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Closed Orchard Today!

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JustMe77
Frequent Contributor

Closed Orchard Today!

I was going to try to wait until closer to the 2-year mark (August 2012), since I paid the $79 AF last September and the interest rate (setting aside the AF) wasn't horrible. Ultimately, I couldn't wait! I don't carry balances, I don't need the $600 credit limit for utilization purposes, and I want one less card to keep track of.

 

I received my official closed account email today Smiley Happy Can't wait to go home and shred it. Helpful for what it was, but good riddance!

 

Current Cards: Banana Republic Visa ($5,300), Chase Freedom ($2,000), Discover It ($11,500), Amex Costco True Earnings ($5,000), Chase Slate ($2,500)
Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Closed Orchard Today!

Congrats! I closed mine back in December, still waiting for it to report as closed. The account shows up as closed on HSBCs end (got the initial email and another confirmation email last week after I asked them), but they still haven't reported it as closed to the CRAs. When I emailed to ask about it, they said I'd have to call them and talk to Peggy to find out why it's not reporting as closed yet. Really not in the mood to deal with their CSRs. I guess the longer it stays showing 'open', the longer it'll stay as part of my credit history anyway.

Message 2 of 10
ChesterPDexter
Established Contributor

Re: Closed Orchard Today!

Onward and upward!  I think that once you have several accounts that are four figures, it's good to close three-figure accounts.  THey just ruin the look of your credit report.  Smiley Happy

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Message 3 of 10
frogfan12
Established Contributor

Re: Closed Orchard Today!

Happy closing! 


Starting Score: 760
Current Score: 716 Equifax 754 TU 736 Experian
Goal Score: 760
Message 4 of 10
LS2982
Mega Contributor

Re: Closed Orchard Today!


@ChesterPDexter wrote:

Onward and upward!  I think that once you have several accounts that are four figures, it's good to close three-figure accounts.  THey just ruin the look of your credit report.  Smiley Happy


+1




EQ FICO 548 3/3/16
Message 5 of 10
JustMe77
Frequent Contributor

Re: Closed Orchard Today!


@ChesterPDexter wrote:

Onward and upward!  I think that once you have several accounts that are four figures, it's good to close three-figure accounts.  THey just ruin the look of your credit report.  Smiley Happy


Agreed! Plus, my Capital One will increase to $2500 in a few months (credit steps program), and I'm anticipating a CLI on my BR Visa this month.

Current Cards: Banana Republic Visa ($5,300), Chase Freedom ($2,000), Discover It ($11,500), Amex Costco True Earnings ($5,000), Chase Slate ($2,500)
Message 6 of 10
LS2982
Mega Contributor

Re: Closed Orchard Today!


@JustMe77 wrote:

I was going to try to wait until closer to the 2-year mark (August 2012), since I paid the $79 AF last September and the interest rate (setting aside the AF) wasn't horrible. Ultimately, I couldn't wait! I don't carry balances, I don't need the $600 credit limit for utilization purposes, and I want one less card to keep track of.

 

I received my official closed account email today Smiley Happy Can't wait to go home and shred it. Helpful for what it was, but good riddance!

 


Congrats!!!!

 

Still on the fence on whether to close my household account when it reaches a year or not, not happy about AF but would consider keeping it for a nice CLI.




EQ FICO 548 3/3/16
Message 7 of 10
boomhower
Valued Contributor

Re: Closed Orchard Today!

That remings me I need to do the same thing tommorrow as my AF hits this month.  Three or four years and it's still at $300.  Oh well, it's served it's purpose.  Amex, Chase, and primeish HSBC/Merrick have taken hold.

Message 8 of 10
Anonymous
Not applicable

Re: Closed Orchard Today!


@JustMe77 wrote:

@ChesterPDexter wrote:

Onward and upward!  I think that once you have several accounts that are four figures, it's good to close three-figure accounts.  THey just ruin the look of your credit report.  Smiley Happy


Agreed! Plus, my Capital One will increase to $2500 in a few months (credit steps program), and I'm anticipating a CLI on my BR Visa this month.


I thought that the Capital One credit steps CLI only worked once for the life of the credit card.

Message 9 of 10
JustMe77
Frequent Contributor

Re: Closed Orchard Today!


@Anonymous wrote:

@JustMe77 wrote:

@ChesterPDexter wrote:

Onward and upward!  I think that once you have several accounts that are four figures, it's good to close three-figure accounts.  THey just ruin the look of your credit report.  Smiley Happy


Agreed! Plus, my Capital One will increase to $2500 in a few months (credit steps program), and I'm anticipating a CLI on my BR Visa this month.


I thought that the Capital One credit steps CLI only worked once for the life of the credit card.


This will be my first increase. It opened at $2000. After 5 months of paying on time, it goes up to $2500. Some people get 2 increases I think? I don't know...but I know I just get one.

Current Cards: Banana Republic Visa ($5,300), Chase Freedom ($2,000), Discover It ($11,500), Amex Costco True Earnings ($5,000), Chase Slate ($2,500)
Message 10 of 10
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