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HSBC DOES graduate accounts

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charyot77
Regular Contributor

HSBC DOES graduate accounts

I have (or rather HAD) a secured account with Orchard Bank and after 40 months, they've made it into an unsecured credit card.  the limit is pretty much the minimum and they will send me a letter on how to get my deposit back but I guess it's a start.

 

Unfortunately, I will still have to pay the annual fee.  For me this is a deal breaker and as soon as my credit improves, bye bye Orchard Bank!

Message 1 of 9
8 REPLIES 8
john398
Senior Contributor

Re: HSBC DOES graduate accounts

Did you have to call in to get them to unsecure it?

Message 2 of 9
charyot77
Regular Contributor

Re: HSBC DOES graduate accounts

No, they graduated it without me knowing.  Ive had the card for several years now (a little over three) and I think I only asked to have it secured once after the first 12 months but wasnt successful.

 

They quietly unsecured it about a week ago and increased the credit limit by $100 (I had the minimum on this card before).  I called the customer service center to ask and they told me that the card had been unsecured but that I would still have to pay the annual fee because it was part of the original card agreement. Smiley Mad

Message 3 of 9
My2cents
Regular Contributor

Re: HSBC DOES graduate accounts

40 months is a long time!!!!

700 Club Member
Message 4 of 9
charyot77
Regular Contributor

Re: HSBC DOES graduate accounts

Oh trust me,  this isnt something I'm touting for HSBC's sake.

 

I just wanted to let people know that the card CAN eventually graduate without an application/hard pull for a new credit card.

 

Also, of the past 40 months, I've probably only been seriously improving my credit for the last 15, so who knows, maybe it could have happened sooner.  My initial limit (i.e. deposit) was only $200 though.

Message 5 of 9
john398
Senior Contributor

Re: HSBC DOES graduate accounts

I just looked at when I opened my Orchard Secured and it was May of 2007 so maybe I will get unsecured soon

Message 6 of 9
john398
Senior Contributor

Re: HSBC DOES graduate accounts

Odd here is what they told me, perhaps you got lucky

We are writing to you in response to your inquiry regarding your Account ending in XXXX issued by HSBC Bank Nevada N.A.

Thank you for your interest in establishing an unsecured account. Please note that secured accounts are no longer reviewed for upgrade to an unsecured status and redeeming the security deposit will close your secured Account.

If you would like to apply for an unsecured account, please visit us online at

If you wish to redeem your security deposit, you will need to close the credit card account. The security deposit will be used to pay any remaining balance on the account, and any amount remaining will be sent to you within 30 days.

You are important to us and we appreciate your business.

Sincerely,

Chakradhar

Orchard Bank Customer Care

www.hsbccreditcard.com.

Message 7 of 9
92235
Regular Contributor

Re: HSBC DOES graduate accounts

Weird I opened my Orchard Bank card in 10/07. They made it unsecured automatically in 11 months.

Message 8 of 9
Anonymous
Not applicable

Re: HSBC DOES graduate accounts

Yeah, I was going to come on here and say I recently got my account graduated to unsecured with a $100 CLI. I sent back the request for my $200 (and, I'm sure, $0.11 of interest) today. I opened the original account in 5/08, so 2-1/2 years. I can't entirely complain because HSBC has opened two other accounts for me since then. It's funny, I've been moving my savings account around over the past 2-3 years to get a better rate, and every time I move to a new bank, they approve me for a CC or two a few months thereafter. I'm thinking now that I opened an acct at Discover maybe they're next. Smiley Happy Not that I need a Discover. Anyway, it's been a good credit weekend for me. Got approved for $600 at Macy's today. They pull EX and I was sure I was sunk but since I'm not going to buy a house anymore, I figured why not? Seven CCs and it's my first store card. Good one to have, since I rarely shop there anymore.
Message 9 of 9
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