Balance Pay Off Question

[BobbyJ]

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

[andre181]

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.

[MarineVietVet]

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@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

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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".

[vish1]

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@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.

[ILBrian]

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!!

[JayRizzo]

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.

[BobbyJ]

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

[vish1]

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@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

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

[ILBrian]

Agreed.

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

[JayRizzo]

Nooo problem-o