Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 983
Registered: ‎12-17-2012
0

Getting card with monthly fee to report 0 balance?

I have a card that is one of my oldest that has a monthly service fee, so it always reports a balance. I'm trying to figure out a way to get them to report a zero balance.

They don't allow you to pay more than the balance due. I was thinking I would make a purchase, pay it off and then return the item so I have a credit balance.

Not sure that this will work, anyone tried that with a card that has a monthly fee?

Member
Posts: 30,743
Registered: ‎02-07-2013
0

Re: Getting card with monthly fee to report 0 balance?

Pay your balance and then push the amount of fee thru online banking 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Senior Contributor
Posts: 11,485
Registered: ‎10-21-2012
0

Re: Getting card with monthly fee to report 0 balance?


myjourney wrote:

Pay your balance and then push the amount of fee thru online banking 


+1

 

Since you already know what the monthly fee is, simply push that payment through your bank before it is billed (like myjourney mentioned) and that will leave a credit balance until the fee hits the account, thereby leaving a 0 balance to report.  Rinse & repeat monthly.

Moderator
Posts: 8,243
Registered: ‎08-12-2013
0

Re: Getting card with monthly fee to report 0 balance?


IWOL wrote:
I have a card that is one of my oldest that has a monthly service fee, so it always reports a balance. I'm trying to figure out a way to get them to report a zero balance.

They don't allow you to pay more than the balance due. I was thinking I would make a purchase, pay it off and then return the item so I have a credit balance.

Not sure that this will work, anyone tried that with a card that has a monthly fee?

Ok.  Let's stop at the red words.  I might be overanalyzing this, but are you keeping this CC open simply because it's an old TL?  If this card no longer has any other purpose anymore aside from propping up your AAoA and it's now merely a hassle and an added expense, you should consider closing it.   AAoA includes closed accounts, despite FAKO models suggesting otherwise.  And a positive closed account will report for 10 years.

 

You should read the "Closing Cards" sticky thread.  This TL sounds like it's more of a burden than a benefit.  




Start: 619 (TU08, 9/2013) | Current: 768 (TU08, 7/28/16)
Sam's Club MC $25000 | AMEX BCE $17000 | Sallie Mae WMC $16500 | Cap 1 QS VS $10750 | Care Credit $10200 | BofA BBR $10100 | Discover IT $8500 | Marvel MC $8000 | Citi DC $8000 | JCP $8000 | Amazon Store $8000 | US Bank Cash+ VS $7500 | Blispay $7500 | Cap 1 QS WMC $5750 | Macy's Store $5400 | Sony Card $4250 | Macy's AMEX $3500 | Gold Violin $3050 | CU Visa $2500 | Target $1400 | Costco Anywhere $500 | ~~Gardening Since 5/10/16
Established Contributor
Posts: 560
Registered: ‎10-22-2012
0

Re: Getting card with monthly fee to report 0 balance?

Sunrise posted what I was thinking... If the fees is warranted for another reason just push with online bill pay.

Capital One Quicksilver- $5,000 (Thanks Cap1 Executive Office <3) | Chase Freedom - $7,100 | Chase Amazon -$1,000 | Priceline Visa -$10,000 | US Bank Cash+ - $18,200 | Fidelity Amex -$10,000 | Sallie Mae- $10,000 | Walmart $15,000 | DCU Platinum $12,000 | Discover IT - $9,000 | Amex EveryDay - $25,000  | Amex BlueCash Everyday- $9,800 | Citi DoubleCash - $15,000 | Sapphire Preferred- $13,000 Freedom Unlimited$7,000 Blispay$12,000

Regular Contributor
Posts: 210
Registered: ‎02-08-2013
0

Re: Getting card with monthly fee to report 0 balance?

Or you could just mail them a check 10 days before your due date for the full balance owed plus the amount of the monthly fee. That will give you a credit balance until the fee hits on the new statement cycle. Hopefully the overpayment is the same as the monthly fee, thereby zeroing your account out. If you overpay a little, that's okay as a negative balance reports to the bureaus as ZERO.


Current Score: EX: 718, EQ: 715, TU: 720
Goal Score: EX: 750, EQ: 750, TU: 750

Take the myFICO Fitness Challenge
Established Contributor
Posts: 983
Registered: ‎12-17-2012
0

Re: Getting card with monthly fee to report 0 balance?

Thanks for all the excellent suggestions. I'll try the bill pay through my bank.

I realize that the account will still report for 10 years if I close it but I just closed 3 secured cards that were also some of my oldest accounts and I just felt like I should keep atleast one if my oldest lines open even if I don't use it. Maybe I'll just close it.

What about under manual revue.....isint it better to have a lender see atleast one open account that has a long history attached to it.


Moderator
Posts: 8,243
Registered: ‎08-12-2013
0

Re: Getting card with monthly fee to report 0 balance?


IWOL wrote:
Thanks for all the excellent suggestions. I'll try the bill pay through my bank.

I realize that the account will still report for 10 years if I close it but I just closed 3 secured cards that were also some of my oldest accounts and I just felt like I should keep atleast one if my oldest lines open even if I don't use it. Maybe I'll just close it.

What about under manual revue.....isint it better to have a lender see atleast one open account that has a long history attached to it.


They could also see it as you having an active, subprime account.  I think at some point, lenders expect that you'll outgrow some of your TLs and replace them with TLs with better terms.  




Start: 619 (TU08, 9/2013) | Current: 768 (TU08, 7/28/16)
Sam's Club MC $25000 | AMEX BCE $17000 | Sallie Mae WMC $16500 | Cap 1 QS VS $10750 | Care Credit $10200 | BofA BBR $10100 | Discover IT $8500 | Marvel MC $8000 | Citi DC $8000 | JCP $8000 | Amazon Store $8000 | US Bank Cash+ VS $7500 | Blispay $7500 | Cap 1 QS WMC $5750 | Macy's Store $5400 | Sony Card $4250 | Macy's AMEX $3500 | Gold Violin $3050 | CU Visa $2500 | Target $1400 | Costco Anywhere $500 | ~~Gardening Since 5/10/16
Moderator Emeritus
Posts: 14,711
Registered: ‎12-30-2011
0

Re: Getting card with monthly fee to report 0 balance?


IWOL wrote:
Thanks for all the excellent suggestions. I'll try the bill pay through my bank.

I realize that the account will still report for 10 years if I close it but I just closed 3 secured cards that were also some of my oldest accounts and I just felt like I should keep atleast one if my oldest lines open even if I don't use it. Maybe I'll just close it.

What about under manual revue.....isint it better to have a lender see atleast one open account that has a long history attached to it.


Have to ask, the majority of common secured cards are better than any card I'm aware of that has a monthly fee associated with it: why keep this one over the others... or at all?  Some tradelines are meant to be whacked upon doing better, and monthly fee cards fall into that category typically.

 

I have to agree with the others: kick it to the curb.

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 693, EQ 8 714, TU 8 710, EX 8 724 (05/27/16)
Goal Score: 700 on EQ 04 (01/01/17)


Take the myFICO Fitness Challenge
New Visitor
Posts: 2,339
Registered: ‎09-16-2011
0

Re: Getting card with monthly fee to report 0 balance?


SunriseEarth wrote:

IWOL wrote:
Thanks for all the excellent suggestions. I'll try the bill pay through my bank.

I realize that the account will still report for 10 years if I close it but I just closed 3 secured cards that were also some of my oldest accounts and I just felt like I should keep atleast one if my oldest lines open even if I don't use it. Maybe I'll just close it.

What about under manual revue.....isint it better to have a lender see atleast one open account that has a long history attached to it.


They could also see it as you having an active, subprime account.  I think at some point, lenders expect that you'll outgrow some of your TLs and replace them with TLs with better terms.  


+1

 

if you want to pay a fee, at least make it a valuable addition to your credit portfolio, AP for a AMEX PRG if you have a 650+ fico and 6 months of credit history you should be approved, no annual fee for a year, then you can PC it to green or senior green get approved by end of year to lock in your member year as 2013. 

Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak/Freeom 4.6k, FNBO DISC 20.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5.5k Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 7k, Discover IT 11.5k and a nice stack of store cards.
Last APP/HP 4/22/2015

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.