Closed Orchard Account

[mahendra82]

I closed by oldest TL since I wanted to clean my file, and I'm not sure I made the right decision. It had a very low limit ($400) and an AF of $39 (although I had 5 more months till the new AF is billed).  Do you think I made the right decision? 

My other TL and Util are:

Discover $0/2k

Amex Blue $0/2k

BoA Visa Signature $800/8k (no reported limit)

Amex Zync 0/(No-Present)

BBRZMC $0/500 (no AF)

Store Cards:

Amazon 0/1000

Paypal 0/1700

Dell 0/1200

[Open123]

In my view, yes.  I would have done the same.  Unless Orchard is willing to forgo the fee, there is no reason to keep it open.

[Anonymous]

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@mahendra82 wrote:

I closed by oldest TL since I wanted to clean my file, and I'm not sure I made the right decision. It had a very low limit ($400) and an AF of $39 (although I had 5 more months till the new AF is billed).  Do you think I made the right decision? 

My other TL and Util are:

Discover $0/2k

Amex Blue $0/2k

BoA Visa Signature $800/8k (no reported limit)

Amex Zync 0/(No-Present)

BBRZMC $0/500 (no AF)

Store Cards:

Amazon 0/1000

Paypal 0/1700

Dell 0/1200

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I would have done the same.  Orchard's a great rebuilder, but you've moved beyond.  No need for AF cards with what's in your wallet.

Remember, Orchard will continue to report and show up in your AAofA for about ten years after closing.

[mahendra82]

Thanks! I was worried that my current TL might look at the cancellation unfavorably since my available credit is now at a lower level. I just need to keep my util low since the BOA Sigy doesn't report limits. 

[Anonymous]

I would cancel cards with an AF, unless it's the only account on your CR.

[vish1]

Don't worry about the TL, your closed cards will report on your account in good standing for about 10 years