Credit One Cancellation Question

[One7]

On the 28th of this month my 11th statement will have cut. Ive been wanting to cancel this card for months now but I wanted to get the most out of it (as far as aging goes) before I got hit with the next AF. The card wasnt all that terrible and I think it was very helpful in getting my credit into shape, but I no longer need or want it. Its basically useless now. When should I call to cancel the card? Im trying to get it to report a full 12 months of activity so it looks better on my report. Also has anyone cancelled before and had any problems? Thanks for any help

[SunriseEarth]

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@One7 wrote:

On the 28th of this month my 11th statement will have cut. Ive been wanting to cancel this card for months now but I wanted to get the most out of it (as far as aging goes) before I got hit with the next AF. The card wasnt all that terrible and I think it was very helpful in getting my credit into shape, but I no longer need or want it. Its basically useless now. When should I call to cancel the card? Im trying to get it to report a full 12 months of activity so it looks better on my report. Also has anyone cancelled before and had any problems? Thanks for any help

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You have a few options.  You can call and ask if the AF can be waived and then keep it open until the waiver runs out.   Or if you do cancel after the AF hits, it would be prorated.   My AF was payable monthly, so my situation was a bit different. 

[One7]

According to the website the second year is paid monthly.  But my problem isn't with the AF, it's with the way they do business.  I pay the card in full and they still charge me just over a dollar in interest. It's completely ridiculous.  The dollar isn't the problem either,  it's the fact that every single month it shows a statement balance and on my CRs they drop around 20 pts!! I know that sounds crazy but it's true. Every month I had that $1 statement it dropped my scores like crazy. So I stopped using the card and haven't had that problem anymore and my scores have been way better. I have a feeling they will charge me interest on the monthly fee and therefore start a never ending circle of always having a balance. Besides the card is useless with the small CL

[gdale6]

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@One7 wrote:

According to the website the second year is paid monthly.  But my problem isn't with the AF, it's with the way they do business.  I pay the card in full and they still charge me just over a dollar in interest. It's completely ridiculous.  The dollar isn't the problem either,  it's the fact that every single month it shows a statement balance and on my CRs they drop around 20 pts!! I know that sounds crazy but it's true. Every month I had that $1 statement it dropped my scores like crazy. So I stopped using the card and haven't had that problem anymore and my scores have been way better. I have a feeling they will charge me interest on the monthly fee and therefore start a never ending circle of always having a balance. Besides the card is useless with the small CL

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Let it report 12 months of history then jettison it.. Push the payment from your banks bill pay for more than the balance then it would report 0.

[SunriseEarth]

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@One7 wrote:

According to the website the second year is paid monthly.  But my problem isn't with the AF, it's with the way they do business.  I pay the card in full and they still charge me just over a dollar in interest. It's completely ridiculous.  The dollar isn't the problem either,  it's the fact that every single month it shows a statement balance and on my CRs they drop around 20 pts!! I know that sounds crazy but it's true. Every month I had that $1 statement it dropped my scores like crazy. So I stopped using the card and haven't had that problem anymore and my scores have been way better. I have a feeling they will charge me interest on the monthly fee and therefore start a never ending circle of always having a balance. Besides the card is useless with the small CL

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The only reason I suggested getting the fee waiver is to allow for a full 12 months and not have a balance report.   CreditOne doesn't have a grace period, so the moment a charge posts, it starts to accrue interest.   Honesty, it may just be better to close right now while you know you'll have a zero balance. 

[One7]

I'm going to wait until after my 11th statement then probably terminate it a week later. I just don't want any problems with them saying I didn't pay something.  

[coterotie]

I called and complained about the monthly fee, they waived it for that month and for the next 3 months.  At the end of that time they wanted to give me a CLI (for a fee) and resume the monthly fee.  I called and said close it.  They didn't respond with any freebies.  So a week later they sent a letter begging me to come back.  So I called and asked for a fee waiver they declined so I left it closed.

I'd suggest the fee waiver route for as long as they will do it, then close it.

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@One7 wrote:

I'm going to wait until after my 11th statement then probably terminate it a week later. I just don't want any problems with them saying I didn't pay something.  

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[One7]

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@coterotie wrote:

I called and complained about the monthly fee, they waived it for that month and for the next 3 months.  At the end of that time they wanted to give me a CLI (for a fee) and resume the monthly fee.  I called and said close it.  They didn't respond with any freebies.  So a week later they sent a letter begging me to come back.  So I called and asked for a fee waiver they declined so I left it closed.

I'd suggest the fee waiver route for as long as they will do it, then close it.

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@One7 wrote:

I'm going to wait until after my 11th statement then probably terminate it a week later. I just don't want any problems with them saying I didn't pay something.  

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Awesome,  thanks for the info! I'm going to go that route, it'll give me more aging before letting the card go

[SunriseEarth]

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@One7 wrote:

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@coterotie wrote:

I called and complained about the monthly fee, they waived it for that month and for the next 3 months.  At the end of that time they wanted to give me a CLI (for a fee) and resume the monthly fee.  I called and said close it.  They didn't respond with any freebies.  So a week later they sent a letter begging me to come back.  So I called and asked for a fee waiver they declined so I left it closed.

I'd suggest the fee waiver route for as long as they will do it, then close it.

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@One7 wrote:

I'm going to wait until after my 11th statement then probably terminate it a week later. I just don't want any problems with them saying I didn't pay something.  

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Awesome,  thanks for the info! I'm going to go that route, it'll give me more aging before letting the card go

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Excellent strategy!

[One7]

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@SunriseEarth wrote:

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@One7 wrote:

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@coterotie wrote:

I called and complained about the monthly fee, they waived it for that month and for the next 3 months.  At the end of that time they wanted to give me a CLI (for a fee) and resume the monthly fee.  I called and said close it.  They didn't respond with any freebies.  So a week later they sent a letter begging me to come back.  So I called and asked for a fee waiver they declined so I left it closed.

I'd suggest the fee waiver route for as long as they will do it, then close it.

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@One7 wrote:

I'm going to wait until after my 11th statement then probably terminate it a week later. I just don't want any problems with them saying I didn't pay something.  

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Awesome,  thanks for the info! I'm going to go that route, it'll give me more aging before letting the card go

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Excellent strategy!

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Thanks for the advice Sunrise, I contemplated it when I saw your first post but just wasn't sure if it were a good idea or not. But as long as they don't add any stupid charges then it couldn't hurt to try