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Regular Contributor
Posts: 242
Registered: ‎12-11-2012
0

Orchard and Cap1....to close or not to close? Need advice.

            First I want to say that I appreciate for anyones advice good or bad and if anyone has expriences similer to mines. I realize that Orchard Bank cc has been going through this transition into Cap1 since May 2012. I had my Orchard unsecured cc since 2010 with $320 cl. I have received $100 cli in 2011 and another $100 in beginning 2012. My tptal cl in $520 which isn't much. I've been paying on time double the minimum ever month since. I tried for another increase 2012 but they were in the transition state and couldn't do any kind of cli. I emailed the executive office and 2 days later got a call back and I ask them when is the transition done, why I can't get a cli and why can't they waive my AF and why can't I get the reward points? She said the only thing she can do it waive the annual fee for the one year!! There's nothing else she can do becasue she can't access my account.    I ask her that she could waive my AF but can't access my account or do anything else? 

 

            I also have a Cap1 secured card since March 2012 with $200 and received $100 cli in September 2012. Paid double minimum every month. I'm also an AU on another Cap1 since 1998 and paid on time every month.  I also ask the rep about my Cap1 secred and she said this product they can't do any cli because it's secured and I would have to apply for one. I ask to do a product change but she can't. I understand that but why am I not receiving any offers? I spoke to her again today and let her know my disappointment in not showing any value of me as a customer. 

 

            I was thinking of paying off my balances and cancel both cards but not sure if it will hurt me in the long run. I have a Wells Fargo secured card that I just opened and would just keep that one for now. What do you think I should do? Keep or close? Thank you in advance.

 

            

Frequent Contributor
Posts: 260
Registered: ‎08-29-2011
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Re: Orchard and Cap1....to close or not to close? Need advice.

If those are all the cards that you currently have, I say keep them open. Why are you only making double minium payments? You should be paying in full every month on every card.


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Regular Contributor
Posts: 242
Registered: ‎12-11-2012
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Re: Orchard and Cap1....to close or not to close? Need advice.

Since I started re-buildig my credit, I heard if you leave a revolving balance but pay more than minimum, it would help build a better credit history and give me as a customer a little more value since their making money with me in interest. But as I learned, paying off in full will give me a better util. and raise my score. I also have Wells Fargo Secured, Walmart, Target, Fingerhut and VS. I would like to keep the Orchard and Cap1 but they're not budding and cancelling is more about just lettting them know I'm serious. I don't know if I should stick to my guns and cancel or hide my pride and keep them. I don't want to bit off my nose to spite my face. I have to do what would be best for me. What do you suggest? Thank you.

Frequent Contributor
Posts: 260
Registered: ‎08-29-2011
0

Re: Orchard and Cap1....to close or not to close? Need advice.

If they are waiving the AF for at least 1 more year, keep them until then. Pay everything in full and before the 1 year is up, apply for a "prime" card. After you have a higher limit card, then you could cancel them, but for now I would keep them.


Starting Score Myfico EQ: 676 08/11/2011
Current Score: Amazon EQ Pull: 781 Walmart TU08: 782 AMEX EX Pull: 745 08/03/2014 Goal Score: 780+
Hover over image to see limits

NPSL$1,000$18,000$9,500$5,000$5,000$5,500$8,000$5,300$9,000$5,500$4,200$1,900$4,000$1,600
Established Contributor
Posts: 1,837
Registered: ‎08-20-2012
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Re: Orchard and Cap1....to close or not to close? Need advice.

+1

Regular Contributor
Posts: 242
Registered: ‎12-11-2012
0

Re: Orchard and Cap1....to close or not to close? Need advice.

Thank you for that. That's what I'm gonna do. Pay balance in full and keep them since their waiving the AF. Hopefullly after the year I'll try to apply for a prime card. Thank you for the advice. 

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