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Valued Member
irishchk23
Posts: 46
Registered: ‎01-12-2008
0

Orchard Secured now Unsecured?

I originally had an Orchard secured card for $200 that I opened October 2006.  Last month I applied for and got an unsecured Orchard for $500.  When I called to activate the new card I asked if my other one could now be unsecured since it was almost two years I had it and in good standing.  The girl said no problem, but then I got a letter in the mail last week stating they could not unsecure it, why I'm not sure but I read that happening to others on here too.  The funny thing is I went online to my account today and now I have a $300 limit on that card.  Am I to think that they actually did unsecure the card becuase as far as I know you can't get a CLI with a secured card unless you pay more towards it first?
1/12/08 TU 577 EQ 633 EX 665
7/15/08 TU 591 EQ 655 EX 672
3/11/09 TU 660 EQ 647
11/10/09 TU 707 EQ 676
03/01/11 TU 697 EQ 682
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
0

Re: Orchard Secured now Unsecured?

Not neccesarily. I have an Orchard Secured myself, but it states that they can actually increase the credit limit on a Secured card if they think you have been a good customer. Some other secured cards do the same... only part of the card is secured and the rest is unsecured. That BofA 99/500 is kind of an example. Put 99 down the limit is 500.
 
While the increase is nice (though small), I am bummed that (since it is my oldest card) I will probably never get my money back from that bank since in order to get the deposit back you have to close the account, which also closes the card. :smileysad:
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Valued Member
irishchk23
Posts: 46
Registered: ‎01-12-2008
0

Re: Orchard Secured now Unsecured?



Pappy214 wrote:
Not neccesarily. I have an Orchard Secured myself, but it states that they can actually increase the credit limit on a Secured card if they think you have been a good customer. Some other secured cards do the same... only part of the card is secured and the rest is unsecured. That BofA 99/500 is kind of an example. Put 99 down the limit is 500.
 
While the increase is nice (though small), I am bummed that (since it is my oldest card) I will probably never get my money back from that bank since in order to get the deposit back you have to close the account, which also closes the card. :smileysad:


Thanks for the info.  That does stink, the Orchard Secured is my oldest too.  I won't be closing mine anytime soon either since Orchard is the only one that will give me a CC right now, besides a couple store cards I have.  I can't even get a Household because I have two Orchards now. 
1/12/08 TU 577 EQ 633 EX 665
7/15/08 TU 591 EQ 655 EX 672
3/11/09 TU 660 EQ 647
11/10/09 TU 707 EQ 676
03/01/11 TU 697 EQ 682

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