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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!
Did you have to call in to get them to unsecure it?
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.
40 months is a long time!!!!
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.
I just looked at when I opened my Orchard Secured and it was May of 2007 so maybe I will get unsecured soon
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
Weird I opened my Orchard Bank card in 10/07. They made it unsecured automatically in 11 months.