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Orchard Card CLI denial, question

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themeggerz
New Contributor

Orchard Card CLI denial, question

My current wallet is pretty big, my credit scores are high 600s, low 700s right now. I have a house and college loans, and dont plan to make any big purchases until 2014 at the earliest.

 

I have an orchard card for $400 with a $60 AF.  My annual fee is to be paid in september.

 

Do I hurt in any way closingt his card? I asked for a CLI, they said they wouldnt be able to give me one because I dont use the card. Well, I dont use the card because it's $400....  I couldn't even buy a plane ticket for work on it.  They also can't waive the AF.

 

Overall, I am at 43% utilization with all my cards:
$31,600 credit limit, $13,807.55 being used.

Of that $13,807 -  9186.49 is at 0% financing over a few cards (appliances, macbook, etc) so I have auto pay monthly to pay them off within 2 months of their interest def. promotion ending.

 

By end of June 2012, I'll pay off an additional 4 cards to bring my utilization down to about 35% and then only have 0% cards to pay.

 

I just closed a $500 Capital One card  a few months ago, so I feel bad closing another card..... 

 

 

SCORES (2/2013): EX 795 TU 717 EXP 726
Goal: 800+ and Gardening

Wallet: NavyFed 15k AMEX BCE 2k Discover 3k BOA 5k
CapitalOne 2250 HSBC RZM 950 Best Buy SC 2900
GEMB/Paypal 3700 Merrick Bank 1k Zales 2k Barclays 1300 GEMB/AJMadison 3600 Walmart 800 VS 500 NY&CO 400
Message 1 of 12
11 REPLIES 11
Juan123
Established Contributor

Re: Orchard Card CLI denial, question

it'll make your util go up a tad bit but i'd close it... that 60 AF is way too steep.


Starting Score: 575 (As Of Early 2011)
Current Score: TU: 767 EQ: 732 EX; 742 (As Of Feb 2012)
Goal Score: 750


Take the FICO Fitness Challenge

Long way to go ^_^
Message 2 of 12
pipeguy
Senior Contributor

Re: Orchard Card CLI denial, question

Why would you keep an an Orchard card for $400 with a $60 AF when you have plenty of other and better credit cards?  Especially since you don't use it? You are just giving HSBC $60 a year for nothing at this point IMO.

Message 3 of 12
themeggerz
New Contributor

Re: Orchard Card CLI denial, question


@pipeguy wrote:

Why would you keep an an Orchard card for $400 with a $60 AF when you have plenty of other and better credit cards?  Especially since you don't use it? You are just giving HSBC $60 a year for nothing at this point IMO.


They told me that they don't report closed accounts - and when I questioned them on that , that they may not but it will stay on my credit report for 10 years - she said no, they wouldn't. The only way to keep the history is to keep the account open.  That doesn't jive with what I know, but....

 

Plus, it's hard to let go of a card I've had since 2007. Will that hurt my AAoA? I'll my 'good" cards have come in the last year.  

SCORES (2/2013): EX 795 TU 717 EXP 726
Goal: 800+ and Gardening

Wallet: NavyFed 15k AMEX BCE 2k Discover 3k BOA 5k
CapitalOne 2250 HSBC RZM 950 Best Buy SC 2900
GEMB/Paypal 3700 Merrick Bank 1k Zales 2k Barclays 1300 GEMB/AJMadison 3600 Walmart 800 VS 500 NY&CO 400
Message 4 of 12
Juan123
Established Contributor

Re: Orchard Card CLI denial, question


@themeggerz wrote:

@pipeguy wrote:

Why would you keep an an Orchard card for $400 with a $60 AF when you have plenty of other and better credit cards?  Especially since you don't use it? You are just giving HSBC $60 a year for nothing at this point IMO.


They told me that they don't report closed accounts - and when I questioned them on that , that they may not but it will stay on my credit report for 10 years - she said no, they wouldn't. The only way to keep the history is to keep the account open.  That doesn't jive with what I know, but....

 

Plus, it's hard to let go of a card I've had since 2007. Will that hurt my AAoA? I'll my 'good" cards have come in the last year.  


like you said, it stays on the report for 10 years no matter if its closed or open. And it'll factor into your AAoA, the only difference will be the the util but since it's only $400 it wont hurt much. but that $60 fee is 15% of your limit.. thats WAY too much.


Starting Score: 575 (As Of Early 2011)
Current Score: TU: 767 EQ: 732 EX; 742 (As Of Feb 2012)
Goal Score: 750


Take the FICO Fitness Challenge

Long way to go ^_^
Message 5 of 12
themeggerz
New Contributor

Re: Orchard Card CLI denial, question

Juan, agreed.

 

I put a note on my calendar to alert me in August (fee is done again in September) and cancel it then. Might as well not hurt my util for now.


TY!

 

For posterity's sake - they told me because I dont use my card, they can't give me a CLI.  They suggested I use my card and perhaps they could waive something.  Right.

SCORES (2/2013): EX 795 TU 717 EXP 726
Goal: 800+ and Gardening

Wallet: NavyFed 15k AMEX BCE 2k Discover 3k BOA 5k
CapitalOne 2250 HSBC RZM 950 Best Buy SC 2900
GEMB/Paypal 3700 Merrick Bank 1k Zales 2k Barclays 1300 GEMB/AJMadison 3600 Walmart 800 VS 500 NY&CO 400
Message 6 of 12
pipeguy
Senior Contributor

Re: Orchard Card CLI denial, question


@themeggerz wrote:

@pipeguy wrote:

Why would you keep an an Orchard card for $400 with a $60 AF when you have plenty of other and better credit cards?  Especially since you don't use it? You are just giving HSBC $60 a year for nothing at this point IMO.


They told me that they don't report closed accounts - and when I questioned them on that , that they may not but it will stay on my credit report for 10 years - she said no, they wouldn't. The only way to keep the history is to keep the account open.  That doesn't jive with what I know, but....

 

Plus, it's hard to let go of a card I've had since 2007. Will that hurt my AAoA? I'll my 'good" cards have come in the last year.  


Orchard is HSBC which is soon to be Cap-One. Cap-One reports and since your renewal is not until September, just wait until August if you want. As far as I know, the CSR was wrong, the account will be reported as closed by consumer, paid $0 balance. Open or closed the account will still figure into your AAoA, its not just open accounts that report or average in to AAoA.

 

You needed the card in 2007 to either establish credit or rebuild, since that time you have paid $300 to $360 in AF's - it's served its purpose, you are wasting money on AF's and you owe HSBC nothing for the privilege of letting them charge you $60 a year.

Message 7 of 12
boomhower
Valued Contributor

Re: Orchard Card CLI denial, question

Don't feel bad, it's par for the course for them.  I closed mine today.   I had also had mine since 2007 and never got a CLI from the initial $300 line and also a $59 AF.  Just close it when the AF comes around this year and move on.

Message 8 of 12
LS2982
Mega Contributor

Re: Orchard Card CLI denial, question


@themeggerz wrote:

My current wallet is pretty big, my credit scores are high 600s, low 700s right now. I have a house and college loans, and dont plan to make any big purchases until 2014 at the earliest.

 

I have an orchard card for $400 with a $60 AF.  My annual fee is to be paid in september.

 

Do I hurt in any way closingt his card? I asked for a CLI, they said they wouldnt be able to give me one because I dont use the card. Well, I dont use the card because it's $400....  I couldn't even buy a plane ticket for work on it.  They also can't waive the AF.

 

Overall, I am at 43% utilization with all my cards:
$31,600 credit limit, $13,807.55 being used.

Of that $13,807 -  9186.49 is at 0% financing over a few cards (appliances, macbook, etc) so I have auto pay monthly to pay them off within 2 months of their interest def. promotion ending.

 

By end of June 2012, I'll pay off an additional 4 cards to bring my utilization down to about 35% and then only have 0% cards to pay.

 

I just closed a $500 Capital One card  a few months ago, so I feel bad closing another card..... 

 

 


What is your AAoA looking like?? Can you list your cards and how long they have been open??

 

In all reality even with a thin file a $400CL and $60AF is grounds enough to close if you have better cards.




EQ FICO 548 3/3/16
Message 9 of 12
LS2982
Mega Contributor

Re: Orchard Card CLI denial, question


@themeggerz wrote:

@pipeguy wrote:

Why would you keep an an Orchard card for $400 with a $60 AF when you have plenty of other and better credit cards?  Especially since you don't use it? You are just giving HSBC $60 a year for nothing at this point IMO.


They told me that they don't report closed accounts - and when I questioned them on that , that they may not but it will stay on my credit report for 10 years - she said no, they wouldn't. The only way to keep the history is to keep the account open.  That doesn't jive with what I know, but....

 

Plus, it's hard to let go of a card I've had since 2007. Will that hurt my AAoA? I'll my 'good" cards have come in the last year.  


Total lie. Close it. It will stay on your reports for 10 years.




EQ FICO 548 3/3/16
Message 10 of 12
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