LeslieR Posted April 4, 2008 Report Share Posted April 4, 2008 In the past two weeks, I've been approved for:WaMu: $4000Hooters: $2000BofA: $2500Dillards: $200Here is what I already had: (card-wise)Orchard: $300 (open since 05)FP: $500 (open since 04)FP: $375 (open since 05)COB: $600 (open since 06)CJ: $1500 (open since 07)Target: $500 (open since 06)Chevron: $300 (open since 07)CU LOC: $300 (open since 05)My oldest reporting account is a student loan. Oldest revolving account is the FP open since 04. My question is: how long should I wait to fire one of the subprime cards? Orchard would be my first choice........ Link to comment Share on other sites More sharing options...
JustaTexan Posted April 4, 2008 Report Share Posted April 4, 2008 Hmmm I'm no pro but if I were you I would lose Orchard, Chevron, and both FP's (assuming that's First Premier). Assuming the others are under 10% util, I would keep the rest, espescially the CJ for utilization. And who knows, Target might see those new cards and limits and want to upgrade you! I'd try to keep atleast one of them open from 2005, probably the credit union LOC. But that's just me. And congrats on your recent approvals........nice! Link to comment Share on other sites More sharing options...
LeslieR Posted April 4, 2008 Author Report Share Posted April 4, 2008 Thanks Deanna - I actually love my Chevron card But I like all of your other suggestions. I am wondering, though, if I should do nothing until these new cards age about six months?The CU LOC is the overdraft protection on my checking account. I am surprised it's even reported because I don't use it. But it's not going anywhere, either... Link to comment Share on other sites More sharing options...
lovebug5 Posted April 4, 2008 Report Share Posted April 4, 2008 Orchard: $300 (open since 05)FP: $500 (open since 04)FP: $375 (open since 05)COB: $600 (open since 06)CJ: $1500 (open since 07)Target: $500 (open since 06)Chevron: $300 (open since 07)CU LOC: $300 (open since 05)I'm no expert either, but I'd most definitely fire off your two lowest subprimes - Orchard and your $375 FP card. But that's just me! Link to comment Share on other sites More sharing options...
zfire Posted April 5, 2008 Report Share Posted April 5, 2008 Not an expert either, but I vote to fire Orchard.You have much better now, so that is so totally not needed.But........................................... I am sortof thinking you are correct about letting the other stuff age first. Link to comment Share on other sites More sharing options...
willingtocope Posted April 5, 2008 Report Share Posted April 5, 2008 Any card that charges you a yearly fee...cancel it...now.Put the others in your sock drawer. You've probably got a pretty good FICO "sucker" score right now. Leave it alone. If you carry a $0 balance on all your cards, they won't hurt your "mortgage" score or your "new car" score.But...just because you've got the cards, doesn't mean you have to use them. Don't get sucked in to the "utilization" CRAPOLA...all that helps is your "sucker" score. Link to comment Share on other sites More sharing options...
Focus2069 Posted April 5, 2008 Report Share Posted April 5, 2008 Any card that charges you a yearly fee...cancel it...now. I agree.Though I would get rid of Orchard just out of spite because I hate them.... Link to comment Share on other sites More sharing options...
omega 3 Posted April 5, 2008 Report Share Posted April 5, 2008 I see several people are mentioning close Orchard Bank, do you close the account or to put card in dresser? I am ready to get rid of Orchard as well, since I now have NFCU Master card and Visa. Orchard is a measly $300.00 Link to comment Share on other sites More sharing options...
willingtocope Posted April 5, 2008 Report Share Posted April 5, 2008 If there's a yearly fee, close it. If not, just put it in the sock drawer. As good accounts go, open is maybe a point or two better than closed. Link to comment Share on other sites More sharing options...
isislc Posted April 6, 2008 Report Share Posted April 6, 2008 Thanks Deanna - I actually love my Chevron card But I like all of your other suggestions. I am wondering, though, if I should do nothing until these new cards age about six months?The CU LOC is the overdraft protection on my checking account. I am surprised it's even reported because I don't use it. But it's not going anywhere, either...I'm not sure what others would say but I would at least keep them for the 6 months for the Fico boost out of new credit. Suggestions guys? Link to comment Share on other sites More sharing options...
matthewscott Posted April 6, 2008 Report Share Posted April 6, 2008 I'm not sure what others would say but I would at least keep them for the 6 months for the Fico boost out of new credit. Suggestions guys?Yeah, I'd keep the Chevron. I would vote FP and Orchard off your credit island ASAP! What is COB?Yeah, I agree about Target, hopefully, they will give you a boost sometime soon. I would look into getting CLI's on the other accounts and let everything age for a while. Link to comment Share on other sites More sharing options...
LeslieR Posted April 6, 2008 Author Report Share Posted April 6, 2008 COB = Credit One Bank. They are subprime but seem slightly above the fringes than Orchard or FP.My plan is along the lines of waiting until around July - at which point my new cards will be about four months old and I'll be celebrating one year since I started credit repair....and throw Orchard and FP a nice big going away party. Link to comment Share on other sites More sharing options...
ldw_1999 Posted April 7, 2008 Report Share Posted April 7, 2008 Fire Orchard Bank immediately. Heck I'm about to fire them after I pay them off. It's ridiculous to have to pay finance charges for CLIs. Link to comment Share on other sites More sharing options...
LeslieR Posted April 7, 2008 Author Report Share Posted April 7, 2008 Was just poking around my Orchard account site - the annual fee was going to hit this month...so guess what? FIRED...I'll let the oldest FP stay for a bit since it's my oldest CC - maybe six months - and let the new good cards age.Thanks for all the advice. It felt great to politely tell Orchard's CSR five reasons why I was closing. For others' info who still need Orchard, they did offer to reduce the annual fee by 75%. Link to comment Share on other sites More sharing options...
JustaTexan Posted April 8, 2008 Report Share Posted April 8, 2008 COB = Credit One Bank. They are subprime but seem slightly above the fringes than Orchard or FP.Ewww I can't stand Credit One Bank! I just fired them because they were charging me $7.95 just to pay online. I know I could have just sent them a paper check monthly and avoided the fee, but I pay everything of mine online so it just rubbed me the wrong way. I guess if you pay by check it's not a bad deal though. They didn't have a yearly fee or anything like that so I guess they were a step up from Orchard. Link to comment Share on other sites More sharing options...
LeslieR Posted April 8, 2008 Author Report Share Posted April 8, 2008 Ewww I can't stand Credit One Bank! I just fired them because they were charging me $7.95 just to pay online. I know I could have just sent them a paper check monthly and avoided the fee, but I pay everything of mine online so it just rubbed me the wrong way. I guess if you pay by check it's not a bad deal though. They didn't have a yearly fee or anything like that so I guess they were a step up from Orchard. I pay everything through my bank's online bill payment service. I don't pay any CC at it's own site. So I get the ease of online billpay, but with no fees and at one central site. I love it. Link to comment Share on other sites More sharing options...
TTigggers Posted April 8, 2008 Report Share Posted April 8, 2008 Ewww I can't stand Credit One Bank! I just fired them because they were charging me $7.95 just to pay online. I know I could have just sent them a paper check monthly and avoided the fee, but I pay everything of mine online so it just rubbed me the wrong way. I guess if you pay by check it's not a bad deal though. They didn't have a yearly fee or anything like that so I guess they were a step up from Orchard. I pay orchard every month online and have never been charged for it.I have seen that Rush payment was $12.95 but never anything for regular payment or any charge for $7.95 Link to comment Share on other sites More sharing options...
LeslieR Posted April 8, 2008 Author Report Share Posted April 8, 2008 Sorry Deanna was talking about Credit One Bank. Link to comment Share on other sites More sharing options...
Moneedshelp Posted April 8, 2008 Report Share Posted April 8, 2008 i would lose the cards with annual fees, but also try to keep the oldest reporting, but since you have the student loan, there shouldn't be much of a problem. Good luck Link to comment Share on other sites More sharing options...
JustaTexan Posted April 9, 2008 Report Share Posted April 9, 2008 I pay orchard every month online and have never been charged for it.I have seen that Rush payment was $12.95 but never anything for regular payment or any charge for $7.95No no Credit One Bank. I actually liked Orchard's payment system. If they would have dropped the annual fee and given me a CLI I would have loved to have kept them. Link to comment Share on other sites More sharing options...
JustaTexan Posted April 9, 2008 Report Share Posted April 9, 2008 I pay everything through my bank's online bill payment service. I don't pay any CC at it's own site. So I get the ease of online billpay, but with no fees and at one central site. I love it.Well that's pretty cool. Just make sure they aren't secretly charging you somehow..... you never know! Link to comment Share on other sites More sharing options...
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