topic Re: Household Bank APR question in Credit Cards

Household Bank APR question

stealth71 — Sat, 10 Nov 2007 17:16:37 GMT

Thanks to all of you here, I have been able to rebuild my credit and obtain some pretty good new prime cards. However I'm wondering what to do with my Household Bank card. A few years ago, this was the only card anyone would give me, however at a whopping 23% APR. I have 5 years history with them, so I of course don't want to close it, and I don't really want to sockdrawer it either, I still use it occasionally.

How responsive or accommodating is Household towards lowering APR's to something a little more reasonable?

Re: Household Bank APR question

greyhound2007 — Sat, 10 Nov 2007 17:28:48 GMT

I have a Household card, terrible cs , but has no AF I dont really know the interest rate as I PIF every two weeks, I say give it a shot, cant hurt. If they dont just keep it for the history if there is no AF or MF just be sure to pay it off maybe every couple of weeks so as not to pay interest on it. Tks Vicki

Re: Household Bank APR question

netpanther — Sat, 10 Nov 2007 17:32:34 GMT

I would try to negotiate a lower rate, and as the others have said if there is no AF don't close it- as I think you said it has about five yrs history right? Dust if off 2x a year and buy some gum or a soda.

Re: Household Bank APR question

Timothy — Sat, 10 Nov 2007 17:36:52 GMT

I have not had any luck getting mine lowered- so I PIF.

Re: Household Bank APR question

Anderson — Sat, 10 Nov 2007 17:49:26 GMT

Have 2 Orchard CCs (Orchard=Household).

Older one is around 23%. Newer one is around 12%, + 2% cashback. Guess which one I use.

Have called several times to get the 23% reduced, no joy. Only keeping it for util/history.

Re: Household Bank APR question

greyhound2007 — Sat, 10 Nov 2007 17:56:32 GMT

I am on the phone with Household at this moment, they lowered my APR 1% from 14.49 to 13.49 still bites and will still pay off every two weeks. Am asking the rep if they do a hard pull for CLI he has no idea putting me on hold to find out. Of course he says he has no idea. Tks Vicki

Re: Household Bank APR question

tknkrov — Sat, 10 Nov 2007 18:06:40 GMT

I called to close mine because of the apr and they dropped it in half and offered to combine my household and orchard. I still have an AF but I have over 3 years history so with the lower apr I will probably keep it a while longer.

Re: Household Bank APR question

stealth71 — Sat, 10 Nov 2007 18:29:17 GMT

AHHHHHH!!! I forgot about that annual fee as well. I heard a guy on the radio last week who was talking about high APR's and annual fees and said you should not have to "rent" money for ridiculously high fees. I might have to do what was mentioned in an earlier post and either get these fees reduced, or just buy something a few times a year.

Message Edited by stealth71 on 11-10-2007 10:29 AM

Re: Household Bank APR question

netpanther — Sat, 10 Nov 2007 18:48:09 GMT

stealth71 wrote:
AHHHHHH!!! I forgot about that annual fee as well. I heard a guy on the radio last week who was talking about high APR's and annual fees and said you should not have to "rent" money for ridiculously high fees. I might have to do what was mentioned in an earlier post and either get these fees reduced, or just buy something a few times a year.

Message Edited by stealth71 on 11-10-2007 10:29 AM

If it has an AF and is not an old card w/ a long history then close it. Otherwise, if they won't lower the rate- sockdrawer it and dust of 2x a year.

Message Edited by netpanther on 11-10-2007 01:48 PM

Re: Household Bank APR question

jaybee — Sat, 10 Nov 2007 19:38:42 GMT

I have had my no AF card with them for almost 2 years and called last month to ask for a lower APR and they gave it to me right away. That is about the only good thing that I can say about them.

Re: Household Bank APR question

haulingthescoreup — Sat, 10 Nov 2007 20:06:36 GMT

stealth71 wrote:
AHHHHHH!!! I forgot about that annual fee as well. I heard a guy on the radio last week who was talking about high APR's and annual fees and said you should not have to "rent" money for ridiculously high fees. I might have to do what was mentioned in an earlier post and either get these fees reduced, or just buy something a few times a year.

If this card is only 5 years old, and if it has annual fees, and if it has a ridiculous APR, you ought to think about closing it, even if it is your oldest card.

I'm always forgetting that closed accounts stay on your report, helping your history, for 10 years after they're closed. It's so counter-intuitive that it's hard to remember. By the time that it falls off your report, it shouldn't have much impact, because you will have something else that's just a couple of years newer, depending on any mortgages, loans, or other cards you have reporting. The one thing that you don't want to do with an old closed card (or other TL) is dispute or GW something. They might just say to heck with it, and stop reporting it altogether.

You might want to check your back statements to find out when they suck the AF out again, and close the card 4-6 weeks before. Do it in writing, CMRRR (certified mail, return receipt requested), and follow up with a call to make sure that they're not dawdling, trying to drag it out for one more AF. If you have any lates or anything, try to get them off now, before you close. Then like I said, sit back and don't touch it. It might be of more use to you dead than alive! :D

Re: Household Bank APR question

stealth71 — Sat, 10 Nov 2007 21:12:09 GMT

Thanks, that's some good advice, especially with regards to using certified return receipt mail. I know the annual fee kicks in right at the first of the year, or soon thereafter, so maybe I'll call them and give them the opportunity to remove the AF and/or lower my APR. If not, then I'll consider shutting them down.

Re: Household Bank APR question

chiwiseguy — Sat, 10 Nov 2007 21:23:53 GMT

I have a card with them and it has a AF and only a 500 limit, my lowest card. I called and asked about a cli/af reduction. I have a zero balance on this card mind you. They said there was nothing they could do on the af and no cli at this time. Ridiculous, if I didn't have a 4 yr good history on that card I would have canceled on the spot. I still might we will see if anything new comes along from them,

Re: Household Bank APR question

haulingthescoreup — Sat, 10 Nov 2007 21:45:32 GMT

It sounds like both of you are in the position of graduating from your rebuilding cards, with some decent cards now in your wallet. A lot of these rebuilders simply won't grow with you; that's not their job. They're like the training wheels on your first bike. Once you've stopped wobbling and you've figured out how to ride, off they come!

Re: Household Bank APR question

chiwiseguy — Sat, 10 Nov 2007 21:50:37 GMT

I will prob cancel it pretty quick here. I looked at how it will change my Util and its a .35%. Which means its on life support and all signs are pointing towards death within the next month or so.

Re: Household Bank APR question

stealth71 — Sat, 10 Nov 2007 23:30:26 GMT

Quote: It sounds like both of you are in the position of graduating from your rebuilding cards, with some decent cards now in your wallet. A lot of these rebuilders simply won't grow with you; that's not their job. They're like the training wheels on your first bike. Once you've stopped wobbling and you've figured out how to ride, off they come!

Ha, yeah, I suppose that's a good way of looking at it. I think I'll wait until this week to see what kind of CL I have on a new Citibank card. If its good and will help my util, I might just shut this card off. Regardless, I did send them a secure email requesting more favorable terms and to wave the AF. We'll see. If they don't wish to comply, then we'll part ways.

Message Edited by stealth71 on 11-10-2007 03:09 PM

Message Edited by stealth71 on 11-10-2007 03:30 PM