Its Annual Fee Time for Credit One Card, Should and Can I close it now?????

[Aleecat]

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@policebox wrote:

Closing it will have a negligable effect on your utilization. Closing the account won't affect your AAoA. If the account is closed, it will continue to report for 10 years as a positive tradeline that will be factored into your AAoA. It has served its purpose, I would first ask for the AF to be waived; if they won't waive it then I wouldn't hesitate to close it.

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Thankyou,

I will call now and ask for the annual fee to be waived. If they are not willing to will do what has to be done I guess. One more question though. I am up for my AMEX 3xCLI next week. Should I wait until after that to close it????

[SunriseEarth]

Congrats!  You've outgrown CreditOne and it's time to close it!

I just closed mine this month and I was thrilled! 

[Aleecat]

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@striehl8212 wrote:

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@jesseh wrote:

What I find important too is, there isn't any future in your relationship with CreditOne. With some credit unions you may consider keeping on a card because it may help you get a car loan or mortgage in the future, but creditone is not known to value long term customers..

I would agree with everything above me, you might as well keep it on if they waive the annual fee, but looking at your current card portfolio you do not need that card anymore.

keep it up

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I agree with jesseh. With that credit portfolio, I would just close it. No reason to give them $75 if you know you won't be using the card. 

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@striehl8212 wrote:

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@jesseh wrote:

What I find important too is, there isn't any future in your relationship with CreditOne. With some credit unions you may consider keeping on a card because it may help you get a car loan or mortgage in the future, but creditone is not known to value long term customers..

I would agree with everything above me, you might as well keep it on if they waive the annual fee, but looking at your current card portfolio you do not need that card anymore.

keep it up

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I agree with jesseh. With that credit portfolio, I would just close it. No reason to give them $75 if you know you won't be using the card. 

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Thanks...  I see you have an AMEX...... I am up for my 61 day CLI next week, should I wait until after that to close it???

[jesseh]

I don't see a reason to do that.

First reason: it costs 75 dollars

Second reason: closing the card will not really impact your score, it will stay on your file as an account in good standing and as time goes by fall off.

It is not like closing an account drops your score instantly.

(unless your score relies heavily on your AAoA and you've had that card for years and years)

[longtimelurker]

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@jesseh wrote:

I don't see a reason to do that.

First reason: it costs 75 dollars

Second reason: closing the card will not really impact your score, it will stay on your file as an account in good standing and as time goes by fall off.

It is not like closing an account drops your score instantly.

(unless your score relies heavily on your AAoA and you've had that card for years and years)

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And not even then!  As many said above, the card will continue to report for ~ 10 years, and so won't impact the AAoA at all until then.

[jesseh]

Exactly.

I just meant that if you want to keep the account age growing you could, but here it would not be not worth it.

[Aleecat]

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@longtimelurker wrote:

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@jesseh wrote:

I don't see a reason to do that.

First reason: it costs 75 dollars

Second reason: closing the card will not really impact your score, it will stay on your file as an account in good standing and as time goes by fall off.

It is not like closing an account drops your score instantly.

(unless your score relies heavily on your AAoA and you've had that card for years and years)

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And not even then!  As many said above, the card will continue to report for ~ 10 years, and so won't impact the AAoA at all until then.

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THANKS

[Reighn9]

I also have a Credit One card I've been wanting to get rid of but was concerned about utilization and the monthly charge for the annual fee of $99. I got the card in 2011, pre-approved, I didn't know anything about the company at the time, but a friend needed to make an emergency move so I took the card.  It has a $1600 CL, a balance I can easily pay off, except a portion of the AF is charged each month. What would closing this card do? I only use it for friends who have emergengies.

[jesseh]

What's your current card portfolio?

[policebox]

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Aleecat wrote:  I am up for my AMEX 3xCLI next week. Should I wait until after that to close it????

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Some people have reported that Amex wouldn't grant them approval for a card while they had open sub-prime accounts, such as from Credit One or First Premier. Again, this is just heresay, but if it were true I would probably close the Credit One account and allow the closed status to update on your reports before you pull the trigger with Amex for the CLI.