topic Re: Orchard Bank Upgrade in Credit Cards

Orchard Bank Upgrade

ShowCredit — Mon, 21 Sep 2009 17:29:01 GMT

I have an Orchard Bank secured credit card and I called the backdoor number and requested that it be unsecured. I had called last month and the person I spoke with told me to call back next month which I did today and I was told they would review the account and send a letter in the mail with their decision.

Has this happened to anyone else?

Re: Orchard Bank Upgrade

happy0510 — Mon, 21 Sep 2009 17:35:01 GMT

How long have you had it? Mine automatically went unsecured at 12 months.

How is your activity?

Re: Orchard Bank Upgrade

ShowCredit — Mon, 21 Sep 2009 17:44:20 GMT

I have had it for about 4 years. I use it and always have a $10 balance for it to report to the CBs as it is the only card I have (since Chase closed my $2,000 cc). I always keep my util to be between 1% and 9%.

Re: Orchard Bank Upgrade

happy0510 — Mon, 21 Sep 2009 18:19:44 GMT

Chase sucks. I would be so irked!

I see no reason why Orchard would hoard your money now. I would push it to get unsecured. Not fair!!

You have more than proven yourself by now. Not to mention, atleast when I signed up it clearly stated it would unsecure with good history!!

Re: Orchard Bank Upgrade

ShowCredit — Mon, 21 Sep 2009 21:47:08 GMT

I don't know what's going on at Orchard. I am awaiting their letter to see what it says, When I do the preapproval for the soft pull, it comes back approved at 14.99% and $59 annual fee, but I don't know what the limit would be. Since Orchard is my only cc, I can't even threaten to close it, so hopefull they will convert it and increase the limit. I have applied for the Discover Student card and was declined, as well as the Macys card and declined also. I am just going to wait awhile before I do anything else. I need more cc to improve my mix of credit. Hopefull my car loan will help when it starts reporting.

TU 669 9/6/09

EQ 660 8/31/09

EX 682 8/26/09 (LO pull) approved for car loan $24,000 at 5.49%

Re: Orchard Bank Upgrade

happy0510 — Mon, 21 Sep 2009 22:02:32 GMT

I'm surprised Macy's declined you. I only have 1 CC (Orchard) as well and I was just approved. Maybe you should recon. I also have 1 baddie from 2004 reporting as well.

Re: Orchard Bank Upgrade

ShowCredit — Mon, 21 Sep 2009 22:45:39 GMT

I have a bk from 7 years ago and a medical bill that I am disputing, these are the only 2 baddies. I called them to recon and they said to wait for the letter. I am not applying for anything for awhile

Re: Orchard Bank Upgrade

Anonymous — Tue, 22 Sep 2009 03:02:33 GMT

Your Orchard Card (secured or not) counts as a credit card, and your auto loan counts as an installment loan - so you have a very nice mix of credit going. Additional CC's are not needed for the mix - most of us like to have more than one for convenience and if we are watching # of accounts reporting a balance. Let us know how your FICO responds when that installment loan starts reporting. Most people report they have best results if they PIF with only one cc reporting. Good luck! It looks like you're doing dandy - no rush for those additional cards. DH hit 802 with just one cc, one installment and one mortgage - so you can go far!

Re: Orchard Bank Upgrade

ShowCredit — Tue, 22 Sep 2009 15:31:20 GMT

BeamMeup,

Thank you for your response. I was about to start worring about my mix. Now I will just have 1 CC with $300 limit, the car loan (which has not been reported as yet, picking up the car today) and I have student loan (all in good standing). No more applying for me for now. Hopefully Fico sees me as being good.

1 bk off 3/2013 and 2 accounts with lates that I am still GWing.

EQ 8/31/09 - 660

TU 9/6/09 - 669

EX 9/17/09 - 682

Re: Orchard Bank Upgrade

Anonymous — Tue, 22 Sep 2009 16:09:45 GMT

Mine too, IMHO, the best secure card, especially if your credit really is in a gutter. I would call again and ask for a manager.

Re: Orchard Bank Upgrade

happy0510 — Tue, 22 Sep 2009 17:11:54 GMT

@Anonymous wrote:
Mine too, IMHO, the best secure card, especially if your credit really is in a gutter. I would call again and ask for a manager.

+1 Orchard has pulled me out of the gutter like a hero

Re: Orchard Bank Upgrade

ShowCredit — Tue, 22 Sep 2009 18:16:47 GMT

Hopefully they'll make mine unsecured and give me a credit line increase. I await their letter and will keep you updated.