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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Household Bank APR question


stealth71 wrote:
AHHHHHH!!! I forgot about that annual fee as well. I heard a guy on the radio last week who was talking about high APR's and annual fees and said you should not have to "rent" money for ridiculously high fees. I might have to do what was mentioned in an earlier post and either get these fees reduced, or just buy something a few times a year.

If this card is only 5 years old, and if it has annual fees, and if it has a ridiculous APR, you ought to think about closing it, even if it is your oldest card.

I'm always forgetting that closed accounts stay on your report, helping your history, for 10 years after they're closed. It's so counter-intuitive that it's hard to remember. By the time that it falls off your report, it shouldn't have much impact, because you will have something else that's just a couple of years newer, depending on any mortgages, loans, or other cards you have reporting. The one thing that you don't want to do with an old closed card (or other TL) is dispute or GW something. They might just say to heck with it, and stop reporting it altogether.

You might want to check your back statements to find out when they suck the AF out again, and close the card 4-6 weeks before. Do it in writing, CMRRR (certified mail, return receipt requested), and follow up with a call to make sure that they're not dawdling, trying to drag it out for one more AF. If you have any lates or anything, try to get them off now, before you close. Then like I said, sit back and don't touch it. It might be of more use to you dead than alive! :smileyvery-happy:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Member
stealth71
Posts: 46
Registered: ‎08-12-2007

Re: Household Bank APR question

Thanks, that's some good advice, especially with regards to using certified return receipt mail. I know the annual fee kicks in right at the first of the year, or soon thereafter, so maybe I'll call them and give them the opportunity to remove the AF and/or lower my APR. If not, then I'll consider shutting them down.
Established Contributor
chiwiseguy
Posts: 649
Registered: ‎11-02-2007

Re: Household Bank APR question

I have a card with them and it has a AF and only a 500 limit, my lowest card. I called and asked about a cli/af reduction. I have a zero balance on this card mind you. They said there was nothing they could do on the af and no cli at this time. Ridiculous, if I didn't have a 4 yr good history on that card I would have canceled on the spot. I still might we will see if anything new comes along from them,
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Household Bank APR question

It sounds like both of you are in the position of graduating from your rebuilding cards, with some decent cards now in your wallet. A lot of these rebuilders simply won't grow with you; that's not their job. They're like the training wheels on your first bike. Once you've stopped wobbling and you've figured out how to ride, off they come!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
chiwiseguy
Posts: 649
Registered: ‎11-02-2007

Re: Household Bank APR question

I will prob cancel it pretty quick here. I looked at how it will change my Util and its a .35%. Which means its on life support and all signs are pointing towards death within the next month or so.
Valued Member
stealth71
Posts: 46
Registered: ‎08-12-2007

Re: Household Bank APR question

[ Edited ]
Quote: It sounds like both of you are in the position of graduating from your rebuilding cards, with some decent cards now in your wallet. A lot of these rebuilders simply won't grow with you; that's not their job. They're like the training wheels on your first bike. Once you've stopped wobbling and you've figured out how to ride, off they come!


Ha, yeah, I suppose that's a good way of looking at it. I think I'll wait until this week to see what kind of CL I have on a new Citibank card. If its good and will help my util, I might just shut this card off. Regardless, I did send them a secure email requesting more favorable terms and to wave the AF. We'll see. If they don't wish to comply, then we'll part ways.

Message Edited by stealth71 on 11-10-2007 03:09 PM

Message Edited by stealth71 on 11-10-2007 03:30 PM

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