Reply
Member
Posts: 15
Registered: ‎03-19-2009
0

Help! They have increased my monthly fee

To $10.00!!! I said that I wanted it back to the originial $6.00 but they said that they will close the card of I don't accept the terms. I want to buy a house in a year and my credit rating is 692 so I don't need to make any mistakes. If I close this, will it affect my credit? What should I do? A balance transfer? Please help! I have no clue where to start.
Established Contributor
Posts: 645
Registered: ‎10-24-2007
0

Re: Help! They have increased my monthly fee

Is this your oldest credit card? Your only card?

 

If this is really going to make a huge difference in your credit score I'd keep the account open until after you close on your house. The extra $4.00 per month will only come to $48.00 in a year, not much at all if it makes a difference in your getting the mortgage or not, or in the rate you receive for that mortgage.

Member
Posts: 15
Registered: ‎03-19-2009
0

Re: Help! They have increased my monthly fee

Thanks for the quick reply! I have one other card and it's like 2 months old. I've had this one for about 3 years with a great payment history. I understand that closing and opening credit cards is not a good reflection on your report because my score dropped five points for opening a new card. I am buying a house in a year. Do you suggest that I keep it and suck it up, so to speak? Again, thanks!!!!
Member
Posts: 15
Registered: ‎03-19-2009
0

Re: Help! They have increased my monthly fee

Also I don't have any other debt that I am showing payments on other than my student loans and thwy are deffered until after grad school
Established Contributor
Posts: 645
Registered: ‎10-24-2007
0

Re: Help! They have increased my monthly fee

Closed cards are supposed to continue to figure into AAofAs for 10 years. So closing this card should not affect that. Utilization may very well be affected though, which would lower scores. A lot depends on what your credit limits are and how you use your new card.

 

Truthfully, I'd continue to pay the fee and keep the card open until I had the mortgage or another tradeline. You have a thin file already and IMO closing this card might make things worse.

 

Hopefully others with more experience in this will respond soon to your questions.

Valued Contributor
Posts: 1,291
Registered: ‎02-26-2008
0

Re: Help! They have increased my monthly fee

If it's going to be a year before a mortgage application, I would try to get two more cards and then close the one with the monthly fee.
Senior Contributor
Posts: 4,267
Registered: ‎05-01-2008
0

Re: Help! They have increased my monthly fee

Yeah...if I were you, until you get that house...get a fat straw & put some cubes in that glass &, as you said...

 

Suck it UP!  :smileytongue:

 

It will help if that glass has a tasty beverage too! 



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 02/2015 TU 709 - EQ 676 - EX 729
Goal Score: 850

Bury me in the garden...last app 12.19.14

Member
Posts: 15
Registered: ‎03-19-2009
0

Re: Help! They have increased my monthly fee

Okay! I guess I'll suck it up, then. I'm glad I thought of posting before cancelling.

 

athensguy

 

You suggested that I get two more cards before I buy the house. Wouldn't that lower my score  further or should I have four cards under my belt and hope that my score increases before next year? I only have two cards so far and a student loan. I just got the second one and haven't charged anything. Thanks!!!

Established Contributor
Posts: 645
Registered: ‎10-24-2007
0

Re: Help! They have increased my monthly fee

I agree that another card or two would probably improve  credit scores over time. You have a year before looking for a mortgage...plenty of time to recover from any loss of points due to new inquiries, new accounts, etc.

 

What other card do you have now?

Member
Posts: 15
Registered: ‎03-19-2009
0

Re: Help! They have increased my monthly fee

The new one is called Continential Finance Gold Mastercard. The pre-approved form came in the mail and I just went online. Can you suggest any cards that will accept 692 score, hopefully without an enormous monthly fee, $10.00 adds up! I don't know how to search for cards and the FICO site didn't give alot of suggestions. I really would like Citibank but I dont want to apply and not get approved and that effect my credit too

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 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.

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.