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Orchard Bank Secured Credit Card Graduation


Mo007
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The last post in this topic was posted 4985 days ago. 

 

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I just got off the phone with Orchard, and I requested a graduation of my secured card to unsecured one. I have had my secured card (with $200 limit) for about 2.5 years, with no missed payments. The supervisor told me that he couldn't do it on his end, and would transfer the request to another department. He said it's an internal thing, and would not require credit pull.

 

I was wondering if people has done this before, and could share their opinions/experience of what Orchard base their decision on when it comes to graduating their secured credit cards.

 

thanks!

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I've always heard that once you have a secured card it will never go unsecure. you would have to close that account and apply for a an unsecured. Depending on your credit report and how timely your were with them, they "should" or "probably will" give you a regular unsecured card with a higher credit limit.

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Orchard sucks. I doubt that they will unsecure the card. You would think that the card would grow with you especially with no lates and maintaining a good utilization for the past two years that it would. I've had my orchard for a little over two years as well. Mine however, is unsecured. I've only recieved two CL's since opening this account. Both were because I requested and each were only for $100. Might I add, they charged $25 each time.

 

Im closing them out as soon as they post zero on my report any day now. Infact, the other day someone posted on here that when they closed their orchard card, their credit score increased. I don't know how true that is but I still found that extremely hilarious.

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Im closing them out as soon as they post zero on my report any day now. Infact, the other day someone posted on here that when they closed their orchard card, their credit score increased. I don't know how true that is but I still found that extremely hilarious.

That's funny, closing an account should have the opposite effect. I have been using Orchard secured card to build my credit, in fact, it helped me build 100+ points (and counting) over the last 2 years, so I am not sure what will happen if I close now. Last thing I want to see is finding myself back in the sub-prime zone. :yahoo:;)

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I had my Orchard secured card for 3 1/2 years, it was never converted.

So I called them last week to close it, nice gal said they would wave the AF, told her it was waved years ago. Then she said give us another chance, we are like family (I really laughed).

I told her I still had two other accounts with them, show them some love and I may keep them open.

 

To date I got a $100 CLI on one account, guess who is getting kicked to the curb. LOL

 

 

Orchard secured card CL was $3,500.00 never even close to being late on any account.

Edited by dougwood
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Yep, closed mine after 3+ years of requests to graduate. When I called their "executive" offices (not sure if that's what it's called, found the number a while back somewhere else on the board), they said they're not even considering requests to graduate, nor have they for a while (which I think could mean at least a year). Every time I requested, I got the "you'll be receiving a letter...", which always said they do not entertain requests to graduate. After a while I got fed up and that's when I called to cancel all three HSBC cards. They tried to get me to keep the Orchard Secured, but it's gone now. Then my Best Buy was a tough sell. They waived last year's and the upcoming AF and bumped it up a whopping 100.00 without even a soft (I check a few days later). She also said there is no hard and fast rule for CLIs on their other cards, so I'm planning to call them back at least every 2-3 months. If things don't go well, I too will be 100% HSBC free by the end of the year.

 

It served its purpose well over the past 3 1/2 years, but as many have said all over this board, ask and when they say no... kick 'em to the curb.

 

Good luck!

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Im closing them out as soon as they post zero on my report any day now. Infact, the other day someone posted on here that when they closed their orchard card, their credit score increased. I don't know how true that is but I still found that extremely hilarious.

That's funny, closing an account should have the opposite effect. I have been using Orchard secured card to build my credit, in fact, it helped me build 100+ points (and counting) over the last 2 years, so I am not sure what will happen if I close now. Last thing I want to see is finding myself back in the sub-prime zone. :lol: :lol:

 

 

At the time of acquiring the card It was good for me being I was fresh out of a BK. Since then however, I have moved out of the sub-prime area so they really serve no purpose for me now. All my bals. are at $0-10% so i wont take a hit on utilization, as far as age, they still benefit me even as a closed account.

 

For my particular situation its beneficial to close them since they are my lowest limit card $500, charge $59 annual fee, Charge a $25 fee for a $100 CLI :lol:

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So I called Orchard again earlier, and they are now saying "we have put all our secured credit card reviews on hold until further notice". Apparently, even their supervisors don't know how long it might take until they will accept request for unsecured credit cards.

 

I am very disappointed with the way they do business with their customers. So I am strongly considering leaving them, and applying for another regular credit; perhaps Chase, BofA, etc. But then again, I only have $200 limit with Orchard, it wouldn't hurt by keeping it open to help me continue building good credit history.

 

Please recommend a good card if you can think of one.

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Orchard is what it is. It is best of breed when the only other cards you can get are high fee cards like First Premier. The goal is to get it for a positive revolving tradeline and then as your scores increase to move on to cards that are marketed to a higher score niche. Orchard serves it's purpose as a good first stepping stone for many. I agree that their reps are not knowledgeable and will tell you anything to get you off the phone. For the secured card, several have posted that they have received the unsecure letter (I know someone who got one last month), so they do unsecure for some, but I can only remember one person ever posting that they got it to unsecure by calling and asking. I think for the most part, the only people who have their Orchard unsecure are those who's scores shoot up far above 700. So see it as what it is, a low rung on the ladder of credit building. If you can get them to wave the annual fee, there is no harm in keeping it, certainly keep it until you have acquired better cards, you can leave them behind once you've stepped up to the next rung.

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Orchard is what it is. It is best of breed when the only other cards you can get are high fee cards like First Premier. The goal is to get it for a positive revolving tradeline and then as your scores increase to move on to cards that are marketed to a higher score niche. Orchard serves it's purpose as a good first stepping stone for many. I agree that their reps are not knowledgeable and will tell you anything to get you off the phone. For the secured card, several have posted that they have received the unsecure letter (I know someone who got one last month), so they do unsecure for some, but I can only remember one person ever posting that they got it to unsecure by calling and asking. I think for the most part, the only people who have their Orchard unsecure are those who's scores shoot up far above 700. So see it as what it is, a low rung on the ladder of credit building. If you can get them to wave the annual fee, there is no harm in keeping it, certainly keep it until you have acquired better cards, you can leave them behind once you've stepped up to the next rung.

Very sound advice.

 

thanks.

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i tried to get a secured card but i needed my checkbook so i decided to wait to the next day

 

reapply thur the pre selector the next day and was approved for a unsecured 300 cl instead

I was denied for pre-selector too, not sure whether the current credit crisis are forcing banks to raise their cut-offs. I thought I would be a candidate for Orchard unsecured with low limit.

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