Orchard Bank Secured - Graduation No Longer

[Anonymous]

I called Orchard Bank today and told them I would like my card to be unsecured. I spoke with the first CSR and she said she would put in a request and i'll know in 10 - 14 days. Then I asked to talk to a supervisor because I have already been through this and put in a request only to be denied for bizarre reasons. When it came time to talk to the supervisor, I explained I needed a decision today and he put me on hold and came back after a couple of minutes saying the terms have changed on the card and they No longer convert to unsecured from a secured card. I cancelled the card and will receive my deposit soon. He asked if I would like to keep the account open as it has perfect payment history, but I said I would like my deposit back and the only way to do that is to close the card since they no longer will graduate. I think this is poor business on HSBC part, because 6, months ago, the reps said I could call back in the future only to have this happen. The only plus side is the good history and the ability to build. If you have a HSBC card and it is secured, I suggest with this new policy in effect, unless changed, you close the card and get your money back and put it towards better use or at least call them to see what is going on with your account.

Message Edited by Steven_S on 08-20-2008 01:07 PM

[Tons_of_Debt]

I would have called in and spoken to another rep. Someone had it done here on Monday...

[Anonymous]

Just remember the first law of wing-walking there: never let go of what you've got until you've got ahold of something else.

I'd say if your score is over 625 to 640 or so, and it's two years since your latest baddie, by all means get a couple unsecured cards and let the secured card go. Just be sure you've got a couple unsecured cards first.

[Anonymous]

Actually if we are thinking of the same person she posted a thread follow up and said that after a follow up call to be sure it was was actually going to become unsecured - it turned out that the request had not been processed. Ended up closing the account...

---

Tons_of_Debt wrote:

I would have called in and spoken to another rep. Someone had it done here on Monday...

---

[sammyfire2001]

---

@Anonymous wrote:

Actually if we are thinking of the same person she posted a thread follow up and said that after a follow up call to be sure it was was actually going to become unsecured - it turned out that the request had not been processed. Ended up closing the account...

---

@Tons_of_Debt wrote:

I would have called in and spoken to another rep. Someone had it done here on Monday...

---

---

Yup, that was me! I even received the denial in the mail today. Orchard and I are so over, we need a new word for over.

[Anonymous]

I like to consider it a break-up.  It's like finally getting out of an unhealthy relationship when you ditch a rebuilder that you don't need anymore.

Message Edited by UpUpUp on 08-20-2008 11:20 PM

[Anonymous]

Thats the same thing they told me a few days ago...we no longer offer that service is what the superviser told me...So ol well it served its purpose..goodbye orchard..

[Tons_of_Debt]

Very sad.... sorry :-(  I hope BofA doesn't change their minds by the time I've had the car 9-12 months

[Creditaddict]

Took me 3 months and 3 seperate calls to get my deposit back. .34 cents was my interest earned.

Message Edited by Creditaddict on 08-21-2008 02:03 PM