"Not Quite Sure"

Orchard Bank Secured MasterCard® Review
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Written by: tia530 on 2008-11-15

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tia530's review: Callout Comment I do not want to discourage anyone from applying for this card, i'll share my experience though:

Opened this card in June 2007, secured with $1000.00

I did not make any additional deposits, kept usage low but steady and paid in full prior to statement date.

Aprrox 11 months later I requested a CLI and was denied. Reason... I did not deposit $ to match the CLI. Requested CLI today, again... Denied. Reason... I have the maximum amount of cards HBC allows. Would that be 2? I know best buy is an HBC account and of course the Orchard MC.

I telephoned customer service who was very difficult to understand, heavy accent. She was apologetic and said if I make a deposit I would be granted a CLI.

No thanks, I told her. I think this card has served it's intended purpose for me and it's time to cut the cord. Any input would be appreicated, thank you.



Comment 1 by colonative
Orchard User Icon on 2008-11-15

Remarks As I understand it, an Orchard Secured card will never be unsecured. That sounds strange but I believe I have read that here before-could be wrong.

Does it have an annual fee?

My advice would be to keep the BofA secured card (which should be unsecured soon) since it is also a year old and get rid of this one and get your $1,000 back.
Comment 2 by tia530
Clearer Explanation User Icon on 2008-11-15

Remarks I inquired about an upgrade/swap to a regular account. No, that cannot be done, I must apply for a new card. I applied for a new unsecured card, which was denied. Reason... I have the max amount of cards HBC allows, rut roh! Didn't realise there was a limit to the amount of cards you can hold with a creditor.
Comment 3 by tia530
You Are Right! User Icon on 2008-11-15

Remarks Indeed, ColoNative, that is true. The OB secured card cannot be "converted" to an unsecured account. As I was told, you must apply for an unsecured card, which I did. They shot me down. That ends the love affair between me and them, i'll close, take the $ and run.

The annual fee is $39.00 which the CSR offered to waive. I paid it this year already, I believe she said she would refund it back to me, I didn't bite the bait.

Comment 4 by colonative
Tia User Icon on 2008-11-15

Remarks I think that is the best option at this point. These types of cards are only good for getting better cards, and if you are getting offers for BofA cards then you have arrived!

Keep us informed about your BofA secured card-it should be nearing the end of needing to be secured, so you will get your money back and you can upgrade it.
Comment 5 by thomas1
OB User Icon on 2008-11-15

Remarks I would wait for the BOA to be unsecured first before closing the Orchard Bank.

When Boa unsecures your accont to give you a regular account, they may pull your reports.

Wait until that, and then close the orchard account
Comment 6 by charonh
Good Advice Thomas1! User Icon on 2008-11-15

Remarks I wouldn't close it either until I applied for the BOA card, since it is over a year old and your score could potentially go down, since you would no longer have the age of the Orchard account. Either way, good luck!
Comment 7 by charonh
Sorry Tia530! User Icon on 2008-11-15

Remarks I didn't see your other review. Congrats on already being approved, I still agree with Thomas1, though.
Comment 8 by tia530
Thanks Everyone User Icon on 2008-11-16

Remarks For your valuable input, it really helps to make the decision making process regarding the accounts. I will hold onto the BofA secured, except I'm not sure if it converts. Has anyone had one that did? I haven't closed Orchard yet, nor National City, but they may be next on the chopping block.

I have checking/savings/CD's/mortgage-escrow/$1500 secured Visa with them and am awaiting an response for a unsecured Visa. I got the infamous 7-10 day response, womp womp womp! I'm not very hopeful for some reason, although my banking history with them is 6+ years on Savings/Checking/CD's, 10 mos mortgage, approx a year and a half on the secured Visa. All accounts in great standing, not a blemish anywhere. I'll wait it out and update as soon as I receive a response.

Thanks again

Comment 9 by hjm331
RE: Tia530 User Icon on 2008-11-16

Remarks Yes, the BOA secured card does convert in 9 months as long as you keep your account in good standing. They will also give you give you an increase after refunding your deposit.

Since they will refund the annual fee, I would keep that account open until you have 3-4 prime cards such as the Discover card and the BOA card. Don't get carried away with the new applications. Since you were approved for the Discover card, wait 6 months until you apply for another card because too many new accounts in a short period of time hurt your score and don't look good on your report.
Comment 10 by tia530
I Hear Ya User Icon on 2008-11-17

Remarks Hjm331,

I am definitely finished with new credit apps. Although I didn't apply for these 3 cards directly (all pre-approved offers) I know it will still result in my credit score taking a hit, too many new accounts and

"credit seeking" if I were to go for a personal loan or something of that nature.

I'll sit on these for the next 12-24 mos in hopes of obtaining a higher CL on at least one of these cards.

Thank you much

Comment 11 by marie7
18 Months User Icon on 2009-02-26

Remarks I've heard in through the grapevine that they will unsecure for some at 18 months... If you haven't unsecured by 19... Cut the cord
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