Closing Small Orchard/Capital One Card -- Impact?

IngyHere · ‎08-29-2009

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

Walt_K · ‎11-02-2009

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 04 728 (lender pull) (01/12/12), EX 742 (lender pull) (01/12/12)
Goal Score: 720

Take the FICO Fitness Challenge

masscredit · ‎07-17-2012

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.

EX - No idea TU - 661 (Walmart 5/13/13 ) EQ - 684 (FICO -5/15/13)
Goal - 700 Club in '13!!!

My Wallet - Barclay's - $3700. Target - $3000. Cap 1 - $2500. Merrick - $1000. Orchard - $950. Walmart - $700. JCP - $200.

App free since 9/2012

Closing Small Orchard/Capital One Card -- Impact?

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

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