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annual fees

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Anonymous
Not applicable

annual fees

is there a way to get out of paying annual fees? also i want to close this account but i am afraid that it will lower my score. i read the article on closing cc but i am still not sure how it will effect my score since my score is not that high...this company charges $99 a year annual fee! i think that's alot. i got it to help build my score now i am regretting it.
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: annual fees

if this is first premere or similar and you have a few other cards i would close it if they won't take off fee after however if this is one of your cards you may just have to suck it up this year and try get some better cards so you can close it next year. Sometimes if you threaten to cancel they may reduce or if lucky remove some of the fees so it cant hurt to ask. A secured CC maybe better option if you cant get unsecured with out crazy fees, personally i would rather pay $300 that i will get back in a year or two than to pay $1-200 in fees that i never get back
Message 2 of 5
jp_dlp
Contributor

Re: annual fees

I just called orchard bank to close my account that has an annual fee coming up next month $59. I was transferred to a supervisor and checked my history with them, no late or any negative. Asked me if this is the only card I have with an AF, I said yes which is true. He came back saying he would permanently remove the annual fee on my account. I was really gonna close it if they couldn't have waived the fee so I didn't have to go thru the "threathen to close process".. Goodluck!

@Anonymous wrote:
is there a way to get out of paying annual fees? also i want to close this account but i am afraid that it will lower my score. i read the article on closing cc but i am still not sure how it will effect my score since my score is not that high...this company charges $99 a year annual fee! i think that's alot. i got it to help build my score now i am regretting it.

 

Current Fico Score
EX: 660 EQ: 680 TR: 690
Message 3 of 5
laz98
Senior Contributor

Re: annual fees

what card is this, may i ask?  that's an awfully high fee.

 

(of course, i have an orchard card with a $79 fee, which isn't that much better!)

Message 4 of 5
FretlessMayhem
Senior Contributor

Re: annual fees


@Anonymous wrote:
is there a way to get out of paying annual fees? also i want to close this account but i am afraid that it will lower my score. i read the article on closing cc but i am still not sure how it will effect my score since my score is not that high...this company charges $99 a year annual fee! i think that's alot. i got it to help build my score now i am regretting it.

Closing the card won't effect your score unless you have a balance on the card, in which case it will drive up your util.

 

If they won't remove the fee (they probably won't), I would go ahead and close it if you have a 0 balance, unless it's your only open revolving TL. 

Here we go again...
Message 5 of 5
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