topic Re: The Subprime Axe Thread in Credit Cards

The Subprime Axe Thread

LS2982 — Thu, 16 Feb 2012 16:55:35 GMT

Let's all use this thread for sharing our stories of givng the boot to the subprime cards we dont need anymore!!!

R.I.P Credit One 2/16/12. Good Riddance!!!

Re: The Subprime Axe Thread

jeffery581 — Thu, 16 Feb 2012 20:10:06 GMT

thinking about closing this year: just hope im not rushing closing the rebuilders

credit one

fingerhut

hsbc discover

Re: The Subprime Axe Thread

mAndrew1980 — Thu, 16 Feb 2012 20:49:49 GMT

In November of 2012, at the one mark, I will be ax'ing my Cap1 cash back card.

Re: The Subprime Axe Thread

mxp114 — Thu, 16 Feb 2012 20:58:10 GMT

I was going to close my RZMC Gold toy card but they waived the AF so may just SD it until 2013 with a few transactions to keep it active.

Re: The Subprime Axe Thread

Anonymous — Thu, 16 Feb 2012 22:23:25 GMT

Axed Orchard ($89 Ann Fee)

FP is going next month (when the AF is due)

Re: The Subprime Axe Thread

JustMe77 — Thu, 16 Feb 2012 22:48:54 GMT

I closed Orchard this month! I hated using that card, it was so ugly, it looked like a fake card.

I haven't received my last statement yet, but when you log in now the account says closed

Re: The Subprime Axe Thread

getmycreditright — Thu, 16 Feb 2012 23:17:28 GMT

@JustMe77 wrote:
I closed Orchard this month! I hated using that card, it was so ugly, it looked like a fake card.

I haven't received my last statement yet, but when you log in now the account says closed

Mine just said "PLATINUM" on the front. LOL. I was like, "Yeah, right." I felt so embarassed pulling that thing out. So happy I'm not at that place in my credit journey anymore. I still have two Cap One cards with $500/$750 CLs respectively. As soon as I get a prime card with at least a $3K limit, I'm axing those as well!

Re: The Subprime Axe Thread

gijoe4500 — Fri, 17 Feb 2012 04:07:30 GMT

I gave Hooters the boot the other day.

Re: The Subprime Axe Thread

Anonymous — Fri, 17 Feb 2012 04:22:32 GMT

HSBC and CAP ONE in the siggie

Re: The Subprime Axe Thread

emptypockets — Fri, 17 Feb 2012 04:30:08 GMT

You will probably have to call HSBC to make sure they report your closed acct (Orchard, RZMC) to the credit bureaus. Mine were closed in September, and show as closed when I log in on the accts, but are STILL reporting open on my reports today. I had to fax them copies of my credit report to prove to them that they have not reported to the credit bureaus for months. Hopefully, they will update these accts soon.

Re: The Subprime Axe Thread

Anonymous — Fri, 17 Feb 2012 04:44:42 GMT

@emptypockets wrote:
You will probably have to call HSBC to make sure they report your closed acct (Orchard, RZMC) to the credit bureaus. Mine were closed in September, and show as closed when I log in on the accts, but are STILL reporting open on my reports today. I had to fax them copies of my credit report to prove to them that they have not reported to the credit bureaus for months. Hopefully, they will update these accts soon.

Really?? I wonder if that meant if it was actually still open. Well I wouldn't care about that per say if the account was actually closed. However that's why I canned them well before the AF was due. Read on here too many times of them dragging there feet when someone tries to cancel them before the annual fee hits only to find out that the process of closing took long enough for them to stick it to them one last time. The CR actually tried to convince me to ride it up until the last month before the AF to get full use of the card before it hits. I strongly disagreed with that advice and went right on ahead.

But yea i'm going to check in with him the next couple months to make sure that it is indeed closed...

Re: The Subprime Axe Thread

afbar1114 — Fri, 17 Feb 2012 04:45:54 GMT

Axed FP and BBRZMC last week... maybe one cap1 this year...

Re: The Subprime Axe Thread

Duke-of-Earl — Fri, 17 Feb 2012 05:59:23 GMT

First USA. Never wanted it, due to sub-sub-prime experience in earlier years, but Wachovia sold my account to them. I used to love that Wacko card, paid for some of the best experiences of my life with it, but they turned against me suddenly for some reason. I got a letter I was being sold to First USA, wrote back certified RRR the very same day, requested immediate closure, letter from them documenting closed in good standing at my request. Got the letter, wrong account number. Called, they said they would send correct letter, wrong SS number this time. Went on like that FIVE TIMES until Wachovia got their $0.02 or whatever for my account. Finally last letter in the series came from FUSA, and it was reported that way on my CR for years and embarrassing years afterwards. Feh.

This thread's a fun idea. Thanks.

Re: The Subprime Axe Thread

spengbab — Fri, 17 Feb 2012 06:03:49 GMT

Just how exactly bad are subprime cards? The only thing I've seen are AFs... now I've heard of some terribad sub-subprime cards. One that charged like a $75 AF with a $300 CL.

Re: The Subprime Axe Thread

afbar1114 — Fri, 17 Feb 2012 15:15:26 GMT

@spengbab wrote:
Just how exactly bad are subprime cards? The only thing I've seen are AFs... now I've heard of some terribad sub-subprime cards. One that charged like a $75 AF with a $300 CL.

i have a amex and pay an AF but its worth every penny. it really depends on the bank and all amex has AF of $450 for one card but its amex. FP(first premier) is like about 200 a year

Re: The Subprime Axe Thread

Open123 — Fri, 17 Feb 2012 16:02:17 GMT

Closed my BBRZ a month ago, since I didn't want to go through the conversion.

Re: The Subprime Axe Thread

lithium78 — Fri, 17 Feb 2012 16:22:00 GMT

I just closed my Orchard Bank "gold" card. It had a $900 CL and $79 AF and I have much better cards these days. The CSR tried to convince me to keep it because "closed accounts look bad on your credit report when you are trying to get loans", which as we all know is BS. They offered to lower the AF to $39.50 for this year, but they wouldn't lower it to zero so buh-bye.

Orchard Bank was the first lender to give me a credit card after I screwed up my credit, so I'll always be thankful to them. They were much better to me than other sub-primes like Credit One, but Capital One was actually the best to me.

At this point, my only sub-prime cards left are my BBRZ MC ($900 CL, $59 AF due in June. I'll see if I can get them to move me to a higher tier or waive the AF, or they are getting the axe in May) and my Capital One Platinum MC ($1800 CL, $3 monthly fee. I'll probably keep this card another year until after I get a mortgage, then they'll get the axe since they offer no rewards. they haven't given me a CLI in two years, and I hate paying a monthly fee, especially since it is charged on the statement date.)

Re: The Subprime Axe Thread

afbar1114 — Fri, 23 Mar 2012 00:11:19 GMT

just put cap1 thru the shredder because it got replaced by a prime card...3 subprime cards down 1 to go....

Re: The Subprime Axe Thread

LS2982 — Fri, 23 Mar 2012 00:22:17 GMT

Fingerhut, FP, CreditOne have all met the shredder. HSBC is next to go next week.

Makin' way for Primeville!!

Re: The Subprime Axe Thread

Anonymous — Fri, 23 Mar 2012 00:25:28 GMT

Cap One Journey. Died 3/22/12