Wed Jun 20, 2012 4:28 pm

in general citi is more forgiving than other lenders. however credit isn't the most important thing in life
Cards in my wallet:

-Citi Forward Card for College Students-July 2011

-American Express Platinum Delta Skymiles--July 2013

MemberSince99
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Postby MemberSince99 » Wed Jun 20, 2012 7:06 pm

Cap One only allows you to have 2 cards with them from everything I've read.

I think I might keep what you have for a while. In 6 months or so you could get an Amex Zync, possibly now but it might be pushing it with the inquiries. You are kind of in a bind maybe increase the deposit on the secured card.

fl_226_2
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Postby fl_226_2 » Thu Jun 21, 2012 2:29 pm

bmw1990Z wrote:in general citi is more forgiving than other lenders. however credit isn't the most important thing in life


I know that... I'm not just obsessing on my credit report and score, I am trying to put myself into the best position to secure a mortgage at the best rate I can so I can purchase a home for my family rather than throwing 10k a year down the drain in rent.

MemberSince99 wrote:Cap One only allows you to have 2 cards with them from everything I've read.


So is that to say that if I continued with the Orchard Bank Secured Card and now that Cap One has taken them over... that I would not be able to apply for the Cash Rewards from Cap One in the future because I would have the max of two accounts with them???

That is very valuable info if so!!

MemberSince99 wrote:I think I might keep what you have for a while. In 6 months or so you could get an Amex Zync, possibly now but it might be pushing it with the inquiries. You are kind of in a bind maybe increase the deposit on the secured card.


haven't heard of the Amex Zync, what kind of card is that? I will look into it also....


Thank You both!!!!!

DavidNY
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Postby DavidNY » Thu Jun 21, 2012 5:40 pm

fl_226_2 wrote:So, would you say go with the Orchard Bank (now Cap One) card and just start with the rebuilding? Or should I go the BofA instead? Or both?


Both.

BofA will automatically consider you for an unsecured card periodically when you use their secured card. If you develop a good history they'll refund your deposit.

For your other questions,

Credit One is a scam and I have no opinion on USAA. Those who use the bank like it from what I can tell.

bernhardtra
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Postby bernhardtra » Tue Jul 17, 2012 12:10 pm

DavidNY wrote:Both.

BofA will automatically consider you for an unsecured card periodically when you use their secured card. If you develop a good history they'll refund your deposit.

I used to have a secured card with them and it was never given unsecured status. I finally got frustrated with them and closed the account.


For your other questions,

Credit One is a scam and I have no opinion on USAA. Those who use the bank like it from what I can tell.


I used to have a secured card with them and it was never given unsecured status. I finally got frustrated with them and closed the account.

It is nearly impossible to get a CLI from Capone. I have tried every strategy. I have used the account. I have not used the account. I have used the account for 3 times its credit limit in a month and paid it off to avoid over the limit fees. I have used the account for 7 times its limit in a year. I have done everything I can in relationship to using the card to prove to them I can handle a higher limit. I however do not carry a balance each month which they can earn interest on. I paid the about a buck fifty last year. I finally closed one account with them that after 2 years had seen no lovin. They decided that they could waive the AF on the other account for this year, but no CLI. I also have cards now with higher limits and no AF's.

I was just now told that they could send my account to a back office to be reviewed better than the hate button on their system. I don't expect that this was the truth, just another way to get me off the phone. I guess we will see.

And yes, Credit One is a scam and I also don't know about USAA.
EX 686 TU 690

Cap One $500 6/10 closed no CLI 7/12
Cap One $2000 9/10
Household $500 9/11
Merrick Bank $2800 10/07
Marathon $900 10/11
Bealls $950 10/11
Marathon Visa $2500 6/12 Yeah finally a good limit card!
Barclays Rewards MC $1500 8/12
Belks $800 8/12
Walmart $1000 8/12

nicholasyud
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Postby nicholasyud » Tue Jul 17, 2012 9:16 pm

Forget about credit one they screw you up. I just apply for their stupid credit card last month and i regret it......They charge you $77 fees and daily purchase finance like every month you end up 5 to 10 for those fees. I think with your credit score you would end up to apply and deny and deny.....My suggest is go to your bank that had a good relationship with and talk to their Rep explain your situation and see what they can do ....Otherwise dead end get their secure card at your bank with less hassle.......But try not to get so many inquiry....Its low your score and even if you get approved only about 4 500 hundreds.....Its nothing right ?



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