04-25-2012 07:24 PM
04-25-2012 07:29 PM
I am fairly new to the forums, I am working on rebuilding my credit I started off about 3 years ago with scores in the low 500's I currently have a 300 dollar balance on an orchard card that I have have for about 4 years it is my oldest account that is open it has a zero balance. How long should I keep this card activated? Most recent score was equifax 640. Pulled on score watch.
I would wait until you have several other cards open ~ FICO likes to see at least two or three open revolving accounts. How many other cards do you have open besides the Orchard card ?
04-25-2012 07:32 PM
I closed the two Capitol One cards I used to establish credit right after I opened my 2nd and 3rd prime cards. Once you have a number of open prime cards with nice credit limits, then you can consider closing (re)builder cards. Until then, those cards are helping you establish positive history and should stay open.
04-25-2012 07:34 PM
04-25-2012 07:37 PM
04-26-2012 10:50 PM
If you tell them that you want to close your account due to the annual fee, most likely they will waive it to keep you. I would close the account, if they still want to charge you the annual fee. They waived the annual fee twice for me.
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