topic Re: Closing Small Orchard/Capital One Card -- Impact? in Understanding FICO® Scoring

Closing Small Orchard/Capital One Card -- Impact?

IngyHere — Thu, 27 Sep 2012 20:44:08 GMT

Hello MyFICO Gurus:

Will closing one of those crummy little Orchard Bank Cards with a limit of $400 or $500 have any impact whatsoever on my credit score. I only have two other cards, but they have significantly higher limits in the $5k range.

It's a horrible card -- they historically refused CL increases, charge $75 annually as a fee and only provide customer service as a vehicle to hard sell you credit insurance. That's why I want to close it.

Thanks!

-- IH

Re: Closing Small Orchard/Capital One Card -- Impact?

Walt_K — Thu, 27 Sep 2012 21:20:00 GMT

Read the sticky thread on Closing Credit Cards in the credit card forum: http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

Closing the card will have no immediate affect on your score except to the extent it changes your utilization.

Re: Closing Small Orchard/Capital One Card -- Impact?

masscredit — Tue, 02 Oct 2012 23:58:04 GMT

I have a $300.00 Cap1 secured card that will probably get the ax. I'm not going to put anymore $ into the account and one CLI on another account will offset the amount of this one for utilization. Won't have any issues.