ndbilly Posted November 15, 2008 Report Share Posted November 15, 2008 I am debating cancelling my Orchard Card with a 300 limit. This company is awful. I was just approved for a Juniper Visa with a 10,000 limit. my question is. would it be wise to cancel Orchard and if I do will it hinder my credit score Link to comment Share on other sites More sharing options...
cavazos007 Posted November 15, 2008 Report Share Posted November 15, 2008 I am debating cancelling my Orchard Card with a 300 limit. This company is awful. I was just approved for a Juniper Visa with a 10,000 limit. my question is. would it be wise to cancel Orchard and if I do will it hinder my credit scoreYou should never close a credit line, as it will bring your score down. Just keep it, pump gas with it, pay it off and keep down it over and over. Link to comment Share on other sites More sharing options...
ndbilly Posted November 16, 2008 Author Report Share Posted November 16, 2008 good advice -- thanks Link to comment Share on other sites More sharing options...
jq26 Posted November 16, 2008 Report Share Posted November 16, 2008 Really Cav? what if there is an annual fee? I disagree. I say get rid of the junk cards. Especially if you have the ability to receive $10,000 credit lines now. I canceled Orchard and good riddens. No sense in owning garbage credit lines forever. It didn't seem to hurt my score one bit. Link to comment Share on other sites More sharing options...
isislc Posted November 17, 2008 Report Share Posted November 17, 2008 Really Cav? what if there is an annual fee? I disagree. I say get rid of the junk cards. Especially if you have the ability to receive $10,000 credit lines now. I canceled Orchard and good riddens. No sense in owning garbage credit lines forever. It didn't seem to hurt my score one bit.I have to agree here. Especially on a card that only has a limit of $300. The only reason it is recommended that you never close an account is because of how it will affect your utilization. Now really, $300 is not gonna make much of a dent if you have a $10k CL. I say dump the card, it's not worth it. The closed account will count in the overall age of your accounts for the next 10 years anyways. Link to comment Share on other sites More sharing options...
Dre Posted November 22, 2008 Report Share Posted November 22, 2008 Agreed. PIF - first before you close it. Once the balance reports "0", close it! Link to comment Share on other sites More sharing options...
Amerikaner83 Posted November 22, 2008 Report Share Posted November 22, 2008 Orchard? Close it and burn it!congrats on the 10K line! Link to comment Share on other sites More sharing options...
momof5 Posted November 22, 2008 Report Share Posted November 22, 2008 If that card is your "age", you could see a large decrease in FICO score. Link to comment Share on other sites More sharing options...
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