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What to do with my 2 starter cards

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4 replies to this topic

#1 sedric1

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Posted 05 March 2012 - 09:35 AM

so starting my credit repair a few years back, i opened these accounts with barebone credit and tons of baddies. currently the orchard card is up to 1300 and no AF. chase is about the same thing.

with no AF, its hard for me to close them, but i heard that orchard isnt giving limit increases either? i have a $5000 jfcu card, a $5500 cacu card and also a $14000 nfcu card active as of now too. i havent had a baddie posted on my reports in about 5 years (late payment) and otherwise really nothing else bad/but several good accounts with low/no balances - so i know i can get more.

my questions are - do you think closing a card with no AF is a good idea, just because it has a low limit?
Any idea if i could get a 'different' product with orchard or chase that would give higher limits (where i could keep the same account number and avoid a 'new' account with them)?

#2 j7n1o7

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Posted 05 March 2012 - 09:50 AM

I'm a newb, so take this w/ a grain of salt. Everything I've read says you should keep them and just stow them away in a sock drawer. It will increase your overall available credit giving you more flexibility to keep your utilization under 10%.

Edited by j7n1o7, 05 March 2012 - 09:50 AM.

#3 Gaby10


    The Anti-Suze

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Posted 05 March 2012 - 10:04 AM

Chances of PC'ing the Orchard card are pretty much nil. Chase, there's a possibility, depending on what kind of card it is. Some are eligible for product changes, some aren't. The only way to find out is to ask a CSR.

It doesn't hurt you to keep the accounts open if there's no AF, it only helps. I have a low ($1,100) limit HSBC Union Plus card on my reports that will never grow either... but it hasn't stopped me from getting five-figure limits from other issuers. Put your ego aside ("Why are they rejecting me? They're saying I suck... screw them!! I'll just take my business elsewhere, that'll show them..." yadda yadda yadda) and just consider those two cards your black sheep. They're not hurting you. They're just playing their small part in your history. Use them occasionally for the proverbial pack of gum or regular subscription, pay in full every month.

#4 sedric1

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Posted 05 March 2012 - 08:23 PM

cool thanks. i was hoping that was ok, although i had heard that some lenders look down on those accounts as you move up

#5 Analysis

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Posted 05 March 2012 - 09:01 PM

cool thanks. i was hoping that was ok, although i had heard that some lenders look down on those accounts as you move up

With this, you (or wherever you heard this) are assuming either of two things:

1) Potential creditors manually review a new application (Unlikely, in 98% of the credit granting decisions)
2) Credit Granting software makes a distinction, and downgrades your application/credit worthiness, based on some evaluation of the " grade " of your creditors.

If the cards have no annual fee, I say " leave it alone, let it age ". :search:

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