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Written by: roughdraft on 2011-03-17

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roughdraft's review: Callout Comment Well, its been 9 months since I opened my secured card with Cap One. When I called to see about a credit limit increase or converting it to an unsecured card, their advice was to wait longer. I also have a Public Savings Bank card, but actually was a little bummed to find out that it does not convert to an unsecured card (perhaps I should write a second review on that card). I had been getting pre-qualify offers from Orchard via e-mail. I checked their site and it said I could pre-qualify without actually checking my credit. This is the card I was recommended. I had it once before, 10 years ago now when I was 19. I thought, 'if I apply for this card, I can close my Public Savings Bank card, and use my $500 deposit towards another secured card that actually converts to a non secured card. I have plans for one with Navy Federal. Anyway, I wasn't instantly approved, but received an e-mail today saying that my application had been reviewed. I didn't think that was a good sign. But, was actually approved for $300 and I'm content--my credit is slowly healing. They pulled Equifax. My scores were EX/568 EQ/530 TU/542


Comment 1 by wanderer
Re: Approved Online User Icon on 2011-03-17

Remarks Congrats! WOW! As you know rebuilding is slow... Frustrating sometimes and trying to go the road with $300 CL's is hard.
Comment 2 by jaynaz
Re: Approved Online User Icon on 2011-03-17


Roughtdraft - use that security deposit and get a Bank of America secured card.  PIF every month and call the back door number after 9-12 months and request to have the card become unsecured. 
Comment 3 by roughdraft
Re: Approved Online User Icon on 2011-03-17

Remarks Wander, yeah it is really hard. No one wants the sub-prime cards, but you use them to show you can make regular paymemts, and as your score goes up every few months, you look at better cards you could qualify for and drop the ones that don't offer CLI's. Thanks for the congrats, by the way. Jaynaz, I did read your post on your credit card conversion and was very impressed. I do want a card from Bank of America, I just feel that right now, my baddies are less than a year old and I'm worried that it might hurt my chances with Bof A. I would like to open an unsecured card with them, but not until at least the end of the year or Jan of next year. Now that I know of it's potential, I think I would like a CL of about $3,000. Making it my card with the highest limit. But by that time my baddies would older, my score would be in the low 600's (I hope) and I think I would have a much better chance, but I do have you to thank for posting the info on FG.
Comment 4 by colonative
Re: Approved Online User Icon on 2011-03-17

Remarks Congrats. Give Capital One a little more time, they will hopefully grow with you.
Comment 5 by brian23
Re: Approved Online User Icon on 2011-03-17

Remarks I actually did the BOA secured card route and although after a year, they converted me to an unsecured card, three years later, I still never got a CLI. I say go with the NavyFed secured card. I've had a navyfed unsecured card since August and they started me with a 4500 CL. Last month, they bumped me up to 8000 automatically. They are an awesome credit union and they truly will take care of you.
Comment 6 by wanderer
Re: Approved Online User Icon on 2011-03-18

Remarks Brian23 - Interesting about B of A. I too started with a secured card and they unsecured it and will not give me an increase in credit line! CL $1,500 ($1,000 secured when it went unsecured added $500).
Comment 7 by brian23
Re: Approved Online User Icon on 2011-03-18

Remarks Yup Wanderer. Last month was my 3rd year with BOA and I asked again for a CLI to which they declined. So I canceled the card. Why pay another $39 AF for the same credit with them. Have moved on to my NavyFed card because that's my highest limit and I'll stick with them for now.
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