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Should I close my orchard?

Regular Contributor

Should I close my orchard?

I have had my Orchard Bank card since 2005, its my oldest revolving account, It currently has a zero balance, $79 dollar annual fee and 28.99 percent interest (which is the penality interest rate) and I have been paying at 28,99 for the last two years, (I went through some money problems and missed a few payments so they have me at that rate, I was told that it would be decreased after 12 payments, and it has not and the CSR can't find a note anywhere saying that it would be reduced.)  For the last year I call every month to see if they can increase the balance or reduce the interest rate and I get a big NO and when I email the execs I get a form letter back. Any who, should I close this count, or should I leave it open. I dont use it currently and my AF is coming up in Feb. 


Starting Score: equifax 543myfico,experian (fako)634 quizzle, 605 walmart tu08
Current Score:equifax 649 myfico,experian 643 FICO (lender pull) , 651 walmart tu08, 650 Transunion 98 FICO (lender pull
Goal Score: 680 all three Dec 31 2012


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Message 1 of 12
11 REPLIES
Valued Contributor

Re: Should I close my orchard?

Do you have any other cards? 

i would app for a couple cards if you dont and then close that account. since its closed in good standing it will still report for 10 years. 

 

that af for a card you dont even use id close that so fast coyote couldnt catch me. 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 2 of 12
Regular Contributor

Re: Should I close my orchard?

Yes, i have several other cards, 2 cap one's, barclays, and several store cards. 


Starting Score: equifax 543myfico,experian (fako)634 quizzle, 605 walmart tu08
Current Score:equifax 649 myfico,experian 643 FICO (lender pull) , 651 walmart tu08, 650 Transunion 98 FICO (lender pull
Goal Score: 680 all three Dec 31 2012


Take the FICO Fitness Challenge
Message 3 of 12
Valued Contributor

Re: Should I close my orchard?

they going to transfer to capital one pretty soon and you can work on it throu capital one Executive......

They charge me 59.99 but call in and ask to reduce the AF. Cut in half and recommend me to used the card for another year then see what they can do. its all done in OCt.

The card now SD but i keep it for my AAOA + payment history since its one of my longest card.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 4 of 12
Valued Contributor

Re: Should I close my orchard?

What is the oldest date of your other cards? 2005 is a really long history. Why don't you wait until your card converts to a Cap1 to see if better terms may be offered? We are supposed to get new cards in the spring. If you close shortly after that, I believe you can get your AF back.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 5 of 12
Valued Contributor

Re: Should I close my orchard?

My advice would be to get rid of the card.  I understand that you have a history with that card and all, but you really want to start using cards that'll grow with you.  

 

I have 9 accounts I opened with limits from $300-$1500 between 2006-2008.  Barclays was the only major card without an AF.  Once I started getting CLIs with that, it enabled me to get new cards with no AFs and as these cards started to grow, I slowly got rid of my "toy cards" with AFs.  Now my oldest card is that Barclays from 2008, and I have  9 other accounts opened in the past 2.5 years that have done nothing but grow.  

 

Hopefully you can get Barclays to budge a little and start working on CLIs with them (I'm not sure how much CapOne will thaw), and it'll allow you to get rid of anything with an AF.  .  

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Message 6 of 12
Frequent Contributor

Re: Should I close my orchard?

I was able to only get Orchard AF (due to hit January 29th) recredited to my account (not whacked) while Capital One removed their AF yesterday.

Ch7 Discharge: 5/14/2016 | 8/15/2016 scores: EQ 631 | TU 624 | EX 641
Message 7 of 12
Valued Contributor

Re: Should I close my orchard?

PC it to another card when your account officially transfers to Capital One Bank USA, NA next year. Right now it is in the transitional stage.

Message 8 of 12
Valued Contributor

Re: Should I close my orchard?

+1
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 9 of 12
Senior Contributor

Re: Should I close my orchard?


daneatreia wrote:

Yes, i have several other cards, 2 cap one's, barclays, and several store cards. 


IMO, that AF is way too much.   I would call and ask them to reduce or waive the fee.  If they don't close it, since you already have 2 capital one cards. 

Message 10 of 12