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22 Mos. Later, Orchard Gives Me a CLI

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creditreformer
Frequent Contributor

22 Mos. Later, Orchard Gives Me a CLI

My last baddie was in '03 + in early 07, I started to rebuild.  First premier (now fired- SHREDDING that cc was F-U-N) was my ONLY option @ the time.  In 3/07 (I thought it was 1/07- time flies when you're old), Orchard gave me a cc- 300 cl, atrocious AF.  Eventually they gave me a 2nd cc- 300 cl, same atrocious AF.  After endless calls to every orchard # re a cli, I got nada- despite using the ccs A LOT.  I comboed the orchards into 1 for a whopping (ok, puny) 600 cl a few mos. ago.  Again, no CLI- not even the $20 they gave everyone and their mama.

 

W/my AF coming up in 3/09 (I thought it was 1/09- I goofed), I decided to call orchard 1 LAST time to see if they would cli me.  @ first, I got the usual this is a rebuilder cc, the economy is bad, clis require a FEE, we review accts periodically (they've NEVER looked @ MINE in 22 mos.), it will be a HARD pull, blah blah speech that I had heard bazillion times.  Finally I decided to get a little more aggressive (after laughing @ the cli offer of a HARD pull AND FEE) + said I want the acct CLOSED NOW.  rep said hold on, gave me a speech about how orchard loves me, closing would cost me age (lol right liar) blah blah + asked me to hold.  He then came back w/this offer-

 

200 cli but NO INQ

20 fee for cli will be WAIVED

AF will be sliced by 50%

 

I think 200 cli is a little pathetic, but hey, @ least it is something. 

 

Is there much benefit (fico wise) for keeping orchard open for year #3?  other ccs I have-

 

cap 1x2 (1.1k cl ea.)

bb hsbc mc (650 cl)

hooters (500 cl)

BA 99/500 (will UNSECURE in 3 more statements yay)

target red 200

 

ficos are in the mid-high 600s.  all ccs above were opened in early-mid '08.

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: 22 Mos. Later, Orchard Gives Me a CLI

According to some posts that I have read on here, in fact there is a whole thread called closing credit cards, i think its a sticky. But anyways, the only thing it will effect is the util %, so if this 600CL is not being used and other cards carry a balnce, you might get a small ding for going up in util%. If you stay within the same util % (1-10% is optimal) then you will be fine. The age of the account will stay with you up to 10 years after closing the card so it will not hurt your Average Age of Accounts (AAoA). You should be fine, might want to wait till the CLI hits though, and call and cancel right before your yearly fee hits, that way the CLI will be reportted on your CR and will show a CL of 800, not a big difference but will look better to future lenders. Plus maybe calling in two months and trying to cancel will get you fee waived completely and another CLI, you never know Smiley Happy
Message 2 of 4
creditreformer
Frequent Contributor

Re: 22 Mos. Later, Orchard Gives Me a CLI

i pif on all ccs- w/an occasional small (ex. $25 on a 500 cl cc) balance reporting. utilization is 1-9%. all ccs are used HEAVILY (2-5x the cl run through them ea. mo.), but I could do ok w/o having orchard in my wallet. I will def wait til the cli hits my crs. may still cancel it in 3/09 before the af hits as my BA 99/500 will unsecure (+ cli to @ least 1k, but I'm going to try for more), I may get a hooters cli in 3/09 or 4/09, cap 1s may give me more clis, etc.
Message 3 of 4
Anonymous
Not applicable

Re: 22 Mos. Later, Orchard Gives Me a CLI

Good luck man, it looks like you are on the right track Smiley Happy (Just make sure you call before the AF hits, cause they are sticklers about taking it off after it hits, or so I have read on some forums)
Message 4 of 4
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