Call to remove annual fee?

[Desmoire]

A little over a year ago I was in very hard times as many of us have been. I had issues with my car, had to move to a new place, etc etc. So unfortunately I had to max out my cap 1 cc. After a month I recieved one of those pre-approved CC's from a off the wall company by the name of First National Legacy Card Member Services. 350$ limit, 75$ annual fee, 22% interest rate. Horrible..i know. But I was desperate for whatever money I could get.  Fast forward a year and I have my cards paid off, and many new accounts as I begin for a better future. FNCC did raise my limit to 600$, but that 75$ annual fee is pointless when there are no rewards attached to the card.

Since it was my second CC ever, I dont want to ruin my AAoA. Has anyone had success calling a company like this and requesting they remove the annual fee? I figure they would want my business regardless, and if I say something like, "I just got approved for 1900$ rewards card through barclay 0$ annual fee, so unless you remove the annual fee from this card I want to cancel it" they would do it.

What you guys think?

[user5387]

Closing the card will not affect your AAoA, given that closed accounts factor into AAoA.

[09Lexie]

+1

If you are carrying a balance, wait to have it paid off fore you close. Also, keep in mind the CL is no longer available so your util will increase.
You can try and speak with their Retention Dept and see if they are willing to credit the fee. Each lender is different and be prepared if they do not waive your fee.

Good luck

[Startome]

Yes, remember closed accounts stay on your AAoA for 10 years, so by the time it falls off, your other cards will have aged to catch up =)

[Desmoire]

So are you guys saying there is no way they would remove the annual fee? My only option is the close the CC?

[Startome]

Not exactly, they might, especially if they are a smaller company and they need the business. However the majority of the companies won't, or only will for one year. I'd say you're best off to call and ask, they might be gracious =)

[FinStar]

If they are unable or unwilling to waive the fee then this will be your choice whether you want the CC closed or not.  As others mentioned, the notable impact (if any) would be utilization on the closed tradeline; otherwise, it will continue to report on your CRs for up to ~10 years - no impact to AAoA.

[jeremyj]

I recently contacted the executive office and they removed fee and added 1.5% rewards to my card.