Rebuilding Progress...Whats Next?

[Anonymous]

A little over a year ago I finished paying off my BOA (MBNA) student card that I defaulted on in college.I subsequently opened two rebuilder cards: Orchard and Secured Public Savings. Orchard is now 13 months old and Public Savings is 10 months old. My credits scores as of May 2010 were EQ 707 and TU 685. I havent applied for anything since last September and have two inquiries that will both fall off later this year. My issue is my rebuilder cards are aging but I know I dont want them around forever. Im thinking of applying for a BOA or CITI card since my scores have improved over the last year and change. Should I wait longer ? Is t a good time to apply? Are my scores good enough to not waste an app just to be denied? The only other thing on my CR is my 1 year old car loan that only reports to EQ. Any advice would be greatly appreciated!

[guiness56]

Whether you will be approved or not is hard to say.  Creditors do not only look at your score, there are other things involved. 

You could call and ask them what is required to be accepted.  There is also a website called whogavemecredit.com where you can see what others got, the scores they had, things on their reports, etc.

[Anonymous]

Thanks for the quick reply. I must ask however, if I am approved, when do I closed my rebuilder cards? I really would liek to close the Orchard Card at some point because it has an AF. The Public Savings is secured and I would prefer to keep it a while longer.

[guiness56]

I am going to direct you to this Closing Credit Cards

Read it before you make any decisions on closing it.  Personally, I would pay the annual fee and just not use it.  You may see it differently.