topic Re: Still can't decide what to do with Orchard in Credit Cards

Still can't decide what to do with Orchard

Anonymous — Wed, 21 Apr 2010 04:07:27 GMT

It's my oldest major CC opened back in 07 $900 CL AF is $49 It's also my lowest apr out of any of my cards 8.9%. On the other hand i know this card will not grow with me. Should i keep it or get rid of it.

Other majors

Opened 2009 Capital One $1500 Balnce $0

Opened 2008 BOFA $2000 Balance $40

Opened 2010 Citi $2300 Balance $1300

Opened 2010 Amex Gold

Re: Still can't decide what to with Orchard

Anonymous — Wed, 21 Apr 2010 04:07:08 GMT

i say ax it! keep the rest and relax

Re: Still can't decide what to do with Orchard

Anonymous — Wed, 21 Apr 2010 05:08:39 GMT

If the AF and/or CL is bothering you, try calling to get a CLI. If they don't give it to you, ask about waiving the AF. I tried for a CLI last month and was told they weren't offering CLIs until June so I asked if they could do anything else for me like wavie the AF and they said yes.

Re: Still can't decide what to do with Orchard

Anonymous — Wed, 21 Apr 2010 11:21:45 GMT

Orchard is not granting CLI an if they give me one it's only gonna be $100. I just feel like i have outgrown this card.

Re: Still can't decide what to do with Orchard

Anonymous — Wed, 21 Apr 2010 11:32:53 GMT

@Anonymous wrote:
If the AF and/or CL is bothering you, try calling to get a CLI. If they don't give it to you, ask about waiving the AF. I tried for a CLI last month and was told they weren't offering CLIs until June so I asked if they could do anything else for me like wavie the AF and they said yes.

+1. Great answer, frederickshanks! And welcome to the forum!

mjbfan79, you have outgrown this card, but if they'll waive the annual fee, keep it. As far as that 8.9% APR, don't forget that the annual fee is over 5% of your total credit line, so if you were going to just SD that card, and only use it to carry an occasional balance, for practical purposes your interest rate is over 14%...

Re: Still can't decide what to do with Orchard

Anonymous — Wed, 21 Apr 2010 11:48:02 GMT

i would definitely close orchard when my annual fee is due of march of next year!

Re: Still can't decide what to do with Orchard

Jazzzy — Wed, 21 Apr 2010 12:28:35 GMT

Look at it this way...you are paying a $49 annual fee for one year's history.

This card is from 07. Your next oldest card is from 08. All you lose is one year.

To me? It's not worth it just to keep one extra year of history. If closed, the account will still report for you for about the next 10 years. Why pay for it? In 10 years, you won't miss one year's history.

What can I say? I'm cheap. And practical.

Re: Still can't decide what to do with Orchard

Anonymous — Wed, 21 Apr 2010 12:46:00 GMT

I appreciate the advice people. My AF is not due until December so i might hang on to it an see if i can get them to waive the AF. Still not sure lol

Re: Still can't decide what to do with Orchard

score_building — Wed, 21 Apr 2010 15:00:03 GMT

@Anonymous wrote:

@Anonymous wrote:
If the AF and/or CL is bothering you, try calling to get a CLI. If they don't give it to you, ask about waiving the AF. I tried for a CLI last month and was told they weren't offering CLIs until June so I asked if they could do anything else for me like wavie the AF and they said yes.

+1. Great answer, frederickshanks! And welcome to the forum!

mjbfan79, you have outgrown this card, but if they'll waive the annual fee, keep it. As far as that 8.9% APR, don't forget that the annual fee is over 5% of your total credit line, so if you were going to just SD that card, and only use it to carry an occasional balance, for practical purposes your interest rate is over 14%...

+2. guess you have until Dec. to make a final decision then

but if they won't budge on CL or AF, that's a deal breaker for sure.

you've outgrown this product. and should no longer pay for it IMO.

Re: Still can't decide what to do with Orchard

Anonymous — Wed, 21 Apr 2010 15:46:17 GMT

Definitely hold on until December. I would keep as long as they waive the annual fee. They are much more likely to waive the annual fee if you use the card regularly.

Re: Still can't decide what to do with Orchard

blacklotus — Wed, 21 Apr 2010 23:22:42 GMT

AX. (IMHO)

Re: Still can't decide what to do with Orchard

Anonymous — Fri, 23 Apr 2010 06:52:44 GMT

I'm in the same boat. I cannot stand them either, and I have used HSBC Mortgage too, and I will not continue for long.

Hold off, and IF they will not waive the next AF, then for sure close it!

That is what I will be doing this coming Dec, if they don't waive mine again like they did last year.

Re: Still can't decide what to do with Orchard

Anonymous — Mon, 26 Apr 2010 02:57:19 GMT

@Anonymous wrote:
It's my oldest major CC opened back in 07 $900 CL AF is $49 It's also my lowest apr out of any of my cards 8.9%. On the other hand i know this card will not grow with me. Should i keep it or get rid of it.

Other majors

Opened 2009 Capital One $1500 Balnce $0
Opened 2008 BOFA $2000 Balance $40
Opened 2010 Citi $2300 Balance $1300
Opened 2010 Amex Gold

I think the answer may depend on what you're credit goals are. If you are looking for a car loan or a mortgage in the foreseeable future then it may be worth paying the AF to Orchard just for the AAoA.

Re: Still can't decide what to do with Orchard

score_building — Mon, 26 Apr 2010 03:14:21 GMT

@Anonymous wrote:

@Anonymous wrote:
It's my oldest major CC opened back in 07 $900 CL AF is $49 It's also my lowest apr out of any of my cards 8.9%. On the other hand i know this card will not grow with me. Should i keep it or get rid of it.

Other majors

Opened 2009 Capital One $1500 Balnce $0
Opened 2008 BOFA $2000 Balance $40
Opened 2010 Citi $2300 Balance $1300
Opened 2010 Amex Gold

I think the answer may depend on what you're credit goals are. If you are looking for a car loan or a mortgage in the foreseeable future then it may be worth paying the AF to Orchard just for the AAoA.

AAoA won't be impacted by closure in the foreseeable future, it will take about 10 years for the acct to drop, until then it is included in AAoA calculation.