Which is Better for Your Credit ?!!!

Which is Better for Your Credit ? ( See Details )

I Have greatly improved my credit after a bankrupcy four years ago. I really don't have any huge expenses and a need for credit cards, but I've used credit cards and a small car loan to build back my worthiness. (You see, I may want to buy a home in a few years)My question:The very first card I got post-bankrupcy was an ORCHARD BANK mastercard which is known as a credit repair type card.

So............... now that I have the other better cards with bigger limits ($6000+) does it look worse for my credit profile to close the ORCHARD account that I have the longest history with (or) does it look worse having a credit repair type card open??????????

The Answer :

1.Payment history- 35%
2. Total debt vs. available credit- 30%
3. Length of time establishing credit- 15%
4. Types of credit established- 10%
5. Inquiries and new accounts- 10%Since you established the Orchard Card first, closing that account would disrupt #'s 1,2, & 3. You shorten active payment history for open accounts, the available credit which would give the appearance that you owe more than you're able to borrow, and also shorten the average age of accounts giving the appearance that credit's been established more recently than it has.

I also have an Orchard Card for sometime now, and I've managed to work my way up to a better card. It doesn't matter on your credit report what kind of card you have, the most important part is that you're paying on time. So, follow the advice that everyone else has mentioned and don't close it.