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Frequent Contributor
Posts: 307
Registered: ‎02-03-2008
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Balance Pay Off Question

[ Edited ]

Hello,

 

Need some sound advice: What is the best for me to do at this time?  HELP!!!!

 

If I pay off my Credit One Visa balance and closed this account will it hurt my credit score?

 

This card is my oldest , opened in 2006.   I am tired of paying a monthly fee of $8.25 and an interest rate of 23.9% on my balance of $999.91.

 

I have many other cards opened after 2006 with higher limits and lower aprs.

 

Any advice is greatly appreciated.

 

Thanks,

BJ

 

 

Fico:EQ 685 (7/10/15) EX 681 (7/10/15) TU 660 (7/10/15)
Credit after BK DC 1/14/14: C1 Venture One $10,000 / C1 Quicksilver Visa Sig $10,000 / C1 Quicksilver WMC $6000 / SDCCU Plat Visa $2500 / Sams Club Store Card $437 / JCPenny $500
Survived BK Filing: Fort Knox CU Plat Visa $5000 / Lowes $7000 / HSN Card $3000 / Walmart Card $2000 / Macys $800 / Target Red Card $500
Established Contributor
Posts: 635
Registered: ‎07-29-2010
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Re: Balance Pay Off Question

It will only hurt if you are carrying balances on other cards as your utilization will go up. But considering you are paying off almost $1000 on this card, it might not make any difference.

Discover IT $30K | FNBO Visa $25K | Citi Forward (grandfathered 5x Restaurants!) $14.5K | US Bank Cash+ Visa Sig $15K | Priceline/Barclays $15K | Chase Freedom $10.5K | Amazon/Chase Visa Sig $8.3k | Southwest Premier $7.8K | BoA Cash Rewards 1-2-3 Sig $7.5K | Fidelity AMEX $7K | Citi Double Cash $6.5K | BoA Cash Rewards 1-2-3 Sig $7.5K | Sallie Mae World MC/Barclays $5K | Capital One Cash Rewards $5K | Commerce Bank $5K | WF Cash Back Visa $3.6K | Younkers/Comenity $2.4K | AMEX BCE $3K | Target $1K | EX FICO (from AMEX): 762, TU08 FICO (from Discover): 763, AAoA: 4.3 years
Moderator
Posts: 17,419
Registered: ‎07-14-2009
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Re: Balance Pay Off Question


BobbyJ wrote:

Hello,

 

Need some sound advice: What is the best for me to do at this time?  HELP!!!!

 

If I pay off my Credit One Visa balance and closed this account will it hurt my credit score?

 

This card is my oldest , opened in 2006.   I am tired of paying a monthly fee of $8.25 and an interest rate of 23.9% on my balance of $999.91.

 

I have many other cards opened after 2006 with higher limits and lower aprs.

 

Any advice is greatly appreciated.

 

Thanks,

BJ

 

 


Here is a great thread discussing Closing Credit Cards.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Valued Contributor
Posts: 1,129
Registered: ‎01-20-2011
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Re: Balance Pay Off Question

 


BobbyJ wrote:

Hello,

 

Need some sound advice: What is the best for me to do at this time?  HELP!!!!

 

If I pay off my Credit One Visa balance and closed this account will it hurt my credit score?

 

This card is my oldest , opened in 2006.   I am tired of paying a monthly fee of $8.25 and an interest rate of 23.9% on my balance of $999.91.

 

I have many other cards opened after 2006 with higher limits and lower aprs.

 

Any advice is greatly appreciated.

 

Thanks,

BJ

 

 


 

If you have other good cards, get rid of the card with 8.25 a month fee immediately. If you have other cards with decent CLs this card won't impact your score much. Even if you have high util on other cards, 8.25 a month is crazy. Too much to pay for credit score.

 

If I was you, I will not even care about score and close that card this moment.

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Regular Contributor
Posts: 169
Registered: ‎03-20-2007
0

Re: Balance Pay Off Question

you could also call capital one to see if they can convert it to a no-fee card

 

if they could would fair better than closing it if not get rid of it!!

Wallet: Discover IT, Discover Gas, Citi Professional (6.74% apr), Chase Freedom, Cap1 Quciksilver, Élan Financial Rewards, BOA Amex, Walmart, CareCredit, Paypal Smart Connect, Kohls, HSBC Cash or Fly, Chase Sapphire Preferred, Amex Zync, Amex Blue Cash Preferred, USAA Plat Rewards, Chase Ink, NFCU Plat
Established Contributor
Posts: 582
Registered: ‎10-17-2010
0

Re: Balance Pay Off Question

[ Edited ]

No no, this is "Credit One", not Capital One (formerly First National Bank of Marin).  Therefore, all of Credit One's accounts have an AF which is divided into a Monthly Membership fee -- ongoing forever, means you never stop paying.

 

Call and escalate to a supervisor and even ask to be connected to the Department of the President (aka Executive Offices).  But, more likely it will be serviced at Supervisor level.  Request 6 months of membership fees to be waived -- stick to your guns and tell them how long you've been a customer and you've been doing "everything" while they've done nothing but collect excessive fees -- You Gotta play Hardball for a few minutes, but they "CAN" and "WILL" waive half of it.  They cannot waive the full AF because that's their Bread & Butter.

 

This will give you time to pay down the balance.  Just in case you want to pace yourself.

Frequent Contributor
Posts: 307
Registered: ‎02-03-2008
0

Re: Balance Pay Off Question

Hello Jay and thanks to all who responded.

 

I have decided to just pay the Credit One Visa in full and close the account.  I dont want pay an annual fee at all.  None of my other cards have one and closing down a $1075 credit limit will not affect my score in any significant way after entering my data in a util spreadsheet.

 

Thanks again,

Bobby

Fico:EQ 685 (7/10/15) EX 681 (7/10/15) TU 660 (7/10/15)
Credit after BK DC 1/14/14: C1 Venture One $10,000 / C1 Quicksilver Visa Sig $10,000 / C1 Quicksilver WMC $6000 / SDCCU Plat Visa $2500 / Sams Club Store Card $437 / JCPenny $500
Survived BK Filing: Fort Knox CU Plat Visa $5000 / Lowes $7000 / HSN Card $3000 / Walmart Card $2000 / Macys $800 / Target Red Card $500
Valued Contributor
Posts: 1,129
Registered: ‎01-20-2011
0

Re: Balance Pay Off Question

 


BobbyJ wrote:

Hello Jay and thanks to all who responded.

 

I have decided to just pay the Credit One Visa in full and close the account.  I dont want pay an annual fee at all.  None of my other cards have one and closing down a $1075 credit limit will not affect my score in any significant way after entering my data in a util spreadsheet.

 

Thanks again,

Bobby


 

This IMHO is the best decision you could have taken. Go ahead and kick them off.

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Regular Contributor
Posts: 169
Registered: ‎03-20-2007
0

Re: Balance Pay Off Question

Agreed.

 

 

Sorry for my post below was late and didn't notice it was Credit One as opposed to capital one! 

Wallet: Discover IT, Discover Gas, Citi Professional (6.74% apr), Chase Freedom, Cap1 Quciksilver, Élan Financial Rewards, BOA Amex, Walmart, CareCredit, Paypal Smart Connect, Kohls, HSBC Cash or Fly, Chase Sapphire Preferred, Amex Zync, Amex Blue Cash Preferred, USAA Plat Rewards, Chase Ink, NFCU Plat
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Established Contributor
Posts: 582
Registered: ‎10-17-2010
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Re: Balance Pay Off Question

Nooo problem-o

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