03-16-2009 08:24 PM
I have had an orchard bank secured card for over 2 years, have made every payment on-time but yet they keep refusing me an unsecured card. I am so sick of them not giving me a good explanation nor answering my inquires into why the keep denying me. I guess my question is do I close this account and get my money back? I do not have an unsecred credit card but I am an autorized user on my DH's one.
thanks for all the help
03-17-2009 05:42 AM - edited 03-17-2009 05:45 AM
Do you pay an annual fee?
How much is the card secured for?
Have you ever been late or over limit?
What is your current utilization on the card?
Do you need the money that is used to secure the card?
Here is what I would do- based on what helped me:
Join a credit union that offers secured cards- deposit 50 (or 25) a paycheck into the account until you reach >$1000.
Get a secured card with the CU- (they will still do a credit check- most pull EQ)
Continue depositing the 50 bucks a pay ( or 25- whatever you can live without)
Pay the card off religiously every month- pay in full- pay no interest.
After 6 months of a good relationship with this new card- it's time to take on Orchard. If you pay a fee- CANCEL.
If you don't pay a fee- I would keep it open- but not use it much. and definitely don't pay interest on a crappy Orchard card.
Just because your an authorized user on you DH's card- doesn't mean its helping you- some report - some don't and I think the trend is to not report AUs.
I had Orchard for years- stuck at a $300 limit- refused to increase it- everytime I asked for a CLI they said they would run my credit and check. everytime they would say "you qualify for a 50 CLI if you pay a 10 fee) I never saw them on my credit reports- even as a soft pull. I was so glad when I finally fired them.
I made a decision-(others disagree on my method) but once i got a nice secured CU card over $1000 and it reached 6 months. I fired all my junk cards that had 300 and 800 credit limits. My score dropped for awhile.
I also threw away any junk mail offer that had a card with fees. I would get dozens a week- I would look at them all- all junk. Then after the secured card was about 9 moths ols- I got a offer for a Chase Paltinum- no fees- no interest for a yr. and 9.9 % after that. That one I filled out. $4000 CL. I really don't think I would have gotten that offer with the junk cards on my report- I may be wrong. And I don't get the junk mail offers from First Premier and Credit One anymore.
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