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MM1234 wrote:
You can call in once they hit you with a fee and ask them to waive it for that year or you will close it. I did that with 1 card I have that I like for miles ( i use them alot ) and they did. The only thing is you need to remember to call them next year and so on. The extra credit limit helps your score / over all Credit Limit ratio. Even if you get a year out of them its fine. If they dont do it next year ( or say no this year ) then cancel at that time.I have to agree with this statemnet but with a little something to add. House hold has just come out with a near prime card as well that offers 2% cash back no annual fee and a pretty decent interest rate as well as a high limit. I would ask if they could convert to this product if possible. Their fine print says you are limited to two cards with them so if not, I would probably close oen and wait for a pre app on the newest card.I swore off household after being under their subprime umbrella but this was an offer too good to pass up for a cash back. If you can keep them waiving the annual fee thats good byut a card stops having an effect on your score after abuot 2 years. Yo won't lose the history by closing the account but utilization on your remaining cards should be a major consideration if that will be a factor.
LadyFICO wrote:I wonder the same thing. If you aren't doing a major purchase soon, then the drop in hx unless it is extremely older than your other cards shouldn't matter you will get them back. I think you also get hit if it throws off util and the fact you have a new inquiry and new account if you decide to close the s/p in trade for a prime card. You can do as brammy stated earlier and wait to see if they will waive the annual fee when you approach the anniversary date and get a extra year but then I know I have many s/p cards and we get hit with participation fees as well as on line fees for payments. It is horrible living in a s/p world.As soon as I secure my mortgage I am turning them in for some prime cards!For cards with mothly participation fees I say run, do not walk, to the nearest exit.
fizzgigg333 wrote:
I also have a HSBC mastercard that has no annual fee and a low interest rate. I like it why are others not?Most of the complaints you hear about HSBC are their subprime products. This company is okay for prime products but they treat their subprime customers just that way, subprime.