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danisgods
Posts: 219
Registered: ‎08-21-2010
0

what would you do if....?

I have the followings:

 

 

Orchard bank $300.00

Capital One $ 500.00

Boa $1500.00

Paypal $2000.00

BBRMC $2000.00

Macy's in store card $1500.00 (used to be $2000.00 i paid 4 days late 2 months ago they CLD me :smileysad:

 

I was thinking of canceling Orchard down,no CLI (never called for it,but i've read enough ) and in reality , why would i keep a $300.00 credit card?

i have it since April 2010, what would be the damage for my score on a 6 month old account if i closed it?

Is that worth to keep this card jut for it's sake and to build up history?

 

What would you do?

I Think next will be capital one, i called for CLI they said they can not give me one because they gave me a $200.00 CLI in the past 6 months, so i dont know i do not want to keep any cards with less then $1000.00 on it.

 

Help me out, please!

 


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: what would you do if....?

Have you read this yet? It's a great help for thinking through the potential impact of closing cards.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Senior Contributor
laz98
Posts: 4,298
Registered: ‎09-06-2008
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Re: what would you do if....?

how long have you had these cards?  i don't think it's unreasonable that capital one is not ready to give you another CLI yet.  not every company will give out CLIs every 3-4 months, or on demand.  nowadays it's getting harder & harder to get them.  do you have high utilization?

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 716. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
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beamMEup
Posts: 4,473
Registered: ‎12-31-2008
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Re: what would you do if....?


danisgods wrote:

I have the followings:

 

 

Orchard bank $300.00

Capital One $ 500.00

Boa $1500.00

Paypal $2000.00

BBRMC $2000.00

Macy's in store card $1500.00 (used to be $2000.00 i paid 4 days late 2 months ago they CLD me :smileysad:

 

I was thinking of canceling Orchard down,no CLI (never called for it,but i've read enough ) and in reality , why would i keep a $300.00 credit card?

i have it since April 2010, what would be the damage for my score on a 6 month old account if i closed it?

Is that worth to keep this card jut for it's sake and to build up history?

 

What would you do?  Since Orchard Bank has an AF, and because you have two other bank cards, I would feel free to give it a heave-ho if it's not doing anything grand for you.  Orchard's really a builder/rebuilder card, and since you already have a BofA and even the CapOne (depending on which CapOne card you have), you're kind of past that early building stage.  IMO.

I Think next will be capital one, i called for CLI they said they can not give me one because they gave me a $200.00 CLI in the past 6 months, so i dont know i do not want to keep any cards with less then $1000.00 on it.  CapOne comes in so many flavors - it's hard to say.  Do they have an AF?  I would probably hold on to these guys for awhile and see if they'll continue to grow.  6 months (or even 12 months) is a reasonable time frame for CLI's.  As you consider what works best for you, be sure to read the thread Hauling gave you.  These cards will continue to report for you for about ten years and continue to increase your AAofA whether open or closed.

 

Help me out, please!  Best wishes on deciding what is best for you!

 


 

Just puttin' syrup on something, don't make it pancakes.
Regular Contributor
danisgods
Posts: 219
Registered: ‎08-21-2010
0

Re: what would you do if....?

 


beamMEup wrote:

danisgods wrote:

I have the followings:

 

 

Orchard bank $300.00

Capital One $ 500.00

Boa $1500.00

Paypal $2000.00

BBRMC $2000.00

Macy's in store card $1500.00 (used to be $2000.00 i paid 4 days late 2 months ago they CLD me :smileysad:

 

I was thinking of canceling Orchard down,no CLI (never called for it,but i've read enough ) and in reality , why would i keep a $300.00 credit card?

i have it since April 2010, what would be the damage for my score on a 6 month old account if i closed it?

Is that worth to keep this card jut for it's sake and to build up history?

 

What would you do?  Since Orchard Bank has an AF, and because you have two other bank cards, I would feel free to give it a heave-ho if it's not doing anything grand for you.  Orchard's really a builder/rebuilder card, and since you already have a BofA and even the CapOne (depending on which CapOne card you have), you're kind of past that early building stage.  IMO.

I Think next will be capital one, i called for CLI they said they can not give me one because they gave me a $200.00 CLI in the past 6 months, so i dont know i do not want to keep any cards with less then $1000.00 on it.  CapOne comes in so many flavors - it's hard to say.  Do they have an AF?  I would probably hold on to these guys for awhile and see if they'll continue to grow.  6 months (or even 12 months) is a reasonable time frame for CLI's.  As you consider what works best for you, be sure to read the thread Hauling gave you.  These cards will continue to report for you for about ten years and continue to increase your AAofA whether open or closed.

 

Help me out, please!  Best wishes on deciding what is best for you!

 


 


Thanks a lot beam, the thing is, i dont think it would help out with my AAofA because i do have two closed accounts from 2008 that do not reflect at all on my AAofA, it doe say it'closed by me, not by lender, but when it comes to the AAofA it does nothing since its closed, at least thats what it is for me,they are first premier bank cards, maybe an exception with them dont know.,thanks a lot man, ...

 


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: what would you do if....?

Those closed cards should be figuring into your AAoA.

 

Any account (not collections, not public records) that shows on a report, whether open or closed, no matter by whom, is figured into the AAoA.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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