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Is it okay to kill bad cards when new cards come in?

T1m0thy
Member

Is it okay to kill bad cards when new cards come in?

I have an Orchard card and a Premier card. Both cards require either yearly fees or monthly fees and have not so great reputations. But they are helping me to raise my credit scores up. I don't like either of these companies but realize they are doing good right now. In the long run however probably not based on the $80 yearly fees and such.

 

My plan is to get better cards with more reputable companies (and no fees) once my scores are good enough to get them. but is this a good idea. I don't know if anyone has had luck with removing the fees or upgrading their accounts with these companies.  

 

Premier account is 2 years old and Orchard is rather new. both have $300 limits and less than $30 currently on them. I'll probably want to keep them until just before the fees kick in again and move on to new accounts. any ideas would help. Thanks

When all else fails, duck. It's not practical, but it can be momentarily comforting.

I have not failed. I've just found 10,000 ways that won't work.
Author: Samuel Butler
Message 1 of 6
5 REPLIES 5
jaybird201
Established Contributor

Re: Is it okay to kill bad cards when new cards come in?

If you don't mind paying a buttload of fees on those cards, feel free to keep them. Personally I'd try to get my hands on a secured card like the BofA 99/500 or a credit union card with a low limit and no AF.

Message 2 of 6
hayhayday
Regular Contributor

Re: Is it okay to kill bad cards when new cards come in?

once you get another card i would kill FP asap. Orchard i would at least keep until they actually charge you the AF and then call and ask them to remove or reduce it(sometimes frequently to 1\2). I would go for a secured card and am rather fond of bofa due to short time to unsecure
Message 3 of 6
fender
Established Contributor

Re: Is it okay to kill bad cards when new cards come in?

I would suggest anyone get a BofA secured before paying 200+ fees to the super sub-prime lenders (FP).  Even if you cant get the 99/500, the fully secured is much better than these bottom feeders.
"WTB Access Number"
Message 4 of 6
haulingthescoreup
Moderator Emerita

Re: Is it okay to kill bad cards when new cards come in?

OP, for additional information, please read fused's Closing Credit Cards. It's stickied at the top of this board, and it's also linked in my siggy.

It will help you think through the process.

Nothing wrong with closing cards; just make sure that you're aware of all the implications so that you can make a reasoned decision.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 6
T1m0thy
Member

Re: Is it okay to kill bad cards when new cards come in?

I think I have the gist of what might happen shortly after the cards are closed. I certainly don't like the cards but didn't think I had much choice and went for them. I guess my main concern is the short length of time the cards would be open. First premier is only just over 2, and orchard hasn't even hit my credit report. I think the best thing is to keep them open until I know they will charge for another year. Otherwise I'll be waisting the money I already spent. thanks for the advice though... Nothing but great stuff from everyone.
When all else fails, duck. It's not practical, but it can be momentarily comforting.

I have not failed. I've just found 10,000 ways that won't work.
Author: Samuel Butler
Message 6 of 6
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