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CompunerdWill
Posts: 3
Registered: ‎07-28-2011
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From Capital One to Discover ... about to faint

Long story short, I have been trying to rebuild my credit for the past few years and decided it was time for a more PRIME credit card.  Applied for Discover and got the 30 day message and though for sure it was going to be declined.  Very polite and friendly Discover rep called me yesterday and asked me to verify some information and explain some of the deliquencies that I had in the past.  After chatting for about 7 minutes he went ahead and approved me for a 2000.00 credit limit!!!  I was thinking of closing my Orchard Bank Card now, but I already paid the AF so figured I would let it age a bit.  Suggestions, thoughts?  Below is my current cards from oldest to newest.

 

Fifth Third Bank Secured Card - 300.00

Orchard Bank - 300.00

Capital One Plat - 750.00

Capital One Cash Rewards - 500.00

Discover! - 2000.00

 

Fakko - 605

FICO - 630

Established Member
Hotcakes
Posts: 37
Registered: ‎07-25-2011
0

Re: From Capital One to Discover ... about to faint

Congrats! I would just sit on everything as is for a while. Maybe cancel one in six months or so, and don't apply for anything for at least a year.
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ArisGreek
Posts: 477
Registered: ‎09-24-2010
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Re: From Capital One to Discover ... about to faint

+1

===========
TU: 745(TU98) | EQ: 774 | EX: ? | NO BADDIES!
What's in my wallet? AMEX Platinum, United Presidential Plus World Elite MC, AMEX JetBlue, Nordstrom Visa Sig, Chase Sapphire Preferred, Discover More, AMEX Zync, Citi AAdvantage Plat Select Visa, Banana Republic, Home Depot
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: From Capital One to Discover ... about to faint

[ Edited ]

CompunerdWill wrote:

Long story short, I have been trying to rebuild my credit for the past few years and decided it was time for a more PRIME credit card.  Applied for Discover and got the 30 day message and though for sure it was going to be declined.  Very polite and friendly Discover rep called me yesterday and asked me to verify some information and explain some of the deliquencies that I had in the past.  After chatting for about 7 minutes he went ahead and approved me for a 2000.00 credit limit!!!  I was thinking of closing my Orchard Bank Card now, but I already paid the AF so figured I would let it age a bit.  Suggestions, thoughts?  Below is my current cards from oldest to newest.

 

Fifth Third Bank Secured Card - 300.00

Orchard Bank - 300.00

Capital One Plat - 750.00

Capital One Cash Rewards - 500.00

Discover! - 2000.00

 

Fakko - 605

FICO - 630


Congrats!  I would close the Orchard account  immediately or when the Discover account reports to the CRAs.  Discover usually report new accounts within days.   Closed or not, the Orchard card will mature regardless.  There's no need to continue to deal with Orchard since it served its purpose already.  You'd still have $3,550 in avialable credit at your disposal. 

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stanggt03
Posts: 437
Registered: ‎05-21-2011
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Re: From Capital One to Discover ... about to faint

Congrats. That's awesome. I actually wouldn't close the Orchard card. The AF has already been paid. They don't charge monthly fees. They're in the process of selling, so I'd at least hold out to see who buys them and what happens after they're sold.

Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


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Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: From Capital One to Discover ... about to faint


stanggt03 wrote:
Congrats. That's awesome. I actually wouldn't close the Orchard card. The AF has already been paid. They don't charge monthly fees. They're in the process of selling, so I'd at least hold out to see who buys them and what happens after they're sold.


That's actually a good reason to close the account and not keep it open.  The worse thing that could happen is the account get closed and a new account and date is reported.  It happens at times when bank sell its credit card portfolio. 


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