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Credit Mix and Orchard--should I close it?

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LisaJ
Frequent Contributor

Credit Mix and Orchard--should I close it?

Hi!

You have all been so helpful in building my credit.

 

Here is my current mix, and situation-

 

Target- $200, PIF, and it is never going to budge, I'm convinced!

Orchard- $300 (PIF)

Orchard #2- $400 (PIF)

Best Buy- $2200 (about $500 in Christmas; will PIF when bill arrives)

Macy's-Still don't know

JC Penney- $2700 (PIF)

AS Furniture- $2000 (unused and will remain so)

 

Mortgage-new as of October 08

Car loan- May 08

 

Here's the thing--I will have $120 due to Orchard between the two cards on January 15th in annual fees. I have asked to combine in the past and they will do it--for a FEE. Also, in the past, I have asked for CLI and they will do it--for a FEE.

 

I don't "really" have an issue with HSBC--they were a great builder card when I needed them, BUT, I have moved on.

 

However, I am liking my higher scores and trying to build my way to the 700 club. I am afraid to close them, as they are my oldest credit cards, and also afraid of Util issues. I sent them a letter today explaining my position, but I know how they operate, so I am not holding out much hope that they will combine me and raise me without a number of fees.

 

Any advice? Does my mix look ok? I know I need a probably higher CL bank card, but getting increases from Chase or Orchard doesn't seem to work for me.

 

I have 3 mortgage inq. on all three, one Home Depot on EQ, 2 Inq. on EX, and none on TU.

 

Scores are 642 TU (PFICO 671) , EQ 662, and EX 690.

 

What can I do to best raise/ and or maintain, and what to do about Orchard?

 

Any advice, experiences would be great.

 

Lisa

 

 

 

Message Edited by LisaJ on 12-17-2008 06:34 AM
Message Edited by LisaJ on 12-17-2008 07:07 AM
WOW! EQ when I joined myFICO: 657. Ups and downs and a few bumps and bruises, but finally back over 700. Whew!

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Credit Mix and Orchard--should I close it?

call the backdoor # and threaten to cancel they will  give u a cli without a hard pull..
Message 2 of 6
Anonymous
Not applicable

Re: Credit Mix and Orchard--should I close it?

I can only speak for what I would do... and I would dump it.   I did that with 2 HSBC cards (AF and high rate) before I had replacement cards... and I ended up better than good with $50K in CL (over 5 cards) replacing the $1250.  Okay I have no baddies except for a very old paid tax lien and a clean pay history and I don't like fees.  my Cap1  is history at the end of June because of the AF and limit and rate - not even trying to replace it, won't app for another Cap1 to combine... I really don't NEED another card.

 

I also dumped Target and Chevron and HSN roughly about the same time... I am as ruthless with my creditors as they are.

 

Score is suffering from new accounts (TODAY'S  pulls 688-690-679) but I have no major purchases planned (mortgage or car) until 2010 - so everything can age out and the inqs can stop killing me.  I am waiting for the FR from AmEx (I owe them $0) because of the new accounts -- and they can go pound sand if they do ( I have a USAA AmEx and AU on DH's).


Message Edited by Lady_Scarlet on 12-17-2008 11:21 AM
Message 3 of 6
Not_the_Point
Regular Contributor

Re: Credit Mix and Orchard--should I close it?

The cards will count toward your credit history for another 10 years, so it will really only hurt you if you have high balances on other accounts and would hit your utilization. By the time you've had another 10 years to build your credit I'm not sure how much of a factor those two cards would be.


8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Message 4 of 6
creditreformer
Frequent Contributor

Re: Credit Mix and Orchard--should I close it?

orchard combined my 2 orchards W/O a fee earlier this year (July or aug 08), so not sure why they want to charge you a fee? However, they still have NOT given me ANY CLIs, so they will be closed @ the 2 yr mark in early 09.
Message 5 of 6
Anonymous
Not applicable

Re: Credit Mix and Orchard--should I close it?

Careful Careful.

You don't have any major credit cards listed in you post. You just bought a house. Right now, lenders are really testy about folks with brand new mortgages. Orchard is one of our favorite cards to hate but if I were you, I'd probably keep them just one more round. It may be a year before a mainstream Visa or Mastercard comes around and the economy will have some bearing on that time frame as well.

Message 6 of 6
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