Closing Orchard Card

[Anonymous]

Overall my experience with Orchard has been so-so (member since 2004, 500 cl (never given a credit line increase).  I want to close it before it renews in about 9 months or so since I don't really know what I was thinking since they have a 99 member fee.  Any ideas as to how this will affect my score (I am currently at 88 percent ut but plan to have it down to 9 in 5 mths).

Please advise- should I close it now or at the next cycle or will they waive it?

[Anonymous]

Depends. If you can afford the hit, i.e., have other revolving TL's in good standing that will carry you, I'd say adios to Orchard. If you have no other revolving TL's, it may behoove you to at least keep it right up until the annual fee is due again, or even beyond if you don't secure any additional cards. If you're in credit building mode and your file is thin, 3 years of good revolving debt history is definitely worth $99.

Message Edited by devhip on 06-14-2007 10:02 AM

[Anonymous]

I closed my new card yesterday. I didnt even have the card for a month yet. I had to close it because i don't want another TL on my credit report since after applying for Orchard, i got approved for WaMu, Hooters, and Amex Delta.

If you try to close an account, they will work something out for you. For example, i was told yesterday that they will slash my Annual Fee in half, OR raise my CL to $500 instead of $300 if i stay with them.

Maybe when you call to close, they will throw something like that at you as well? Make sure your balance on the card is very small so that they know you are for real about closing the account.

[Anonymous]

my balance is 0 and has been for a few months.  I have histroy dating back to 7 years (26 yrs old) but since I mad the mistake of taking out cc's from Macys, Gap, VS, Express, Lmt in the past 4 months it has brought my history down to an average of 3 years (what was I thinking??)

[Cory]

I would choose the first option to take away or reduce the annual fee. Keep the card open for a while, call them back and ask for a CLI. Work on getting the annual fee removed or reduced in order to keep the tradeline open.

Cory

[Anonymous]

My experience-

Annual fee- $39.

Last year I called to ask to have fee waived, they said no, told me fee could not be waived. BUT they gave me a 1yr APR of 9.9%. After a year it went back up, higher than before.

They will charge a fee, $20, for requesting a cl increase.

[roscoe211]

Are you planning on applying for any major lines of credit in the next nine months? If not you might as well close it now. Orchard should only be used to establish or reestablish credit. Once you establish the TL an can get approved for a real credit card you should dump them. Seriously, a $500 CL... you'd have to keep the balance below 50$ to maintain your utl. More of a hassle than its worth, not to mention the ridiculous annual fee.