Re-Apply for Credit Card that Went into Collection

[terren2000]

Just a heads up, in 1995 I had a Wells Fargo Student Visa my 1st Credit card, and i owed over $5500.00 when I defaulted.  Of course by now it is off my report.  And recently I re-entered school and applied again and was approved $700.00.

Also I have a checkings and savings with Wells Fargo, not sure if that had anything to do with it.

SHould I close Orchard, which I opened only 9 months ago?  They wont give me a credit increase or anything.  And their $300.00 limit is pretty low.  Which is why I applied for something new hoping to get a higher limit.

[DI]

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@terren2000 wrote:

Just a heads up, in 1995 I had a Wells Fargo Student Visa my 1st Credit card, and i owed over $5500.00 when I defaulted.  Of course by now it is off my report.  And recently I re-entered school and applied again and was approved $700.00.

Also I have a checkings and savings with Wells Fargo, not sure if that had anything to do with it.

SHould I close Orchard, which I opened only 9 months ago?  They wont give me a credit increase or anything.  And their $300.00 limit is pretty low.  Which is why I applied for something new hoping to get a higher limit.

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Keep the Orchard card if you're not paying an annual fee for it.  If you're paying an annual fee get them to waive it next time.  The Orchard card can help keep your debt to avialable credit under control until you get higher credit lines. 

[terren2000]

OK, ill hold on to it, unless they refuse to waive the annual fee.