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Should I close Orchard Bank??

Valued Member

Should I close Orchard Bank??

I have recently acquired CCs with much larger limits than the 2 $300 limit cards from Orchard Bank. These 2 cards are approaching the time for the annual fee to be due. I was wondering if I should go ahead and cancel the cards or keep them open for whatever reason. Both cards are only a year old and my others are younger, but have $2500-5000 limits.

 

What should I do?

 

JOYmonica


Starting Score: EQ 601 TU 593 12/2010
Current Score: EQ 707 TU 673 EX 677 via PSECU as of 9/3/2011
Goal Score: 730 by 11/2011

Take the FICO Fitness Challenge
Message 1 of 12
11 REPLIES
Moderator Emeritus

Re: Should I close Orchard Bank??

It depends - what other cards do you have?

 

Just puttin' syrup on something, don't make it pancakes.
Message 2 of 12
Valued Contributor

Re: Should I close Orchard Bank??

Consider asking them for a higher limit, and then when the AF is due asking for a waiver.

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 3 of 12
Valued Member

Re: Should I close Orchard Bank??

Cap1 - $750

PSECU - $5000

Wells Fargo - $3000

MCCU - $2500

 

 


Starting Score: EQ 601 TU 593 12/2010
Current Score: EQ 707 TU 673 EX 677 via PSECU as of 9/3/2011
Goal Score: 730 by 11/2011

Take the FICO Fitness Challenge
Message 4 of 12
Senior Contributor

Re: Should I close Orchard Bank??


p- wrote:

Consider asking them for a higher limit, and then when the AF is due asking for a waiver.


+1

Message 5 of 12
Moderator Emeritus

Re: Should I close Orchard Bank??

You have other bank cards open, so you don't need the Orchard card in that regard.  (FICO likes to see a bank card - you only need one).

How's your utilization? And number of cards reporting a balance?  FICO likes to see <9% utilization and few cards reporting a balance (the mantra is all cards but one reporting zero, with the one remaining card reporting  <9% for highest FICO scores).  If you're good on both of those, then it's a great time to close Orchard - both of 'em.  And congrats on building/rebuilding to the point where you no longer need them.

 

And, of course, the master read for closing cards is here. 

 

 

Just puttin' syrup on something, don't make it pancakes.
Message 6 of 12
Established Contributor

Re: Should I close Orchard Bank??

With the cards you have, I would close Orchard, just to save money and/or from the inconvenience of calling every year trying to get the AF waive


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


Take the FICO Fitness Challenge
Message 7 of 12
Mega Contributor

Re: Should I close Orchard Bank??

IMO Orchard has served its purpose. I think if in the future you apply for credit, it would look better not having two low limit cards. Soon to be three Cap1 cards. Reading on the forum awhile back people got $100 CLI after 2 years or more from Orchard and excited they got it. I'm kicking them to the curb before My annual fee and Cap1 takes over. But that's JMO. I wish I had the cards you have but working on it.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 8 of 12
Valued Member

Re: Should I close Orchard Bank??

  1. My util on one card is 8%, one other at 9% and 0 on the others.

Starting Score: EQ 601 TU 593 12/2010
Current Score: EQ 707 TU 673 EX 677 via PSECU as of 9/3/2011
Goal Score: 730 by 11/2011

Take the FICO Fitness Challenge
Message 9 of 12
Moderator Emeritus

Re: Should I close Orchard Bank??

With two out of six cards reporting a balance, I would consider closing one Orchard Bank.  That leaves you with five revolvers; two reporting a balance.  When you can get down to only one card reporting a balance less than 9%, I'd close the second Orchard.  But that's just me.  Smiley Wink

Just puttin' syrup on something, don't make it pancakes.
Message 10 of 12