01-14-2010 10:37 AM
Your opinions are need, thank you. Should I get rid of capital one or what other options do i have?
My annual fee of $39.95 for capital one is due on the 27th. I've had this card from 2005 and it's with a $500 limit.
I also have a Orchard Bank opened 2005 $1600.00 util 0
First Premier 2005 $475 util 0
Bank of America 2007 $2000 util 1500
Hi...you are obviously able to work yourself away from the builder cards. I would close Cap One so as not to have to pay the annual fee. Then, before your annual fee comes up on First Premier, I would app for another bank card. Then I would also close the First Premier.
If you do that, you will have Orchard, BofA, and one other card. You may want to look at a credit union card.
There is a place for the annual-fee-low-limit card, but you are no longer in that place. I'm not in favor of paying an annual fee just to keep history going. The history on your Cap One card will still report, even though closed, for up to the next 10 years.
Its a good idea. But I'd still recommend closing out the FP. Its a PIA in every which way. You have to pay to pay them. And importantly,FP have a monthly fee a well and hence itd all likely turn out to be moe than the Cap One AF by the time OP decides to close out FP and app for a Bank card which he may or may not get.
01-14-2010 10:53 AM
txjohn is correct on both levels of this thread.
The advice to the OP regarding the next steps is solid.
The comments about the "spirit" of the post are also right on. I fully trust the moderators to step in when actually necessary. When Contributors have stepped in, in the past, to address an issue, it has regularly been done in a very low-key and supportive way--not in a corrective or preachy manner. txjohn and others like him have navigated this very well in the past--and currently. They fully understand that sometimes direct replies to a certain issue can cause more disharmony than the original error in judgment (or experience) of theOP--when observed from a more panoramic view. They guide the conversation quickly to a constructive and helpful manner, addressing the actual reason for the post, and then move on.
While I have seen many OPs respond positively to the gentle guidance from moderators and thoughtful others, I have seen more than this forum's fair share of excessively long threads featuring back and forth "lively disputes" from supposedly well-meaning individuals. I appreaciate the comments and intentions of the txjohns and haulings and choose to let their expertise and spirit guide the shaping and development of this great and contstructive forum.
01-14-2010 11:30 AM
JoJo i've kept it that long because i'm young and it was my second card, so i've used it to practice good credit habits, and maintaining good practices. Before I got BoA my card between 3 cards I only had $1375 in available credit
niqueig- I am happy for your success. Please do not think I am bashing you. The thing that bothers me is Capital One has given credit to those who wouldn't otherwise qualify for cards due to adverse credit problems. And once the card served it's purpose and the cardholder credit has improved, they are still stuck with the same terms of the card.
Being stuck with the same limit and terms of the account doesn't make the creditor bad. It just a sign to graduate oneself from the card and put it to rest. If it involves fees one is not wanting to pay, there's no need to keep the card open.
That's very true. The grass is always greener on the other side of the fence. And a recession is where your neighbor loses his job, depression where you lose yours!
I believe your definition of a "sub-prime" card was stated as any card that charges an AF, which no AF card is "welcome in your wallet."
The OP believes it may be time to "unwelcome" the AF card from his/her wallet, now seeing that subprime cards are no longer in their best interest.
This is the beauty of the system....a card for all types. And as circumstances change, so do preferences and expectations.
PRIME EXAMPLE: I had only $17k in CL's at the beginning of 2009. One year later I have over $200k. In beginning of 2009, my highest CL was BoA at $10k and that was a great CL. But now, I don't like less than $20k. In 2009 my best APR was 13.99%. Now it is 5.24%.
Therefore, in 2009 what I found acceptable, even GREAT, is now not worthy...LOL. I want high CL's, low APR, no AF (except in certain special cases I choose). I am now pairing down my accounts to those with $10k or higher and getting rid of or combining those with less, except maybe Discover.
Perspective is personal and worth is subjective. What once was acceptable may not be later. And the free market provides for all tastes!
01-14-2010 04:08 PM
Actually, I see no need to bash anyone for a myriad of reasons but that is just me.
Once I had a friend tell me for two hours how miserable, low down, no class their ex was and that they were the dumbest person in the world and I told him I was not aware of all the things he had mentioned but when I look at who his 'ex" had married, I teneded to agree with his assessment of her mental capabilities.
I've always lived by the motto that the true measure of a persons character can be seen when we look at what they say about other people, instead of listening to what other people say about them, but that's just me.
Hope everyone reaches their financial goals in 2010.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.