Ummm... so about that Orchard Bank card

[Anonymous]

Your application has been approved.

We are in the process of validating your funds.

Your card will be sent within 10-14 days.

hee hee... oh gosh, please help.

The Orchard Bank card will bring me to three cards:

Premier opened in late August, paid on time, always in full

Cap 1 opened today

Orchard Bank opened today

The only reason I opened the Cap 1 was because the message from Orchard had said I was denied originally.

Should I keep all three open?  Close Premier?

I am recovering from a ch 7 bk, 5/10 foreclosure (all from a previous score of 780)...

thoughts and honestly - thank you!!! 

For the three years that I suffered watching my life implode, I came here and always knew the hurdles were not insurmountable.

[Wolf3]

First Premiere cards have very high fees, so you don't want to keep for very long.   But I would wait until it is close to a year old.

[tinuviel]

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@Anonymous wrote:

Your application has been approved.

We are in the process of validating your funds.

Your card will be sent within 10-14 days.

hee hee... oh gosh, please help.

The Orchard Bank card will bring me to three cards:

Premier opened in late August, paid on time, always in full

Cap 1 opened today

Orchard Bank opened today

The only reason I opened the Cap 1 was because the message from Orchard had said I was denied originally.

Should I keep all three open?  Close Premier?

I am recovering from a ch 7 bk, 5/10 foreclosure (all from a previous score of 780)...

thoughts and honestly - thank you!!! 

For the three years that I suffered watching my life implode, I came here and always knew the hurdles were not insurmountable.

---

Since you've used the FP account, I'm assuming you've already paid the annual fee. IMO, you might as well get your use out of it. Buy something inexpensive with it every month and then PIF before the statement closes. You might as well get a year's worth of clean payment history from it.

As for Orchard and Cap1... I believe that you can cancel either account without incurring the fees if you do so before making any transactions on them. However, you've already taken the hit from the inquiries. So, if the AFs are not too much for you to handle, you might want to consider having all three accounts and building history with them; you might as well get some benefit from your inquiry hits. Otherwise, keep whichever one has the lower AF.

Just my 2 cents. Any thoughts from others?

[Anonymous]

Thank you. 

So:

keep Premier active until about July, then close (it will be exactly 1 year old on August 24th)

how long do inquiry hits hurt?

I mean, I know I'm done applying for anything until I ask my CU to give me the funds for truck (April/May time frame).

Ultimately, my goal is to be solidly credity worthy so that IF I am accepted into medical school, I have the ability to get private loans for years 3 and 4 (which will be 5 or 6 years post bk/foreclosure).

Gotta do something with my life

[tinuviel]

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@Anonymous wrote:

Thank you. 

So:

keep Premier active until about July, then close (it will be exactly 1 year old on August 24th)

how long do inquiry hits hurt?

I mean, I know I'm done applying for anything until I ask my CU to give me the funds for truck (April/May time frame).

Ultimately, my goal is to be solidly credity worthy so that IF I am accepted into medical school, I have the ability to get private loans for years 3 and 4 (which will be 5 or 6 years post bk/foreclosure).

Gotta do something with my life

---

Inquiries stay on your credit file for two years. Lenders can see them during that time, but they only affect your FICO score for one year.

Best wishes for getting accepted into med school! How long until you're ready to apply?

[Anonymous]

If I can get into a class this semester, conceivably, I could apply this summer.  If I wait until next application cycle (2012), I will be pushing 48 and that scares me greatly.

But... it is my dream and has been since I was a little kid.  Part of what sustained me through the debacle of the last three years was trying to give into my passion - medicine... pediatric onc if I can make it.

Thank you for the words of guidance and of support!

[Anonymous]

Premier is a real vulture.  Cap 1 and Orchard are

so much better.  Orchard gives auto clis (although small).

What are cls on these accounts?

BTW:  I commend you on trying to live your dream and

wish you the best.  I had a fellow worker who went to

med school late in his life and was a wonderful doctor.

We used to his work so he could study.  He treated us

all for nothing later on.

[Smug]

Age is a number, not a limiter.

[Anonymous]

Thank you.  That means a lot to me. 

With Premier, my understanding is close online, then write letter with signed receipt requested and do it like 1 month prior to AF (so maybe really in June because card renews in August?)

I plan on closing it.  I will have the Cap 1, and Orchard, both unsecured.  Should the contract come through as expected, I will have an auto loan from CU on my CR as well by June.

Then I can let things sit?  Or is there anything else I should add?  My thought was to get these things done and let things sit for a year.

2 cc (500 CL each)

1 auto loan

1 ginormous student loan (being paid down substantially every month)

no baddies post-bk (5/10)

(@ Smug... I agree but med schools do NOT like older candidates as they feel we do not offer an ROI on the actual cost of training a physician BUT there is the Caribbean schools if not admitted stateside... and I want/need to be a doc)

[tinuviel]

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@Anonymous wrote:

If I can get into a class this semester, conceivably, I could apply this summer.  If I wait until next application cycle (2012), I will be pushing 48 and that scares me greatly.

But... it is my dream and has been since I was a little kid.  Part of what sustained me through the debacle of the last three years was trying to give into my passion - medicine... pediatric onc if I can make it.

Thank you for the words of guidance and of support!

---

Don't be scared... GO FOR IT!!! I regretted not finishing my undergrad when I was young. I went back three 1/2 years ago and finally graduated last May... at age 49. The sense of accomplishment is wonderful -- one of the best decisions I've ever made.

I once heard a quote from someone else who went back to school as an older adult. Friends asked him, "Do you know how old you'll be when you finish?" To which he replied, "The same age as if I don't."

If this is your passion, by all means... follow your dream.