@JustMe77 wrote:
@Revelate wrote:
@JustMe77 wrote:
@stefanc wrote:
@JustMe77 wrote:Reporting as a new tradeline but with original opening date? That "new account" will hurt my AAoA
I just need to close Orchard. I was going to hang on to it until my next AF hit, but there's no point in keeping the stupid thing.
The letter they sent with my "new" card wasn't very specific -- It certainly seemed that the "new" HSBC card would just report as a new number - no changes to age etc. It was a little more vague on what Cap One will report as it just says they will report that the account is now owned by them.
My HSBC statement cuts in a bit less than a week so I'll be interested to see how that reports - VERY interested in how it all will report after the sale. The letter hints that it will retain age etc. but.............
Yeah, I just don't want to risk it. If it's anything like what happens when you report a card lost/stolen, you get a new tradeline but with the same account history. For me, even if that happens, the new account will hurt me. I was going to close this in 5-6 months but I certainly don't need to wait. My statement closing date is 2/18. I paid the balance of on 2/3 but it hasn't posted yet. As soon as it posts, I'll close it.
AFAIK you lose nothing. You have a "new" tradeline that replaces your existing one with the same payment history just owned by a different lender of record.
The definition of *new* from a FICO perspective is length that it's been open. In this case, it has the same payment history and the same date of opening... and therefore it's not "new new" so to speak and there will be no penalty associated with it.
That aaid in your case you no longer need the rebuilder anyway.
It could hurt people like me who have another old card.
For example,
Card #1: Bank of America, opened 8/2002
Card #2: HSBC, opened 8/2010, closed due to transfer
Card #3: Capital One, opened 8/2010(the HSBC Account)
Average account age goes down by the 3rd 'replacement' account.
This is what happens when you close accounts due to lost/stolen card (it opens a third tradeline, with the same opening date and same account history).
But like you said, no reason to keep the rebuilder anyway
That emphatically did not happen to me on my old BOA card which was frozen and re-issued due to fraudulent charges. Different card number, same account, same tradeline.
I honestly think this is being overstated if not completely inaccurate: mortgages are packaged up and sold all the time - you as the consumer keep the same tradeline regardless of who actually is holding your debt.
I'll wait and see with my own Orchard card.
@LS2982 wrote:
@afbar1114 wrote:yea its a cap1 card
How are they on CLI's ........................................
They are conservative. They don't like to give out CLI. I have gotten any CLI for almost 10 years. They always told me my card wasn't eligible for CLI.
Ron.
@Ron1 wrote:
@LS2982 wrote:
@afbar1114 wrote:yea its a cap1 card
How are they on CLI's ........................................
They are conservative. They don't like to give out CLI. I have gotten any CLI for almost 10 years. They always told me my card wasn't eligible for CLI.
Ron.
Good ole' Crap1!! 10 yrs of charging and still not worth it to them!
@Ron1 wrote:UPDATE:
I just used my RZMC Platinum at the restaurant and I noticed the approval was changed into all number without the letters code. It used to have R,F in the front of the numbers. I think BB RZMC might turn into Cap1 soon. I don't know my other HSBC Cash Back Platinum yet. I will let you know.
Ron.
I wonder is the store card is going to be affected soon?
So even the platinum is changing huh
@Ron1 wrote:UPDATE:
I just used my RZMC Platinum at the restaurant and I noticed the approval was changed into all number without the letters code. It used to have R,F in the front of the numbers. I think BB RZMC might turn into Cap1 soon. I don't know my other HSBC Cash Back Platinum yet. I will let you know.
Ron.
@frogfan12 wrote:
@CS800 wrote:
I better get rid of my rzmc soonFrom what I've read here on the forums, no one has anything positive to say about that card.
I like the card but also have the prime Platinum RZMC with $6k. I didn't like the card when I had the Gold $59 $500 lol
No AF on the platinum right?
@mxp114 wrote:
@frogfan12 wrote:
@CS800 wrote:
I better get rid of my rzmc soonFrom what I've read here on the forums, no one has anything positive to say about that card.
I like the card but also have the prime Platinum RZMC with $6k. I didn't like the card when I had the Gold $59 $500 lol
Yeah no AF, keeping the card. I was going to close my Gold today buy they issued me a $59 credit to keep it open. So I guess will keep it open until Feb 2013 then close it.