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How do I rid myself of this problem? I got a secured card to help build my credit a few years back. I've since built ny credit to good standing and have been maintaining all accounts. This card carries a low line and high fees. It has a $0 balance now, but I pay monthly and yearly fees to have it. It cost money to even request a line increase.
Is there any way to cancel this card without suffering a huge dent in my score?
Thanks.
Welcome to the forums!
In a situation like this, it becomes prudent to choose the best financial decision and not necessarily the best credit decision. That being said, it shouldn't cost you any or many points in the short term as long as your utilization remains the same. It sounds like you've moved on to bigger and better cards, so there's no reason to keep a crummy card like this, even if it is your oldest CC.
How old is this card & what's the age on the next in line?
Like PattyCake mentioned about the Credit one...I have that too & it's my oldest. I'll likely wait until my re-fi is finished, then close it. I don't like the fees either, about $6/mo & after over 4 years, my limit is only $850 (& a 24% int rate).
I do have to admit, It was a great starter card when I couldn't get anything anywhere else.
Thank you for your input.
My score is now in the low 700's. This card has a line of only $350. It's a First Premier Card. It will cost $25 to even request a line increase and if I'm approved that may only be for a $50 increase. I don't regret getting the card since it helped me get where I am now, but it seems dumb to keep it since I'm paying $6 a month to just have it, plus annual fees, and maintenance fees. I have other cards with much higher lines and lower or no fees.
I would close it. The CL isn't high, and the fees are not worth it. Call and tell them you want to cancel the card, and be done with it. You'll bounce back quickly, and card will report as a positive TL for ten years.
Welcome to the forums, BTW! You'll learn a lot of good stuff here.
@pattycake wrote:I would close it. The CL isn't high, and the fees are not worth it. Call and tell them you want to cancel the card, and be done with it. You'll bounce back quickly, and card will report as a positive TL for ten years.
Welcome to the forums, BTW! You'll learn a lot of good stuff here.
I'll second that! "Fire 'Em!"
BungalowMo wrote:
One more thing...just remember...don't freak out when you score drops a bit from closing the oldest card. It will rebound!