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Closing Small Orchard/Capital One Card -- Impact?

New Member

Closing Small Orchard/Capital One Card -- Impact?

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.

 

Thanks!

 

-- IH

2 REPLIES
Senior Contributor

Re: Closing Small Orchard/Capital One Card -- Impact?

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.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Valued Contributor

Re: Closing Small Orchard/Capital One Card -- Impact?

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.

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748