If you applied for another card right behind it, then it would not be much because the second card will still hold the same history.

That is why it's always a good idea to add 3-4 tradelines when you are building/rebuilding your credit so you would always have a back-up. If one card closes, then you will have a back-up with similar length of history which will not have a huge impact on your report/scores.

I think that these credit card companies are getting shutdown as a whole rather than one by one.

I believe you.

If you applied for another card right behind it, then it would not be much because the second card will still hold the same history.

For instance, I applied for Orchard a couple of years prior to my second card. If Orchard closes, i will loose my 5 year history and it would look like I have only 3 yrs of history instead. Someone did tell me that my history with Orchard will stay if it says "Close by consumer'' it will just stop counting years on that card for history. How true this is, i don't know because I don't anyone who knows exactly the way all 3 Cb's judge our accounts.

People are reporting aspire has been shut down as well, I would think tribute and aspen would be next.

How many points will I lose? had this crazy card for a year....

You would still lose a lot points.

Breath ..... good this is my oldest account

Well, even if it is closed it will remain on your bureau for 10 years for history.

I think that these credit card companies are getting shutdown as a whole rather than one by one.

I have not heard much about Aspen lately, has anyone in here?

Breath ..... good this is my oldest account:confused:

Do I understand correctly that Aspen is shutting down?

I believe at this point, only Salute.

Do I understand correctly that Aspen is shutting down?

Exactly!

Furthermore, they should have never been allowed to do this in the first place. Look what happened when they let mortgage business do this but they are bailing them out. Bail out the ones who the cc bank ripped off with those ridiculous fees. The card holders were just excited as home owners when they got an approval. Isn't this like the pot calling the kettle black?

I agree. It would have been more honest to set up true secured credit card businesses. But I guess that is your answer there LOL. They probably paid a lobbyest to get the feds off their backs.

Furthermore, they should have never been allowed to do this in the first place. Look what happened when they let mortgage business do this but they are bailing them out. Bail out the ones who the cc bank ripped off with those ridiculous fees. The card holders were just excited as home owners when they got an approval. Isn't this like the pot calling the kettle black?