Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
Re: Household Bank APR question

stealth71 wrote:
AHHHHHH!!! I forgot about that annual fee as well. I heard a guy on the radio last week who was talking about high APR's and annual fees and said you should not have to "rent" money for ridiculously high fees. I might have to do what was mentioned in an earlier post and either get these fees reduced, or just buy something a few times a year.

If this card is only 5 years old, and if it has annual fees, and if it has a ridiculous APR, you ought to think about closing it, even if it is your oldest card.

I'm always forgetting that closed accounts stay on your report, helping your history, for 10 years after they're closed. It's so counter-intuitive that it's hard to remember. By the time that it falls off your report, it shouldn't have much impact, because you will have something else that's just a couple of years newer, depending on any mortgages, loans, or other cards you have reporting. The one thing that you don't want to do with an old closed card (or other TL) is dispute or GW something. They might just say to heck with it, and stop reporting it altogether.

You might want to check your back statements to find out when they suck the AF out again, and close the card 4-6 weeks before. Do it in writing, CMRRR (certified mail, return receipt requested), and follow up with a call to make sure that they're not dawdling, trying to drag it out for one more AF. If you have any lates or anything, try to get them off now, before you close. Then like I said, sit back and don't touch it. It might be of more use to you dead than alive! :smileyvery-happy:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007