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Contributor
demo18c
Posts: 79
Registered: ‎03-06-2008
0

To close or not to close

I would like to limit the amount of cards I have now that I have broken into the "prime cards"( i think). Here is what I have from oldest to newest. I had older cards from 2001-2003 but they are closed.
 
Orchard Bank   $1300 cli  opened  July 2004
cap1                  $500                      Oct 2006
Amex                 $ no set spendin    June2007
cap1                  $ 2000k                  Apr 2008
US Air Junny     $1500                   Apr 2008
Wells Fargo      $7000                     May2008
 
Now Orchard has been my longest account open but its not one that grows. So would you sock draw it or cancel. Also anyone have any experience with Cap1 combining cards. Thank You.
 
 
De Oppresso Liber

Starting Score: 690
Current Score: 747
Goal Score: 750


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Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
0

Re: To close or not to close

What's the AF on your Orchard card?
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Frequent Contributor
shyboy
Posts: 378
Registered: ‎08-01-2007
0

Re: To close or not to close

well i would combine both cap1 accounts and keep the history of the oldest one
-------------------------------------------------------------------------------------------------Getting back in the credit game after major setbacks
Established Contributor
heirophant
Posts: 532
Registered: ‎11-25-2007
0

Re: To close or not to close

Just takes a phone call to combine your cap1 cards.  Its easy.  For the Orchard, try to get the AF waived....and keep it.  It has a decent limit for an Orchard.  The drawback is that you will have to call back every year around annual fee time and try to get it waived.  They should do it to keep you.  If they don't, kick em to the curb.
FICO's: TU: 682 EX: 688 EQ: Unknown

In my wallet (strikethough are getting the axe soon): Amex Rewards Plus Gold | BECU: 10,000 | AlaskaUSA FCU: 6,900 | Citi Forward 6,500 | BOA Travel Rewards: 5,000 | US Bank Cash+: 5,000 | Merrick: 4,200 | Chase Freedom: 3,500 | Juniper: 3,100 | Household: 2,450 | Best Buy Reward Zone: 2,000 | Cap1: 1,500 | Cap1: 750 | Bailey's Furniture: 3,100 | Lowes: 4,500 | Care Credit: 2,000 | Zales: 1,400 | Kohls: 400 | Sam's: 5,200 | Walmart: 1,100 | Discover More: 1,000
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
0

Re: To close or not to close

I agree. I would combine the Capital One cards and SD the Orchard.
Here we go again...
New Contributor
CreditMizer
Posts: 123
Registered: ‎05-01-2007
0

Re: To close or not to close

I wouldn't close the Orchard it is 4 years older than most of your other cards. If it has any AF call them and threaten to close unless they waive. If you have low or no balance they will cave.

I like this card though: cap1 $ 2000k Apr 2008
$2000K that $2mil right. How high of a FICO you need for that one. :smileyhappy:
Must be nice. Charge a car on it and still be at 1% util.
Contributor
demo18c
Posts: 79
Registered: ‎03-06-2008
0

Re: To close or not to close

It was handed down from God one night. He said improve your FICO with this and be forever grateful. i would call upon you one day... until then.....

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Established Contributor
FaircreditguyFL
Posts: 665
Registered: ‎03-31-2007
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Re: To close or not to close

Keep Orchard even with a fee - for now. I would threaten to close the account. They have been known to double the credit limit if you ask to close it due to credit limit. This usually does the trick for CLI with Orchard/HSBC. If they decline, don't get huffy. I would close the account prior to applying for a Citi or Chase product.

As far as Cap1, I would reallocate and close the older of the 2 cards. Cap1 has tiered products and it appears that the older one may be a Beginners card and the newest of the two is perhaps an Above Average card or Excellent credit rating card.

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