Hello MyFICO Gurus:
Will closing one of those crummy little Orchard Bank Cards with a limit of $400 or $500 have any impact whatsoever on my credit score. I only have two other cards, but they have significantly higher limits in the $5k range.
It's a horrible card -- they historically refused CL increases, charge $75 annually as a fee and only provide customer service as a vehicle to hard sell you credit insurance. That's why I want to close it.
Read the sticky thread on Closing Credit Cards in the credit card forum: http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190
Closing the card will have no immediate affect on your score except to the extent it changes your utilization.
I have a $300.00 Cap1 secured card that will probably get the ax. I'm not going to put anymore $ into the account and one CLI on another account will offset the amount of this one for utilization. Won't have any issues.