Credit Cards

[jahmal]

I've had the card exactly one year with a $1K limit and no increase. I was just billed for the AF of $39 and I just don't think I need that card. I really don't use it in the first place. I asked for a CLI but they said it will be an hard inq which I don't want. So my question is, pay the $39 and wait it out a year or just close it now.

[RenoFico]

If you need it for AAoA, I would keep it open. But if you have a lot of old credit, I would go ahead and close it. I personally have one card with a CL of $3000 with an AF of $25 that I keep open. It's a card I used to rebuild and is about 10 years old.

[cobaltnv]

What other cards do you have? If you have a couple of other cards the only effect of closing the account will be an increased % utilization due to the loss of the CL. Your AAoA will stay the same as this card will remain on your credit report and continue to age for ~10 years. Personally I refuse to pay annual fees for credit cards. I guess I would call to ask if they will waive the fee and, provided you have other good cards, close the account if they will not waive the fee.

You might want to read the closing credit cards thread in my signature 

[Guardian]

Call the customer retention department and ask them if they will remove the AF or not, if not then dump them. They will not grow with you and given how they have been acting recently, they are bound to keep you with the AF and mess your APR and limit later. If you don't have alot of credit and you need to build, then you are pretty much stuck with it until you can secure a better credit card. I have had a household bank card for 6+ years and its been at 2k the whole time, not one cent more. The only reason I keep it is because it has 9.99 apr and no AF, so I let it ride, otherwise I would kick it to the curb like I did my Orchard after the second year, and that one raised my limit to 3500 but I wasn't going to pay the AF and be jerked around.

[jahmal]

Amex Delta : 8K $0 BL

BoA Amex: $2.5K $600 BL

Walmart: $700 $200 BL "no interest 12 months so why pay it off"

Hooters: $600 $0 BL "only keep because no AF and low 12.9 Apr"

Bestbuy $3K $0 BL

HSBC Plat MC $2.5K $0 BL

Crap One $750 $150

Household $1K $39 BL "annual fee"

My Util is really good, going to pay off crap one so I will only have BoA and Walmart with a balance.

[Guardian]

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jahmal wrote:

Amex Delta : 8K $0 BL

BoA Amex: $2.5K $600 BL

Walmart: $700 $200 BL "no interest 12 months so why pay it off"

Hooters: $600 $0 BL "only keep because no AF and low 12.9 Apr"

Bestbuy $3K $0 BL

HSBC Plat MC $2.5K $0 BL

Crap One $750 $150

Household $1K $39 BL "annual fee"

My Util is really good, going to pay off crap one so I will only have BoA and Walmart with a balance.

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You don't need them, dump them before they drag you down. Just call and if they wont' waive the AF permanently, then dump them, why would you go with them, you don't need them. Seriously.