When Should I Close?

Felice, why do you want to close them? Please refresh me. If it was posted elsewhere, sorry for asking you to repeat.

 

and whatcha got??? so we can be more specific

companies, age of accounts, limits, terms.

 

Keeping four Visas won't hurt you unless there are annual fees involved. Personally, I wouldn't close more than one, and that should be one with a high annual fee or a high interest rate.

 

Use the credit you have to build strength in dealing with the high APR. If you exercise your credit, your rates will be lower and your limits will be higher. It does take patience and discipline, but it can be done. There is not reason to have a $79 fee card if you are not going to use it, but if you use it and pay it off, it will probably be raised to $10,000. Then you are talking about some real money and having it will enable you to take advantage of other promo rates and better offers. It has worked for me.

www.creditsense.com

 

Just got through reading the thread about people being depressed when I increment the "read" stats and don't respond ... so here goes. I'm not an expert, just a board reader.

Were I you, I would:

1. get anything on FCNB paid off or at least transferred to another card. It's your highest APR, so should be the first to be paid off. If you have no balance and don't use it they can't mess with your payments any more.

2. keep Providian but get your annual fee refunded every year. They barely put up a fight, and I don't think anyone has ever failed to get it reversed. There's a nice fat emergency credit line that you can hold on to.

3. I might close Orchard. When your annual fee is billed give them a chance to refund it, but if they don't, that would be the one to close. In light of the annual fee, ignore the lower APR -- you'd need to carry a $4,000 balance for the lower APR to make up for the fee, and seeing as it's a $2,000 card, it never will. I haven't dealt with them, but I don't have the feeling that they'll be the bank to reward you much for staying on. Plus, closing your lowest limit card increases your mean limit which makes new creditors want to give you more.

4. Use GetSmart. It has a grace period, right? Alternate between taking advantage of the grace period to save money and carrying a balance so they'll like you and up your limit. Re-read CreditWork's post here -- Providian seems to be always ready to increase a limit if you're using their card. It will turn itself into a $7500 card like your other Providian. This is your prime stretching candidate -- I don't know if it's worth trying to get FCNB or Orchard exercised, and your other Providian is likely as big as it will get.

5. In about a year, use FCNB, then pay it off, then close it. With that activity it will be a 3-year tradeline and doing about as much good for your report as it ever will. If you have the discipline, keep it open and use it once a year to age it, and continue until they close the account or pull some stupid stunt to get more fees.

If that's the extent of your credit report and you've been clean since your bankruptcy you're probably looking good. The modest difference between having Orchard be a 2- or 3-year tradeline isn't worth $79, but keep the others going. In a year you can slowly (1/year sounds good) replace them with better cards.

 

You've actually got some pretty good cards

Let me start with this: if FCNB is going to hurt your current credit for their screwup... write them a letter NOW and send it certified rr requested. Keep on them til you make sure they've made your history with them perfect again.

Ok, now with the accounts. I don't know how old they are but off what you've given:

If FCNB is causing you issues, pay it off and close it. I agree.

Orchard is ok except for the annual fee. Call their customer service and tell them you're thinking about closing the account. they'll pass you to retention. Tell retention it's just too expensive (79 fee and all). In all likelyhood they'll offer to refund the 79 fee (as long as the account is at least 1 year old) if not they'll offer you a line increase for your trouble.

Your Getsmart, I'm guessing, is newer just from the line. Call them and also tell them you're thinking of getting rid of the card. Get the annual fee to 16.9 at least (that's the lowest I've gotten).

Call Providian and do the same. 16.9 is their best rate and also try for the 59 refund at the same time yes, I've done both on one call. Just be nice and you've got a shot.

then work on the bumps in the credit for the next 6 months and we'll see where you are then.

You actually have a nice collection of cards

Just remember it's all a game. I had a friend recently die of cancer...now that's depressing. This is just an inconvenience this credit stuff.

Keep it all in perspective. Keep your chin up and call and bug them whenever you feel like it. I used to call about every 2 months or so just to see what they'd do Good luck and tell us about the good results

 

FCNB - no statement for Aug!!

I realized today that I had not received a statement from FCNB this month. Looked in my checkbook and saw the last check I wrote them was 7/13.

I called, checked their automated phone system. Payment was due yesterday. I hit the "get a live person" button and paid off the balance over the phone. It's just a tiny balance (the rate is too high), but I had carried it because they give me regular increases which help my ratios.

No more. I truly believe FCNB didn't send one. My mailman knows me - I get all my insurance stuff here.

One good thing came out of this little screw-up - FCNB does have a website, you can check your account online but you cannot pay it there.

http://www.fcnb.com/

Be careful folks, they either are having problems or they're playing games, IMHO. I always pay this bill the same day I get it, there's no way it was me, and I don't think it was the post office.

 

Re: FCNB - no statement for Aug!!

HMMM...those PIGS!!! LOL

 

Re: FCNB - no statement for Aug!!

They all do it, Chele. Some are worse than others. I have never had trouble with FCNB before. It just really pays to keep an eye on everything. And I am paying off anything I can't access and pay online. Things like this bring out my "control freak" personality traits.

Also, I use yahoo calendar reminder service to keep track of everything, but they vary the numbers of days, LOL, to keep you off balance I guess. One month it is 31 days, the next month it is 28. Generally speaking, when I get notice that my account has been updated, I put a note on yahoo calendar and send my self a reminder.

Then they all want me to opt for online only billing. I don't care for that either, LOL.

control!! control!! control!!

 

Re: FCNB - no statement for Aug!!

Yep...thats why I'm just going to use my dinky litte CC's for a tank of gas once a month...or a one round of Cert Ret Rec once a month and send a check....WEATHER THEY WANT IT OR NOT!!!! HA HA HA....They will soon be begging me to spend more money....HA HA HA!!! I can see it now.......

 

Re: FCNB - no statement for Aug!!

Wow! That is awful!! Thank goodness I caught this in time. I just hope the payment goes through okay. I will check on it in a few days.

 

Re: FCNB - no statement for Aug!!

$8.00 FEE
$15.00 FEE

PURE PROFIT!!!

 

Re: FCNB - no statement for Aug!!

Well, I hope they enjoy that $8, cause I paid the card off and won't use it anymore.

 

Re: FCNB - no statement for Aug!!

=====================================
They probably lost the payment in one of their offices.
Some years back I gave my local electric company several checks over a period of a few months. One day I got a disconnection notice for non payment.
When I told them I had paid this with those checks they said they never got them. I argued with them for weeks about it but they insisted I didn't pay.I had sent some of the checks by US Mail and the rest I put in their drop slot at their payment office.Now tell me how the USPS Lost all 8 or 10 Checks?
Finally one day I get a call from the manager that the account is in fact paid:
Here they had been putting my checks under a bunch of papers in some out of the way desk drawer instead of posting them to the account.
The amount they were billing me for was exactly the same as the total of the hidden checks.---------

This is the kind of crap they put on our reports and score us on. The whole screwed up system stinks !
=================================

 

Re: FCNB - no statement for Aug!!

Exactly, lb! When I called, the gal suggested I just send in a payment (white mail = slow processing), that I had 10 days before they would post a late charge to the account. I said I felt that was too risky, considering I had not received a statement, and I did not want a "late" noted on my account. She said "well, it will be late, but we don't charge you a late fee if we get it within 10 days." "Then I said, so I will have a "late" on my account?" She said "Oh it won't affect your account."
Doh......... I don't get it.

That's when I asked if I could do the payment over the phone. She was setting up a minimum payment, I said nah, I wanted to pay it off, it made me too nervous. She kept insisting "well, there is nothing wrong, you don't need to be nervous."
Yeah, right.