"Not Too Bad So Far..."
Applied Bank® Secured Visa® Gold Credit Card Review
Written by: freshstart on 2009-05-30
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freshstart's review: 
I am trying to rebulid my credit so I decided to open a CD secured loan with my bank and to find a secured credit card. After being turned down for the B of A Secured card, I tried Applied Bank. I had already applied for and received my Applied Bank Secured Visa before stubling upon this site. Many of the reviews I've read have been seem to be for their unsecured lines, but I did the secured card. I opened the card with $1050 (but treat it as if it has a $1000 limit). I refuse to give them $6.95 to make a payment via their on-line system, but they happen to be an electronic payee with my bank's on-line banking so when I pay through my bank the payments have been posting with in 1 business day... No fee... The only fee I've incurred so far was the $50 annual fee, the secured card doesn't have a monthly maintenence fee.
So far, the only thing I don't like about the card is its lack of a grace period, but with me being able to get payments posted so quickly that hasn't been much of a problem. They also say in there terms they report to major credit bureaus but in the five months I've had them they've only reported to Transunion.
I'd greatly appreciate any tips you guys can provide in rebuilding credit. I have been fortunate enough to triple my salary so while I am paying off charge offs and collections I am trying to generate positive payment history.
I am trying to rebulid my credit so I decided to open a CD secured loan with my bank and to find a secured credit card. After being turned down for the B of A Secured card, I tried Applied Bank. I had already applied for and received my Applied Bank Secured Visa before stubling upon this site. Many of the reviews I've read have been seem to be for their unsecured lines, but I did the secured card. I opened the card with $1050 (but treat it as if it has a $1000 limit). I refuse to give them $6.95 to make a payment via their on-line system, but they happen to be an electronic payee with my bank's on-line banking so when I pay through my bank the payments have been posting with in 1 business day... No fee... The only fee I've incurred so far was the $50 annual fee, the secured card doesn't have a monthly maintenence fee.So far, the only thing I don't like about the card is its lack of a grace period, but with me being able to get payments posted so quickly that hasn't been much of a problem. They also say in there terms they report to major credit bureaus but in the five months I've had them they've only reported to Transunion.
I'd greatly appreciate any tips you guys can provide in rebuilding credit. I have been fortunate enough to triple my salary so while I am paying off charge offs and collections I am trying to generate positive payment history.
5 Comments
Comment 1 by colonative
Great First Start 
on 2009-05-30
Congratulations on your approval. Do you mind telling us what your score was at the time of approval and what bureau they pulled?
Also, what reason did BofA give you for declining the secured card application?
This is a good fresh start for you, but don't invest too much time with Applied Bank, they just won't grow with you and the longer you keep it the larger impact it will have on your score when you finally close it. I would try for Capital One or HSBC in a year, or maybe the BofA secured.
Good luck!
on 2009-05-30 Congratulations on your approval. Do you mind telling us what your score was at the time of approval and what bureau they pulled?Also, what reason did BofA give you for declining the secured card application?
This is a good fresh start for you, but don't invest too much time with Applied Bank, they just won't grow with you and the longer you keep it the larger impact it will have on your score when you finally close it. I would try for Capital One or HSBC in a year, or maybe the BofA secured.
Good luck!
Comment 2 by freshstart
Follow Up From Previous Post... on 2009-05-30
At the time of my approval for the Applied Bank Card (and denial for the B of A secured) my scores were EQ 537, EX 565 and TR 541. I got the card in January and have pulled credit reports in February and in this month. I don't have an inquiry from Applied Bank. My bestfriend however had very similar scores and she was approved for the B of A secured with an inquiry to EX, her score was in the 560-570 rage at the time. I honestly don't recall what the reason for denial stated.
I did however start a banking relationship with them at that point and will look forward to re-applying. I recently attempted to apply for the Orchard Bank Secured Card but was prequalified for the Orchard Bank Gold Master Card. The annual fees and the rates were lower on the secured card, but since I'm in a position to PIF each month the interest rate isn't important and the $79 annual fee is something I can live with to help repair my credit. I'm not sure what the limit is, as I haven't received it in the mail, just checked the status online.
Thanks for the guidence on closing the Applied Bank soon before it is a major factor with my credit. Hopefully I will qualify for the B of A soon and I will be able to close it at that point. Would it be just as good to have one card with a $3000 limit and a 0 balance as it to have 3 cards with $1000 limits and 0 balance?
on 2009-05-30 At the time of my approval for the Applied Bank Card (and denial for the B of A secured) my scores were EQ 537, EX 565 and TR 541. I got the card in January and have pulled credit reports in February and in this month. I don't have an inquiry from Applied Bank. My bestfriend however had very similar scores and she was approved for the B of A secured with an inquiry to EX, her score was in the 560-570 rage at the time. I honestly don't recall what the reason for denial stated.I did however start a banking relationship with them at that point and will look forward to re-applying. I recently attempted to apply for the Orchard Bank Secured Card but was prequalified for the Orchard Bank Gold Master Card. The annual fees and the rates were lower on the secured card, but since I'm in a position to PIF each month the interest rate isn't important and the $79 annual fee is something I can live with to help repair my credit. I'm not sure what the limit is, as I haven't received it in the mail, just checked the status online.
Thanks for the guidence on closing the Applied Bank soon before it is a major factor with my credit. Hopefully I will qualify for the B of A soon and I will be able to close it at that point. Would it be just as good to have one card with a $3000 limit and a 0 balance as it to have 3 cards with $1000 limits and 0 balance?
Comment 3 by colonative
Orchard/3 Cars Question on 2009-05-31
First of all, you made a good choice by applying for the Gold card instead because the Orchard secured card will never be unsecured.
As far as the 3 cards totaling $3,000 available or one with $3,000 available: they would essentially give you the same available credit/utilization. What would hurt though is if you opened the 3 cards all at once as it could lower your average age and then there would be the inquiries. Best scenario is to have two or three credit cards from reputable banks/credit unions that you can use for the rest of your natural life.
I think you are on the right track. I would even take an application vacation. Let this Applied card sit for a year and then go to the BofA website to see if you are pre-approved for their secured card.
Also, check out some credit unions. Many offer share-secured credit cards. I am not sure where you live or work but you can find a credit union to join. One that I would recommend is Lockheed Federal Credit Union. It is based out in Burbank, CA but anybody can join. If you do not work for one of the companies listed on their site, you can join this program they created called Achievers Club for $5 and that will allow you to join the credit union. Lockheed offers a secured card.
So, there are other options besides the bigger banks. Again, give it a year and then you should be golden for other types of cards. The best advice I can give you is that you need cards that will grow with you, so don't waste any of your time or money with cards like First Premier et al.
on 2009-05-31 First of all, you made a good choice by applying for the Gold card instead because the Orchard secured card will never be unsecured. As far as the 3 cards totaling $3,000 available or one with $3,000 available: they would essentially give you the same available credit/utilization. What would hurt though is if you opened the 3 cards all at once as it could lower your average age and then there would be the inquiries. Best scenario is to have two or three credit cards from reputable banks/credit unions that you can use for the rest of your natural life.
I think you are on the right track. I would even take an application vacation. Let this Applied card sit for a year and then go to the BofA website to see if you are pre-approved for their secured card.
Also, check out some credit unions. Many offer share-secured credit cards. I am not sure where you live or work but you can find a credit union to join. One that I would recommend is Lockheed Federal Credit Union. It is based out in Burbank, CA but anybody can join. If you do not work for one of the companies listed on their site, you can join this program they created called Achievers Club for $5 and that will allow you to join the credit union. Lockheed offers a secured card.
So, there are other options besides the bigger banks. Again, give it a year and then you should be golden for other types of cards. The best advice I can give you is that you need cards that will grow with you, so don't waste any of your time or money with cards like First Premier et al.
Comment 4 by freshstart
Thanks For The Suggestions on 2009-06-02
Thanks suggesting Lockheed. I currently do some banking with a credit union, but my current one does not offer secured revolving lines/credit cards. I do have a secured installment loan with them that I've had for a little while. I did confirm that Lockheed does lending in my state and will definitely be enrolling with them for at least a share account because I like that credit union personal touch.
I did come across a few other secured cards as I looked around online today... Public Savings Bank reports to all 3 bureaus according to their website, $79 enrollment, no annual fee, 0% APR for the first 6 month, 25 day grace period afterwards. Only possible draw backs were the card will never become unsecured and the deposit doesn't earn any interest.
In addition to the financial institutions mentioned on this site often, a couple of other banks that I ran across that offer secured cards were US Bank, Northern Trust Bank, Zions Bank, and Fifth Third Bank. Hope someone finds some of this info helpful!
on 2009-06-02 Thanks suggesting Lockheed. I currently do some banking with a credit union, but my current one does not offer secured revolving lines/credit cards. I do have a secured installment loan with them that I've had for a little while. I did confirm that Lockheed does lending in my state and will definitely be enrolling with them for at least a share account because I like that credit union personal touch.I did come across a few other secured cards as I looked around online today... Public Savings Bank reports to all 3 bureaus according to their website, $79 enrollment, no annual fee, 0% APR for the first 6 month, 25 day grace period afterwards. Only possible draw backs were the card will never become unsecured and the deposit doesn't earn any interest.
In addition to the financial institutions mentioned on this site often, a couple of other banks that I ran across that offer secured cards were US Bank, Northern Trust Bank, Zions Bank, and Fifth Third Bank. Hope someone finds some of this info helpful!
Comment 5 by colonative
Freshstart on 2009-06-02
Sounds like a plan. Make sure that with Zions you live in Utah/Nevada because they are not a national bank.
Good luck and keep us informed of your progress.
on 2009-06-02 Sounds like a plan. Make sure that with Zions you live in Utah/Nevada because they are not a national bank.Good luck and keep us informed of your progress.
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Disclaimer: This content is not provided by Applied Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Applied Bank. Review content is powered by Finance Globe.
