Orchard Secured Graduation Rant...

[Anonymous]

This is really just a rant...

After reading this forum very heavily over the last few days, I decided to call Orchard/HSBC and ask them about my secured account being graduated to an unsecured account. The lady was very nice and told me that the accounts are reviewed on a regular basis and that at this time my account was not eligible for graduation. So I asked her if having the account graduated was in fact an option in the future and she said yes, but not at this time. I told her that I was no longer seeing the benefit to keeping the card open and that I no longer had the desire to keep the card. I further told her that now that I can get prime cards, I no longer needed to keep the "rebuilder" card; and that I am seriously considering ditching the card when the AF comes up. She said that she would notate the account and that I could call back at that time and that they would "see what they could do for me."

UGH...what should I do? I have had this card since 2008 and I really don't want to close it because it is my oldest card. Should I just shut up and keep the account open? It's not really hurting me and the AF is small. I really just want some benefits to having the card aside from it helping my FICO score.

What are your thoughts out there??????????????????

[Datx]

My opinion would to ditch the card right before the AF is due, especially when you have other credit cards and some of those being prime cards. I decided to let mine go when I saw more threads on the orchard secured card, and how the card holder has had the card for 2-3 years without the card graduating to an unsecured one. IMO, its time to retire the thing and move on. Even if you close the card, it will still report. Here is a link on closing credit cards. Good luck on whatever you decide.

[UFGuy2006]

I would call back when the AF is due and get it waived. As long as you can keep getting that fee waived, why not keep it open.

In the mean time, seek another card that will either let you graduate (get secured then move to unsecured) or will give you an unsecured card to start (probably cap 1 or BOA).

Good luck!

[Anonymous]

Thanks for the input.

I am leaning towards keeping the card open and then asking for the fee to be waived before the AF comes back around. Like I said, it's not hurting me, but there is no real benefit to keeping the card except for the increasing AAoA and the limit that I have on the card. Also I am to the point (credit-wise) where I don't need a secured card. I can apply for an unsecured card and chances are I will get it. I've worked really hard to get to the place that I am at right now with my credit and Orchard has been great, but there is no real benefit. But I'll probably keep the card and see what happens early next year.