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Valued Member
800scoreaspirations
Posts: 31
Registered: ‎10-08-2008
0

Closing Orchard Secured Card for Unsecured Card Good Idea or Not?

Ok,  I have had an Orchard secured cc for about 4 years now with a $200 CL.  I don't use it, it practically sits in my drawer gathering dust.  I was sent an offer for an unsecured card with a $1000 CL, but HBSC declined me for having the maximum amount of cards allowed.  Well, I called the number provided, and they explained to me that because I have the secured card I would need to close it.  I escalated the call because it felt like I was being set up, I wanted to know why they would send me an offer that I could never get because I have the secured card.  The supervisor offered to cancel the application and erase the inquiry on my CR, or I could close out the $200 CL secured card and be guaranteed to receive the unsecured card with the $1000 CL. 

 

To some this may be a no brainer, but I have heard countless times that you never ever want to close a credit card.  Any advice on what I should do?

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Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
0

Re: Closing Orchard Secured Card for Unsecured Card Good Idea or Not?

I think a higher limit with a supervisor guarantee of approval in exchange for closing out a card that jut sits in my drawer cause I can't use it would be a good deal for me. Are there AFs involved with either card? The history of the Orchard should stay on your CR for an additional 10 years as positive if the account is in good standing I believe.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
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Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
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Re: Closing Orchard Secured Card for Unsecured Card Good Idea or Not?


800scoreaspirations wrote:

Ok,  I have had an Orchard secured cc for about 4 years now with a $200 CL.  I don't use it, it practically sits in my drawer gathering dust.  I was sent an offer for an unsecured card with a $1000 CL, but HBSC declined me for having the maximum amount of cards allowed.  Well, I called the number provided, and they explained to me that because I have the secured card I would need to close it.  I escalated the call because it felt like I was being set up, I wanted to know why they would send me an offer that I could never get because I have the secured card.  The supervisor offered to cancel the application and erase the inquiry on my CR, or I could close out the $200 CL secured card and be guaranteed to receive the unsecured card with the $1000 CL. 

 

To some this may be a no brainer, but I have heard countless times that you never ever want to close a credit card.  Any advice on what I should do?


Closing CC is not a big deal.  If you want the unsecured card, take the deal.   

 

Remember that Orcard becomes Capital One next year, if that matters to you.   

 


 

Regular Contributor
creditguy-378
Posts: 190
Registered: ‎03-23-2011
0

Re: Closing Orchard Secured Card for Unsecured Card Good Idea or Not?

take the deal hope u got there name

always use credit wisely and you won't ever feel like you're working just for the task master
Valued Contributor
debtisgood
Posts: 1,126
Registered: ‎03-25-2008
0

Re: Closing Orchard Secured Card for Unsecured Card Good Idea or Not?

I would take the deal too - unless it has a high annual fee. The secured credit line is a builder card and it served its purpose, it built your credit to the point that someone would give you a revolving unsecured loan. This new card will likely too be a builder card that will lead you to even greener credit pastures (rewards cards or low APR cards).

Valued Member
800scoreaspirations
Posts: 31
Registered: ‎10-08-2008
0

Re: Closing Orchard Secured Card for Unsecured Card Good Idea or Not?

You know it kind of does matter to me that Orchard is moving to Capital One.  I already have two Capital One cards.  First one credit steps, and the second one a rewards card.  How would it look with three Capital One cards?


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