How to get "unsecured"

[Anonymous]

In my attempts at cleaning up my credit history I obtained a secured HSBC/Orchard CC ($300.)  It is the only CC I have and I know it's time to do more.  I've had the Orchard card for a little over a year, and in the meantime have refinanced my car, my husbands car, and opened loans at the CU for two new snowmobiles.  I contacted Orchard a few weeks ago to find out if they'd review my card to move into unsecured.  The email response I rec'd was that they don't do that.  I'd have to app for a new unsecured card and close out the secured.  I'm not sure what to do.  My credit reports are looking better and better, although I still have public records hanging on (resolved but hanging on.) and my scores are hovering right around 700.  Any thoughts of what to do, what to open, should I close the secured card?

Thanks.

[Anonymous]

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@Anonymous wrote:

In my attempts at cleaning up my credit history I obtained a secured HSBC/Orchard CC ($300.)  It is the only CC I have and I know it's time to do more.  I've had the Orchard card for a little over a year, and in the meantime have refinanced my car, my husbands car, and opened loans at the CU for two new snowmobiles.  I contacted Orchard a few weeks ago to find out if they'd review my card to move into unsecured.  The email response I rec'd was that they don't do that.  I'd have to app for a new unsecured card and close out the secured.  I'm not sure what to do.  My credit reports are looking better and better, although I still have public records hanging on (resolved but hanging on.) and my scores are hovering right around 700.  Any thoughts of what to do, what to open, should I close the secured card?

Thanks.

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It is too soon to close the secured card, you need to add some more accounts first.   

It is time to add some more accounts, possibly even more secured cards if you get declined for unsecured.   Does your credit union offer CC?   Do you shop at stores that have co-branded cards?

[Anonymous]

if your scores are around 700 go to capital one and see if you prequalify.

[castlefox]

If it was me I would sign up for a store or gas credit card to add another good account on your record.  

[llecs]

Ditto to others...open another CC first. You'll take a score hit if that Orchard is your only one and you close it.

I also had an Orchard secured at one point. They were adamant they don't unsecure and ended up closing it. However, IIRC, there was a rash of unsecured Orchard accounts within the past month or so. It wasn't per request, but I believe it was automatic. Seems like there were a few threads in here. They do unsecure, but it is few and far between.

[Smug]

Cap 1 they will give Otto you, but don't close your secured card, I made that mistake.

[Smug]

Mine was at 620 and. They gave me 2.

[OptimalCS]

Should I close the secured card?

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I simply would NOT close the account. Keep it for a while longer. Use it every three months and continue to PIF each month.

[indiasnowden]

I started a thread about my Orchard card getting changed to unsecured status in December 2010.  Do not close your account.  Charge and pif every month or at least pay down the balance fairly low.  I made biweekly payments every time I received my paycheck.  Most months I piffed.  A few months the balance was fairly low at month end, 20% or less.  They unsecured my card after 12 months of this charge and pay pattern.  I did not request it.  They also gave me a CLI of $100 which I also did not request.  The amount of the CLI is measly but it represents a 50% increase over my old balance.  And most important, is was not at my request.  The change in my secured status was also not requested and for me that is more important than if I had requested it.   So, hold the line, pif in time and wait.  You probably will be rewarded like I was.  In the meantime, I would work towards adding a more desirable card by searching these threads.  I have found the most useful info from other forum users.  Good luck to you.

[Anonymous]

Thanks for all the posts!  I did prequalify and Cap1 and if I believe everything I just read I was approved for the Cash Rewards card with a $1000.00 limit.  Has no APR until Sept and a $39 fee.  Also looking into my credit union.  They've done all the financing for our cars and snowmobiles and when I first started rebuilding I had a successfully paid small secured loan from them. 

My goal for 2011 is to move solidly into the 700's.  I keep bouncing back and forth from the 690's to 700's!

Thanks again for the help!