Sadly, I have an Orchard Bank Visa and an Orchard Bank Mastercard. I've had one of them for about 3 years, and the other for about 2 (Instead of giving credit limit increases, they give you another card, presumably in the hope that you will get more confused and miss payments and pay their fees!)... they both have $300 limits. (Haha, sad.)
The good news is, I guess I've been doing something right because I have recently been approved for a CC with a much lower APR and a $5,000.00 limit! (Yay.)
My question is - should I close the 2 OB CCs? They both have annual fees of $39, and they don't really contribute much to my "available credit." The only reason I would want to keep them open is because they contribute to my "history." My payment history has been spotless. How much would it really hurt my score to close these cards??? Should I just keep them open indefinitely and pay the annual fees???
2007-08-04
03:13:48
·
8 answers
·
asked by
Anonymous
in
Credit