I called and closed my Hooters MasterCard. They are charging me $3 as AF every month. I just dont feel like paying it. It did help me build my credit and it is time for the card to go. I am loosing $1400 in Available Credit Line. I guess I have to work on getting some CLI's on other cards to make up the drop in the CL.
Next month my HSBC MC is coming for renewal with AF. I guess it would be the next card to go. Oh well, I feel bad to close the card, especillay I remember the day when I got my Hooters card, How happy I was that hooters approved my card when others would not approve me any card.
I guess it is all part of growing up in the Credit World and move up in the ladder.
Congrats on moving up the ladder Concorduser. If the replies I've read from you are any indication, you have gained valuable experience in your credit life and are well up the ladder. I do have one question for you. I was denied a Hooters card about two months ago. What were your scores when you were approved? Mine are hovering around the 630 mark on all three, (at least EX was last I looked). Do you think I should try again.
Why are you looking for Hooters Card. It is very high interest rate and Annual Fees. You can find much better deal than this card. What is your scores like on EQ and TU? If you have less than 3 inq's and scores over 600 you can try for Nordstorm Card. Even if you get the store card they will upgrade the card to Visa to in 6 months. Great CLI's and CSR. You can also try for Cabella's Club Visa Card. If you let us know what all 3 last know scores and baddies we can give you much better suggestions. I would stay away from Hooters if you can help it.
I just wanted to say that they don't all have annual fees. My husband and I each have a Hooters card with no annual fee. The rate is about 15% or 18% (can't remember offhand.)
I've heard from others that APRs and credit lines can be negotiated with them. I believe it, though, if you can't negotiate annual fees with them. Merrick Bank is very stubborn and strange.
My regular Merrick Visa, for example, has a rate of 32%, no annual fee, and they will not lower the rate - I think they said they never would. They'd rather just lose my business.
I keep the card open and at a zero balance, though, because they keep raising my limit (or they did when I kept using it and paying it off) and it costs me nothing to have the card open.
Suprisingly, I got a hOOters card with no AF.
I thought for sure with my BK, I would be gouged.
I just my Hooters card in the mail today. My AF is $35 a year and Iwas shocked to see that I was approved since my scores are around 570.
Watch out their interest rates. They are on the pretty much high side.