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I am in the process of paying them off but I'm wondering if I should just close now. I'm thinking it would be cheaper in the long run. Especially when factoring in the $7 monthly fee plus the annual fee I just got hit with. I'm not looking for any extra credit right now so I'm not that concerned about UTIL. I'm just tired of them and their fees. I know that closing won't stop the interest but it will do away with the fees. On this past month bill I had the $7 monthly servicing fee, $49 annual fee + a $29 fee for having an AU. An extra $85, smh. Any thoughts or opinions on this one? Would this really be that much of a mistake, closing an account w/o having a zero balance?
@ABattle wrote:I am in the process of paying them off but I'm wondering if I should just close now. I'm thinking it would be cheaper in the long run. Especially when factoring in the $7 monthly fee plus the annual fee I just got hit with. I'm not looking for any extra credit right now so I'm not that concerned about UTIL. I'm just tired of them and their fees. I know that closing won't stop the interest but it will do away with the fees. On this past month bill I had the $7 monthly servicing fee, $49 annual fee + a $29 fee for having an AU. An extra $85, smh. Any thoughts or opinions on this one? Would this really be that much of a mistake, closing an account w/o having a zero balance?
Yes' if the fees are getting to you close it as it will report positive history for up to 10 years
HOWEVER closing an account with a balance on it will result in a Fico scoring ding big time
You may wish to payoff the card first and then close the account IMHO
FPB......worst decision I ever made. If you have finally made it to the place where you can consider closing them I would just pay them off and get it over with.