topic Re: When should I cancel my rebuilder cards? in Credit Cards

When should I cancel my rebuilder cards?

Anonymous — Thu, 26 Apr 2012 02:24:11 GMT

I am fairly new to the forums, I am working on rebuilding my credit I started off about 3 years ago with scores in the low 500's I currently have a 300 dollar balance on an orchard card that I have have for about 4 years it is my oldest account that is open it has a zero balance. How long should I keep this card activated? Most recent score was equifax 640. Pulled on score watch.

Re: When should I cancel my rebuilder cards?

pizzadude — Thu, 26 Apr 2012 02:29:48 GMT

@Anonymous wrote:
I am fairly new to the forums, I am working on rebuilding my credit I started off about 3 years ago with scores in the low 500's I currently have a 300 dollar balance on an orchard card that I have have for about 4 years it is my oldest account that is open it has a zero balance. How long should I keep this card activated? Most recent score was equifax 640. Pulled on score watch.

I would wait until you have several other cards open ~ FICO likes to see at least two or three open revolving accounts. How many other cards do you have open besides the Orchard card ?

Re: When should I cancel my rebuilder cards?

Anonymous — Thu, 26 Apr 2012 02:32:01 GMT

I closed the two Capitol One cards I used to establish credit right after I opened my 2nd and 3rd prime cards. Once you have a number of open prime cards with nice credit limits, then you can consider closing (re)builder cards. Until then, those cards are helping you establish positive history and should stay open.

Re: When should I cancel my rebuilder cards?

Anonymous — Thu, 26 Apr 2012 02:34:40 GMT

I have 3 other credit cards. In which I'm in the process of paying off. I want to cancel orchard before they charge me the annual fee of 75 dolllars in which will be due in about 7 month so plenty of time to get my balances paid off on the other cards.

Re: When should I cancel my rebuilder cards?

Anonymous — Thu, 26 Apr 2012 02:37:36 GMT

Perfect thank you. I am trying to get my util Down the. I will apply for a prime card. All I can get now are low balance cap 1. Or store cards. But my score is increasing nicely as I was a out 95% utilization as of two mo the ago I'm down to about 70% right now and my eq went up 30 points on that alone. I should be below 50% within 6 weeks. Thanks for the answers.

Re: When should I cancel my rebuilder cards?

Anonymous — Fri, 27 Apr 2012 04:54:49 GMT

That Orchard will soon be a Capital One card. See what they do with it before making your decision.

Re: When should I cancel my rebuilder cards?

Anonymous — Fri, 27 Apr 2012 05:50:31 GMT

FYI -

If you tell them that you want to close your account due to the annual fee, most likely they will waive it to keep you. I would close the account, if they still want to charge you the annual fee. They waived the annual fee twice for me.