For 18mth I have paid my Orchard Bank secured Visa on time never missed 1 payment some months I made multiple payment. But the problem is they will not unsecured the card. Here's the problem it's my oldest tradeline after my bk7, but I now have a 2 cap one ( the 1st $300 limit $ 2nd $2000). I want to close the Orchard but I fear I may hurt my credit score dramatically.
If its your oldest account, you are probably better to keep the account open, and sock-drawer it. Have they provided a reason why they won't unsecure the card?
Not a real good reason they just say maybe pay more on the card used it more stupid stuff really because I charge all my utilities on it and pay if right off.
Maybe because you pay it right off they are not making any money on you in interest charges, and that's why they won't unsecure it.
That's probably the problem The only $ that they are making from you, is the difference in interest that the $ that is securing the card and the interest rate that they are paying you on the $ that is securing the card. It's one of the caveats about paying the account in full, since they aren't making $ off of the account, they have little motivation to sacrafice what little income they are making off of the security deposit. If they believed that there would be another revenue source (to replace the one that they would be losing by unsecuring it) in unsecuring it, then they might be willing to unsecure it.
More than 1 Household card I did a soft inquiry on Household Bank and it said I would qualify for the Orchard Bank Gold Card. I did not submit instead I called customer service and asked why I could get a gold card but could not get my secured card unsecured. She told me if I had submitted the application I would have been denied because they do not give out more than 1 card. Is this true does any one have more than 1 Household credit card.
