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New Member
Posts: 5
Registered: ‎05-02-2008
0

HELP! WITH CLOSING CREDIT CARD ACCOUNT

BEEN A CARD MEMBER SINCE 2003. TOTAL CREDIT LIMIT IS $3,300. AT PRESENT NO BALANCE OTHER THAN THE $39 ANNUAL FEE RECENTLY ASSESSED. NOMINAL APR IS 20.90% FOR PURCHASES, 22.90% FOR CASH ADVANCES. I HAVE PRETTY DECENT (IN THE LOW 700's) FICO CREDIT SCORE. I'M CONSIDERING CLOSING ACCOUNT WITHIN 30 DAYS TO AVOID PAYING THE ANNUAL FEE, BUT DON'T WANT TO RISK LOWERING CREDIT SCORE BY DOING SO. IS IT WORTH PAYING THE ANNUAL FEE AND KEEPING THE ACCOUNT OPEN? ANY REPLIES WOULD BE CONSIDERED AND APPRECIATED. THANKS!!!
Valued Contributor
Posts: 2,205
Registered: ‎12-06-2007
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Re: HELP! WITH CLOSING CREDIT CARD ACCOUNT

Do you have accounts that are open and older or as old as this account?
 
The account will remain on your credit reports for 10 more years, but when it drops in 10 years, you may see a decrease if it was your oldest account.
 
 
Established Member
Posts: 29
Registered: ‎03-04-2008
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Re: HELP! WITH CLOSING CREDIT CARD ACCOUNT

Depending on the creditor, they will usually offer to waive the annual fee if you threaten to cancel.  especially if tey get good usage from you.  Maybe you should try asking them to either waived the AF, or maybe do a product change to a card with no AF where you could keep your history... 
 
Just my 2 cents!
New Member
Posts: 5
Registered: ‎05-02-2008
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Re: HELP! WITH CLOSING CREDIT CARD ACCOUNT

Thank You! Yes, have open credit card accounts which are older (one or two only though)
New Member
Posts: 5
Registered: ‎05-02-2008
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Re: HELP! WITH CLOSING CREDIT CARD ACCOUNT

Your 2 cents noted and appreciated!! I will approach the creditor (HSBC) to request waiver of annual fee. The worse that can happen is they say no. I will post result here.
Valued Contributor
Posts: 2,205
Registered: ‎12-06-2007
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Re: HELP! WITH CLOSING CREDIT CARD ACCOUNT

800-395-6090
 
That will get you past the front line CSR's. Good luck!
Frequent Contributor
Posts: 351
Registered: ‎04-02-2007
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Re: HELP! WITH CLOSING CREDIT CARD ACCOUNT

CMD 58 wrote:
Your 2 cents noted and appreciated!! I will approach the creditor (HSBC) to request waiver of annual fee. The worse that can happen is they say no. I will post result here.
 
 
 
Please do.  I'm curious to see what they do for you.  They were worthless to me in this regard but very helpful as far as my credit rebuilding went.  I had to cut the apron strings yesterday.
Established Contributor
Posts: 665
Registered: ‎03-31-2007
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Re: HELP! WITH CLOSING CREDIT CARD ACCOUNT

What is your overall utilization, and will getting rid of the card increase your percentage?
New Member
Posts: 5
Registered: ‎05-02-2008
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Re: HELP! WITH CLOSING CREDIT CARD ACCOUNT

Contacted HSBC online today. Answer is NO because "This fee allows us to continue to provide quality service to our customers. We regret that you wish to close your Account and hope that you will reconsider. If you wish to close your Account, please call our Customer Service Department at 1-800-477-6000." I'll have to weigh the pros and cons a bit longer.
New Member
Posts: 5
Registered: ‎05-02-2008
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Re: HELP! WITH CLOSING CREDIT CARD ACCOUNT

Occasional online and misc. merchant purchases. I think I used it to pay for a vacation (approximately $600) about two years ago. Sorry, can't answer the second part of the question (don't know how to figure this). Can you briefly explain? Thanks!
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