"Good Starter Card"

Orchard Bank Secured MasterCard® Review
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Written by: marie7 on 2009-02-28

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marie7's review: Callout Comment I have had this card for about 5 months and I do recommend it to credit challenged or no credit people. The annual fee is reasonable and waived for the first year and the application process was smooth (didn't have to mail anything in). I was turned down by Wells Fargo and BofA for a secured card with an Experian score of 620 (which I couldn't believe), so at least they approved me.

I've heard that it is possible to unsecure after 18 long months, but many have also said that they were not unsecured, but the card does help build credit.

The customer service is horrible but the online management tools are excellent. You can pay and look as much as you want for free. If you don't mind them holding on to your security deposit, go for it. At least you won't have to worry about all the fees with the bad credit unsecured cards like 1st Premier, Credit One (1st bank of marin), and Total/Access Visa by Plains Commerce.


Comment 1 by colonative
Ah User Icon on 2009-03-01

Remarks See my posting from your Centennial review (regarding secured cards). So you were turned down for a secured card, that is strange. At least you are educated about credit and you have a good plan.

Next stop, Captial One!

Good luck!
Comment 2 by meya
Agree User Icon on 2009-03-01

Remarks I agree with you 100% Colonative.
Comment 3 by wanderer
Secured Cards User Icon on 2009-03-05

Remarks Strange the turn down with 620 FICO Score. Wells Fargo Bank NA will generally unsecured one of their secured cards after one year if your FICO's are above 600... Patience and time. I had an Orchard Credit Card and liked it. Also they treated me well. Worked great to get me past the "bottom feeders" credit cards. APR's were reasonable as was the AF. The highest credit limit I got to was $800 but I only had the card for one year. There is hope after a credit disaster.
Comment 4 by marie7
IMPORTANT UPDATE User Icon on 2009-03-24

Remarks I got this message today 3/24/09 from HSBC about their secured card when I asked how long I needed to have the card before it become unsecured.

"Please note

that secured accounts are no longer reviewed for upgrade to an unsecured


I've enjoyed using this card to rebuild but will eventually kick them to the curb and get my money back. By the way, if you apply for this card and get it, you cannot have another HSBC account, period. So try to get their unsecured product... Or if you choose this option... Remember you will now not be able to unsecure and you cannot have two HSBC products...

By the way, their customer service is horrible. I always talk to someone in India. Their email service just tells you to call their customer service in India. Circles and more circles... Ridiculous.

Glad I was approved for BofA secured card recently. Hopefully, I can talk to someone who speaks proper English now.

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