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CC Advice needed...

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randaljon
Regular Contributor

CC Advice needed...

I started rebuilding credit back in 1/2011. 540s to 670s now. BK in 2005.

I have 4 CCs as of now, not including a Kay and Jared, TJX Rewards store cards.

 

I have an Orchard Bank stuck at 320, despite 12 months of perfect payments and Balance near 0, they will not raise the limit.

I was just hit with $59 annual fee.

Will closing this account damage my credit? Should I just keep it open and at zero since I already paid the annual fee?

 

 

I have two Capital one Mastercards, first one is $500 limit, 2nd is $750 limit. ( should go up in July due to credit steps program).

Should I ask to merge these 2 cards or keep both open? Which option is more beneficial. The new one has cash rewards, first one does not so I rather not use it at all.

 

My last card is my local FCU Visa. Started with Secured line of $500 in 1/2011, changed it to unsecured in 6/2011. Now it is 2/2012, should I ask for a CL increase or wait?

 

I was recently turned down for Discover due to the BK in 2005. Do I have a chance with Chase Freedom?

 

Thanks to all that answer...


Starting Scores(Jan/2011): EQ 564 TU 538 EXP 576
Current Score: EQ 692 TU 728 EXP 710 (Quizzle FAKO)Goal Score: 720


Wallet: Grow Visa 500, Capital One MC 2000, Capital One MC 1250, Paypal MC 3000, Jared 10500, Kay 2000, Walmart 2050, TJX Rewards 1200
Message 1 of 5
4 REPLIES 4
llecs
Moderator Emeritus

Re: CC Advice needed...

If you didn't want the fee, I'd close it. It won't hurt your mix; you have other CCs. You may or may not get a refund on the fee, though. I closed a HSBC (HSBC Direct Rewards) less than a month after paying my fee and they actually gave me an unsolicited refund on that fee. Bonus.

 

I'd keep the CapOnes as are (grammar?). Anyway, I'm not sure if they combine CCs. Score-wise, combining CLs won't help.

 

If you want a CLI with the CU, then ask. I'd ask first if there will be a hard inquiry. Be sure to get balances down before asking though, just in case there's an inquiry.

 

Chase is picky on past baddies, but can be reconned (sp?).

Message 2 of 5
Wolf3
Senior Contributor

Re: CC Advice needed...

Call Orchard and see if you can get your AF back, if you close the account.  If so, close it as it will convert to Capital One this year and you don't need 3 cards with them.  It won't hurt your credit.

 

Wait another 6 months and see what  Capital One does with CLI before asking.

 

 

Message 3 of 5
randaljon
Regular Contributor

Re: CC Advice needed...

I don't think Orchard Bank will convert to Capital One. I think only store cards serviced by HSBC will be converted to Capital One... Am I wrong?


Starting Scores(Jan/2011): EQ 564 TU 538 EXP 576
Current Score: EQ 692 TU 728 EXP 710 (Quizzle FAKO)Goal Score: 720


Wallet: Grow Visa 500, Capital One MC 2000, Capital One MC 1250, Paypal MC 3000, Jared 10500, Kay 2000, Walmart 2050, TJX Rewards 1200
Message 4 of 5
Revelate
Moderator Emeritus

Re: CC Advice needed...


@randaljon wrote:

I don't think Orchard Bank will convert to Capital One. I think only store cards serviced by HSBC will be converted to Capital One... Am I wrong?


I don't think it's been officially confirmed one way or the other; however, no Orchard card customer has received any notification AFAIK.

 

Personally I'm betting they don't roll in Orchard, but that's a WAG for certain.




        
Message 5 of 5
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