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Valued Member
wally101
Posts: 42
Registered: ‎01-19-2012
0

Getting rid of Annual Fees on two of my credit card??

Hi All! Love myFICO and its wealth of knowledgable and heplful people.

 

So I recently purchased my first home and am looking to improve my credit card porfolio and get rid of annual fees I have on two of my credit cards. The cards that have the fees are Chase Slate and Capital One Visa.

 

The problem is I don't really use these cards because they offer no cash back and have a high APR if I don't pay in full. When I called Capital One they said that they can't "upgrade me" and I can wait until the annual fee is charged and then call them back to see if they can waive it or I can cancel the card...which I don't want to do since it was opened 10 years ago. I have a feeling the only way they will upgrade or waive the fee is if I start using the card for gas and things and then pay in full? I do have a Best Buy card that was taken over a while ago by Capital One...can that help in any way? Have not contacted Chase, but have a feeling they will say the same thing.

 

Here is a run down on my current cards, balances, and FICO score:

 

HSBC/Yamaha  $12,500.00 limit .... 0 balance.... opened 2001

Chase Visa      $2600.00 limit..... 0 balance(ANNUAL FEE).... opened 1999

USAA AMX/cash rewards  $7000.00 limit.... 350 balance (paid in full every month/ usually shows this balance because I use for gas/food) ... opened 2010

Elan Select Rewards   $3700.00 limit .... 0 balance .... opened 2006

Capital One/Best Buy  $2700.00 limit .... $1276.00 balance (two year no interest purchase on appliances for new home) .... opened 2008

Capital One/ Visa  $1300.00 limit..... 0 balance  (ANNUAL FEE) .... opened 2003

 

Utilization is about 6%. My middle FICO score lender pulled 12/29/2012 was 716. Closed on my house 1/29/13, but has not reported yet. I do have 4 hard inquiries (all for shopping a home loan, however they were spread out over the course of last year...I purchased a short sale so it took forever)

 

So again, what is the best way to get rid of the ANNUAL FEEs without closing accounts? I would like to have a cash rewards for the Chase and Cap1, but only if they could be back dated to when I first opened them.

EQ FICO score from here... EQ 716
USAA monitoring Experian Plus scores : EX 773 EQ 773 TU 785
Established Contributor
pakman92
Posts: 650
Registered: ‎03-01-2012
0

Re: Getting rid of Annual Fees on two of my credit card??

Cancelling may be a good option.  The closed accounts will remain on CR for 10 more years so the efffect of AAoA will not be felt until then.  And by that time all your other accounts have aged 10 more yeas.  IMHO.


wally101 wrote:

Hi All! Love myFICO and its wealth of knowledgable and heplful people.

 

So I recently purchased my first home and am looking to improve my credit card porfolio and get rid of annual fees I have on two of my credit cards. The cards that have the fees are Chase Slate and Capital One Visa.

 

The problem is I don't really use these cards because they offer no cash back and have a high APR if I don't pay in full. When I called Capital One they said that they can't "upgrade me" and I can wait until the annual fee is charged and then call them back to see if they can waive it or I can cancel the card...which I don't want to do since it was opened 10 years ago. I have a feeling the only way they will upgrade or waive the fee is if I start using the card for gas and things and then pay in full? I do have a Best Buy card that was taken over a while ago by Capital One...can that help in any way? Have not contacted Chase, but have a feeling they will say the same thing.

 

Here is a run down on my current cards, balances, and FICO score:

 

HSBC/Yamaha  $12,500.00 limit .... 0 balance.... opened 2001

Chase Visa      $2600.00 limit..... 0 balance(ANNUAL FEE).... opened 1999

USAA AMX/cash rewards  $7000.00 limit.... 350 balance (paid in full every month/ usually shows this balance because I use for gas/food) ... opened 2010

Elan Select Rewards   $3700.00 limit .... 0 balance .... opened 2006

Capital One/Best Buy  $2700.00 limit .... $1276.00 balance (two year no interest purchase on appliances for new home) .... opened 2008

Capital One/ Visa  $1300.00 limit..... 0 balance  (ANNUAL FEE) .... opened 2003

 

Utilization is about 6%. My middle FICO score lender pulled 12/29/2012 was 716. Closed on my house 1/29/13, but has not reported yet. I do have 4 hard inquiries (all for shopping a home loan, however they were spread out over the course of last year...I purchased a short sale so it took forever)

 

So again, what is the best way to get rid of the ANNUAL FEEs without closing accounts? I would like to have a cash rewards for the Chase and Cap1, but only if they could be back dated to when I first opened them.


 


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Valued Member
wally101
Posts: 42
Registered: ‎01-19-2012
0

Re: Getting rid of Annual Fees on two of my credit card??

Thanks for the quick reply. And cancelling is always an option...especially with the low limit Cap1. However I would much rather have a better card from Cap1 and Chase or at the very least no annual fee. There has to be another option.

EQ FICO score from here... EQ 716
USAA monitoring Experian Plus scores : EX 773 EQ 773 TU 785
Moderator
09Lexie
Posts: 25,527
Registered: ‎09-13-2012
0

Re: Getting rid of Annual Fees on two of my credit card??


wally101 wrote:

Thanks for the quick reply. And cancelling is always an option...especially with the low limit Cap1. However I would much rather have a better card from Cap1 and Chase or at the very least no annual fee. There has to be another option.


I didn't know Chase Slate had an AF?

Valued Member
wally101
Posts: 42
Registered: ‎01-19-2012
0

Re: Getting rid of Annual Fees on two of my credit card??

Haha...well the card was Washington Mutual which had a fee, then Chase Visa that had a fee. They did send me a new card and it says Slate on it. Every year I have had this card it has had an annual fee. Perhaps it doesn't now? So that leaves Cap1. What would be the best way to get rid of that annual fee? I have good credit... I guess the best thing to do would be to use it and pay it off for a few months and then ask for an upgrade? Or do I just apply for a Cap1 Cash Rewards card and ask them to back date it? Any suggestions welcome. Thanks in advance.

EQ FICO score from here... EQ 716
USAA monitoring Experian Plus scores : EX 773 EQ 773 TU 785
Established Contributor
Simply827
Posts: 694
Registered: ‎10-15-2012
0

Re: Getting rid of Annual Fees on two of my credit card??

You should contact the EO for Cap 1 about waiving your AF. You could probably also get a CLI and/or PC while you're at it. Ask for whatever you want. The sky is the limit. All they can say is yes, no, or counter. People have had amazing success dealing with the EO so far. Details on how to go about that are here: http://ficoforums.myfico.com/t5/Credit-Cards/How-to-get-a-PC-or-CLI-from-Capital-One/m-p/1690104#M46...

 

Regarding Chase, I would ask them to eliminate the fee since the Slate doesn't currently have one. If they say no, try asking for a PC to a card without one.

 

Good luck!


Starting Score: 515
Current Score: EQ 682 EX 678 TU 683
Goal Score: 700+

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Moderator
09Lexie
Posts: 25,527
Registered: ‎09-13-2012
0

Re: Getting rid of Annual Fees on two of my credit card??


Simply827 wrote:

You should contact the EO for Cap 1 about waiving your AF. You could probably also get a CLI and/or PC while you're at it. Ask for whatever you want. The sky is the limit. All they can say is yes, no, or counter. People have had amazing success dealing with the EO so far. Details on how to go about that are here: http://ficoforums.myfico.com/t5/Credit-Cards/How-to-get-a-PC-or-CLI-from-Capital-One/m-p/1690104#M46...

 

Regarding Chase, I would ask them to eliminate the fee since the Slate doesn't currently have one. If they say no, try asking for a PC to a card without one.

 

Good luck!


+1

Established Contributor
NJTurnpike
Posts: 662
Registered: ‎02-20-2013
0

Re: Getting rid of Annual Fees on two of my credit card??

[ Edited ]

Contact the EO for your Cap1 account and ask for rewards, no AF, lower APR, and your CL upped to 10k. With your excellent credit you'll likely get everything except for the CLI easily. with the CLI, that would depend on your income and even then they may just counteroffer with 7500. either way, you can expect results with the EO.

 

You probably won't be able to get an EXPLICIT PC from cap1 until your CL is at about 10k. At least that is what I've seen from other people posting here. Seems their PC'in has a threshold of around 10k CL.

 

Good luck.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
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Inquiries (4/18/13) EX 13 | EQ 13 | TU 14

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