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11-15-2013 08:31 AM
After going back and forth with Citi about the annual fee on my reward zone mastercard they advised the only way to waive the fee was if I closed the account. So, I closed the account. I now feel empowered to close the two First Premier accounts. I also have a Capital One card with a limit of $400 that I can't get increased or converted to QuickSilver. EO was unsuccessful in an increase twice, however this last time they removed the annual fee for me. I also have a Target card that I have had for 5 years with a limit of $200. I have tried everything from maxing the card out and paying in full before statement cut. I've kept a balance for two months. I haven't used the card in over 6 months in hopes for an increase for me to start spending again since I used it every month. I have seen no results at all so I think I am going to close this one as well. I just hate to give up the free shipping. These are all my starter cards from 3-5 years ago. I now have a new line up of prime cards and think it is time to let these go. What are your thoughts? Should I wait until January or should I close them now?
11-15-2013 09:07 AM
11-15-2013 09:38 AM
It's more than understandable to close cards with AFs. Closing First Premier (I'm sure they have fees) along with the BB with the AF that you couldn't get removed makes sense.
I would hold on to the no AF Target and now no fee Cap 1 however. Don't make the mistake some have made in the past by closing cards that had potential. No, Target probably won't raise your limit, but treat it as a discount card when you shop there and for the free shipping you mentioned. Both it and Cap 1 may grant you CLIs later after seeing you've closed other cards.
The fact Cap 1 removed your AF is a good sign for the future. You may be surprised by them next year and as your score improves. Remember, you're "weeding" you want to get rid of the weeds (like FP), not slow growing seedlings like the Target and Cap 1 with no AFs.
I don't know how many cards you have, but if you've had Target for 5 years, it's continued contribution to your AAoA can't be overlooked, all it will do is continue that job as long as you keep it (+10 years unless things change).
11-15-2013 10:29 PM