@Celle31 wrote:So, I went to my bank today to open up another checking account for me and my husband. I've had an acct with chase for around 3-5 years. Anyway I saw a paper about the chase cards and I made a comment to the lady assisting us that I need to apply for one, but didn't want an inquiry if I was gonna be denied any way. No collections, but alot of late payments on report. She told me they pull Transunion (Louisiana) because everyone pulls equifax and it would be inhouse, thus no hard inquiry. With no hard inquiry, I was like ok go ahead. Nothing to lose now. Well it came back approved for $4000.00. (WHAT?) OH YEAH!!!
My question is, I opened a rebuilder card on 04/2011 with orchard with a $300.00 credit limit unsecured (from $300 to $4000, CRAZY) and I do have a annual fee of $79.00 (which is due 04/2012), should I keep the orchard account or close it? If I close will it hurt my credit score? The lady at the bank said I should keep it for at least 2 years, or it will hurt my credit score.
Congrats!!
I'm pretty sure that CSR did not know what she was talking about when she said no HP. Any application for new credit will produce a HP.
Closing your orchard card will not hurt your score immedidately. Closed account will remain on your report for up to 10 years and regardless, will continue to contribute to your average age of accounts.
If it were me, I'd wait till March, pay off whatever balance owed on it, and close. Congrats on the Freedom! $4000 CL to start with Chase is nothing to sneeze at 
@learnin113 wrote:
I'm moving to Louisiana! Heehee. Congrats.
That would NEVER happen here in California! Ask me how I know. 
Congratulations to you!!!
@Celle31 wrote:So, I went to my bank today to open up another checking account for me and my husband. I've had an acct with chase for around 3-5 years. Anyway I saw a paper about the chase cards and I made a comment to the lady assisting us that I need to apply for one, but didn't want an inquiry if I was gonna be denied any way. No collections, but alot of late payments on report. She told me they pull Transunion (Louisiana) because everyone pulls equifax and it would be inhouse, thus no hard inquiry. With no hard inquiry, I was like ok go ahead. Nothing to lose now. Well it came back approved for $4000.00. (WHAT?) OH YEAH!!!
My question is, I opened a rebuilder card on 04/2011 with orchard with a $300.00 credit limit unsecured (from $300 to $4000, CRAZY) and I do have a annual fee of $79.00 (which is due 04/2012), should I keep the orchard account or close it? If I close will it hurt my credit score? The lady at the bank said I should keep it for at least 2 years, or it will hurt my credit score.
Congrats on the Freedo. Wait before the AF is due on your Orchard then cut them loose. You will only lose the credit line and not the age.
@Celle31 wrote:
Yup, she didnt know what she was talking
about. Just got a scorewatch alert. New inquiry for chase and it's equifax not transition(that I know of). Good thing is my credit score didn't change and I got approved. So I guess I won't get too upset with her.
The only thing that can happen is that once the new card reports, it will lower your AAoA and then you might lose some points. But on the other hand, it will bring your util down and that in itself can compensate for the AAoA loss.