I HATE ORCHARD

[cinnamongirl]

I opened my Orchard Bank Gold card 5 years ago while going through a difficult divorce. I've gotten ONE CLI (summer 2011) to bring my CL up to $400.

I've had perfect payment history, use regularly, never maxed out. I've since gotten other cards (my best being my Barlcays Apple with $2500 CL), bought a house, a car (and refi'd) and I have decent income.  They STILL will not increase my limit. I just called and the woman said  "you will receive a notice in 7-10 days of our decision".....grrrrrr.

BUT, do I close it?? I closed one of my First Premier cards in October and my credit took a huge ding even though the limit was fairly low also.  I feel stuck-- a card that almost brands me as a credit risk just by being on my CR, yet, if I ditch it, it also hurts my credit.

Scores are EQ 626, EX 680, TU 660

[Anonymous]

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@cinnamongirl wrote:

I opened my Orchard Bank Gold card 5 years ago while going through a difficult divorce. I've gotten ONE CLI (summer 2011) to bring my CL up to $400.

I've had perfect payment history, use regularly, never maxed out. I've since gotten other cards (my best being my Barlcays Apple with $2500 CL), bought a house, a car (and refi'd) and I have decent income.  They STILL will not increase my limit. I just called and the woman said  "you will receive a notice in 7-10 days of our decision".....grrrrrr.

BUT, do I close it?? I closed one of my First Premier cards in October and my credit took a huge ding even though the limit was fairly low also.  I feel stuck-- a card that almost brands me as a credit risk just by being on my CR, yet, if I ditch it, it also hurts my credit.

Scores are EQ 626, EX 680, TU 660

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The only way closing a CC can hurt you is by raising your util.

What other cards do you have and what are the CL's?

Also what are the balances on the cards you have now?

[Anonymous]

You should not close the Orchard account, because your credit scores seem rather low, and if you were to close your card, it could lower your score below 610, which would be considered as bad credit. Just continue being a loyal customer, pay off your balance each month, and request a CLI next year, or in another 6 months. Best of luck!

[cinnamongirl]

Here are my other cards:
Barclays Apple $2500 CL- bal $400
First Premier $500 CL- bal $0
Capital One $750 CL- bal $ 330
Capital One Rewards- $750 CL- bal $500
Credit One $750 CL- bal 200
4 store cards-- balances $0

And of course the Orchard- $400 CL, bal $0

[Anonymous]

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@Anonymous wrote:

You should not close the Orchard account, because your credit scores seem rather low, and if you were to close your card, it could lower your score below 610, which would be considered as bad credit. Just continue being a loyal customer, pay off your balance each month, and request a CLI next year, or in another 6 months. Best of luck!

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I'm not sure how you come to this conclusion, would you mind elaborating?

[Anonymous]

I came to the conclusion because creditors like to see people who have credit available to them. And if you close an account, thats less credit that you have available to you. 

[cinnamongirl]

I honestly feel like this is what happens---

The prime cards won't give you credit unless you have great credit, but you can't get great credit unless you have a prime card---- very circular and frustrating!

[dalebb]

time heals all,, i cant see paying AF's for sub prime CC's with 300-500 CL, i just closed credit1, show mc, and hsbc mc....

[dalebb]

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@cinnamongirl wrote:

I honestly feel like this is what happens---

The prime cards won't give you credit unless you have great credit, but you can't get great credit unless you have a prime card---- very circular and frustrating!

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It takes time, and u can learn a lot from the forums here, I was like u2, and it has taken years to get where I am now...

[Anonymous]

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@cinnamongirl wrote:
Here are my other cards:
Barclays Apple $2500 CL- bal $400
First Premier $500 CL- bal $0
Capital One $750 CL- bal $ 330
Capital One Rewards- $750 CL- bal $500
Credit One $750 CL- bal 200
4 store cards-- balances $0

And of course the Orchard- $400 CL, bal $0

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You did not include the CL's of the store cards.

If my math is correct (with the cards you listed with the Cl's) you have 5670 Total revolving credit (without the store cards you mentioned) and you have 1430 in debt that puts you right around 26% util, with your store cards CL's I'm sure your util would be even lower..

If you want to see your highest scores, pay all but one CC to 0, and let that one CC report <9% of its CL., then close the Orchard card, and keep your util at or below 9% and you will see no loss in points. You should actually see an increase to your scores.

Even closing the Orchard card it will remain on your reports for the next ten years, so you will not lose any AAoA's, the only thing you'll lose is the 400CL, and if you do what I said above, you shoud see significant increase to your scores. We have a saying around here, YMMV= your mileage may vary, meaning it's not always the same for everyone. But I really do think if you got all but one of those cards paid off and let just one CC report a small balance, you will see an increase in points. Putting you in a better position to app for Prime CC's when the time comes.

And then you could ditch Orchard