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Contributor
Posts: 81
Registered: ‎03-27-2008
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Credit One Bank - AF

I'm slightly embarrassed to admit this, but I've had a Credit One Platinum card for over 3 years now.  The limit is $900 (started at $250) but I am charged an $89 Annual Fee billed at $6.95 a month.  I pay the card in full every month if I have to use it (which I use to keep open), but it's getting annoying trying to remember to pay them $6.95 every month (and if you pay online, they charge you $7.95 the very next month for paying online on top of another AF monthly charge).  They will not waive the AF either.

 

I'm tempted to close this account - my credit has gotten better, still not fabulous.  The highest CL it seems you can get with Credit One is $1000 regardless of card.  I have other cards that have 3K and 4K on them.  I understand utilization and don't think it will harm my UTIL too much.  Would you scrap the card??

Before MyFico as of 11/2007: EQ: 554 TU: 530
After MyFico as of 2/2009: EQ: 678 EX: 662 TU: 654
Frequent Contributor
Posts: 455
Registered: ‎11-27-2007
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Re: Credit One Bank - AF

i just closed mine last month it felt really good closing that card..
GOAL FOR 2010 Paying Down Debt .........653 EQ 685TU EXP???
Epic Contributor
Posts: 25,828
Registered: ‎10-23-2007
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Re: Credit One Bank - AF

once you have other cards with 3-4k you close credit one. they have served there purpose.

I personally have had mine for about 2 years and everytime I think about closing it, they increase the limit so I keep it another few months! lol 

Fico Scores 8: EX 694. TU 689. EQ 658. 05/26/2015
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: Credit One Bank - AF

The only reason I might think about holding on to something like that was if it was far and away my oldest card, as in the next one being 8 years younger or something.

But if you have several cards all about the same age, you won't miss it when it falls off your reports. And that won't be for ten years after closing.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
Posts: 1,603
Registered: ‎12-07-2008
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Re: Credit One Bank - AF

I would definitely get rid of it because of that annual fee, low CL that won't seem to grow with you, and ridiculous charge to pay online.
11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


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Contributor
Posts: 81
Registered: ‎03-27-2008
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Re: Credit One Bank - AF

[ Edited ]

Great advice.  I think I will close it and hope I don't take a hit.  I just closed a stupid Chase one that was opened at the same time with a $200 CL.

 

Am I pushing it by ALSO closing an HSBC card with a $400 CL?  It started out at $200 and they only let you get a bump of $100 once every 6 months.  Again, I never use it and it's annoying to have it, it seems.  I have 2 credit cards (Target and HSBC Discover) with 3K CL's, a Capital One with a 4K limit, and a wamu with 1,750.  I want higher CL's but I'm wondering if these crappy dinky cards are holding me back.

Message Edited by lacedup2go on 04-08-2009 10:55 PM
Before MyFico as of 11/2007: EQ: 554 TU: 530
After MyFico as of 2/2009: EQ: 678 EX: 662 TU: 654
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: Credit One Bank - AF


lacedup2go wrote:

...I want higher CL's but I'm wondering if these crappy dinky cards are holding me back.

There's an awful lot of anecdotal evidence here that they do, so great idea to let Credit One go bye-bye.

Once my credit got halfway decent again, I set a personal goal for no CC's with limits under $1K, and no bank cards (with Visa, MC, Discover, Amex) less than $5K. I have the first, and I'm working on the second, although Sears MC (Citi) will definitely prove to be a challenge on that one...

lol at "crappy-dink" --my vocabulary has been expanded! Smiley Very Happy
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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