topic Re: Question on Canceling a Card and AAoA in Credit Cards

Question on Canceling a Card and AAoA

Anonymous — Wed, 16 Jul 2014 16:57:57 GMT

Ok guys...I need the help of some of you pros on this one cause I don't want to mess myself up right when I start doing good! Here are a list of my cards and when they were opened (All prime are brand new) The list is also in order as of when I got my first card on.

Pottery Barn Store Card: July 2013

Victorias Secret Store Card: October 2013

Credit One Bank: November 2013 (This is the one I want to close)

First Premier bank: April 2014 (I just closed this one 2 weeks ago)

Bank of America: May/June 2014 (Not sure yet what they put as my actual opening day)

Capital One: June 2014

Barclays: June 2014

Chase: July 2014

AMEX: July 2014.

Discover: July 2014

CitiBank: July 2014

Ok...so as you an see most all my cards came from my recent app spree and are all less than 2 months old except for the top 3. I closed the first premier card because it was newer too and I knew it wouldn't really hurt, but my question now is where the Credit One Card is one of my oldest and all my credit is SOOO new would this hurt me to close it or should I ride it out a little longer? The annual fee on it is paid until November at which time I would be due another at the full amount of $95 (ridiculous I know) but the first year was only $25 and has already been paid. Leaving it open right now isn't hurting me as I don't use it anyway and have a $0 balance so the APR doesn't really matter, but I just hate so badly to have to pay that AF again. It was my first VISA/MC so I don't know if that matters or not? I am going to keep my PB and VS cards for the discounts so they would remain open. Can you guys please give me any advice on what I should do?

Re: Question on Canceling a Card and AAoA

MT936 — Wed, 16 Jul 2014 17:05:02 GMT

If it's costing you to keep it cancel it as soon as you can. It will continue to stay on your report for about 10 years which is when it would actually affect you. The immediate effect it would have is on our utilization % so if you have high balances now it would lower your score as it would increase your utilization %

Re: Question on Canceling a Card and AAoA

coldnmn — Wed, 16 Jul 2014 17:04:44 GMT

It will remain a positive TL for ten years. In my opinion it hurts you more by being on your credit report because of the creditor then any utilization you would lose. I would dump it in a second with cards you have now.

Re: Question on Canceling a Card and AAoA

Anonymous — Wed, 16 Jul 2014 17:51:24 GMT

@coldnmn wrote:
It will remain a positive TL for ten years. In my opinion it hurts you more by being on your credit report because of the creditor then any utilization you would lose. I would dump it in a second with cards you have now.

Thanks so much guys! And yes....coldnmn...I thought so too. That is why I dumped first premier the minute I got my BOA card, but I wasn't sure on how the whole AAoA worked and what not. It only has a $500 limit on it anyway so I don't think it would much matter on my util as I only have 3 other cards with balances and they are all under 10% so that shouldn't hurt should it? I didn't know that it stays on your account for 10 years...I guess i'll be calling today Just glad to hear it! I know the AF is paid until November but I just hate seeing their name on my report now lol. They did help me with what I intended to use them for and I appreciate that...not trying to bash them or anything because I know most ppl despise them, but I do have to give props where they're deserved and they def served the purpose I needed as you can see it led me to much bigger and better companies but that is the only reason I wanted them and now that i've done that it just seems crazy to keep them around just b/c the fee is already paid!

Re: Question on Canceling a Card and AAoA

ezdoesit — Wed, 16 Jul 2014 18:38:42 GMT

@coldnmn wrote:
It will remain a positive TL for ten years. In my opinion it hurts you more by being on your credit report because of the creditor then any utilization you would lose. I would dump it in a second with cards you have now.

+1 I would drop it like its hot.

Re: Question on Canceling a Card and AAoA

Anonymous — Wed, 16 Jul 2014 19:05:38 GMT

Just got off the phone to them after trying to get through to a human being for over an hour!! They offered to increase my CL from $500 to $1500 offered to decrease the annual fee to $25 and reduce the APR from 22.99 to 18.99...lol...yeah...i told them no thanks and canceled it out. Thanks for helping me with this decision guys! I really appreciate it and am glad I got those sharks off my report. Now I'm all good with prime cards except for the Capital One which is a joke limit and AF but what do you guys think about it?? Its the QuickSilver One card with an annual fee of $39 which has already been paid and a CL of $300 which is a total joke:/ I wanted to be in with them and have a good rep with em but that is crazy. What do you think I should do....dump them too, or ride it out and see what happens??

Re: Question on Canceling a Card and AAoA

SunriseEarth — Wed, 16 Jul 2014 23:07:09 GMT

IMHO, if you've already paid the AF on CreditOne, then SD it until the AF is almost due and then close it.

Re: Question on Canceling a Card and AAoA

MT936 — Wed, 16 Jul 2014 23:08:44 GMT

Cancel all your annual fee cards if you aren't benefiting from them (rewards)

Re: Question on Canceling a Card and AAoA

waters — Thu, 17 Jul 2014 00:01:01 GMT

Oh when I'm ready to cancel my credit one bank card I hope they give me a higher limit.. I'd accept the offer if it was higher than my other cards... just to get my other cards to at least match them lol.. And then cancel

Re: Question on Canceling a Card and AAoA

MT936 — Thu, 17 Jul 2014 00:21:26 GMT

they most likely will lol its an easy annual fee for them

Re: Question on Canceling a Card and AAoA

Anonymous — Thu, 17 Jul 2014 02:24:49 GMT

Well I went ahead and canceled the Credit One just because I felt like it reflected poorly on my CR in comparison to the cards I have now and I didn't want them to see them still on there when they soft pulled me for a CLI (if they do). One of my prime cards I have now was through recon and that was one of the reasons I gave them as to why I wanted the card to begin with (get rid of my low limit, high fee cards). But as to the previous post...I'm sure they will offer to raise you! I actually never got a CLI from them...had the $500 since the beginning bc when they offered me one they want to charge you a fee to give you the CLI so I never accepted it and my APR was like 22.99 with them but I never carried a balance so I really didn't care, just took the card to have a VISA/MC on my file in hopes of getting better things and it did pay off so I am thankful to them for the start they gave me in helping to establish my credit...just didn't need them anymore. And I don't know how long you've had your card but you could probably go ahead and get them to do it now just by calling and if nothing else pretending you want to close. In all honesty I didn't have to try hard or anything...they just first said they would waive my annual fee and I said no thank you and then he offered to drop my APR to 18.99 and again I said no thank you, and then he said he could give me a fee free CLI to $1500 which would triple my current CL and compare with the other cards I recently got. Of course I still said no thanks as I just really wasn't interested, but that just shows a general reference to how it went about an how easy it was. Now I may add that since I had the card (last november) about 6-7 months I have put around $2.5K on it and paid it off without ever keeping a balance above 5% (for util purposes) so that may have factored into their offer I don't know, but if you've been with them more than a few months it wouldn't hurt to try If nothing else you can always say nevermind I think I'll keep it iif they don't offer you something better!

Re: Question on Canceling a Card and AAoA

MissMoni223 — Thu, 17 Jul 2014 14:37:16 GMT

@Anonymous wrote:
Just got off the phone to them after trying to get through to a human being for over an hour!! They offered to increase my CL from $500 to $1500 offered to decrease the annual fee to $25 and reduce the APR from 22.99 to 18.99...lol...yeah...i told them no thanks and canceled it out. Thanks for helping me with this decision guys! I really appreciate it and am glad I got those sharks off my report. Now I'm all good with prime cards except for the Capital One which is a joke limit and AF but what do you guys think about it?? Its the QuickSilver One card with an annual fee of $39 which has already been paid and a CL of $300 which is a total joke:/ I wanted to be in with them and have a good rep with em but that is crazy. What do you think I should do....dump them too, or ride it out and see what happens??

I closed my Credit One Visa this morning because I received a notification stating that my $99 AF was coming due and I was like absolutely NOT!!! They did offer to lower my interest rate, but did not offer to reduce my AF so it is officially gone.

On the note of Capital One, you can contact their EO and they will waive the AF for your card. Just did that last month and they credited the $39 back to my account.

Re: Question on Canceling a Card and AAoA

Anonymous — Thu, 17 Sep 2015 00:42:04 GMT

Re: Question on Canceling a Card and AAoA

Anonymous — Thu, 17 Sep 2015 00:58:44 GMT

@Anonymous wrote:
Just got off the phone to them after trying to get through to a human being for over an hour!! They offered to increase my CL from $500 to $1500 offered to decrease the annual fee to $25 and reduce the APR from 22.99 to 18.99...lol...yeah...i told them no thanks and canceled it out. Thanks for helping me with this decision guys! I really appreciate it and am glad I got those sharks off my report. Now I'm all good with prime cards except for the Capital One which is a joke limit and AF but what do you guys think about it?? Its the QuickSilver One card with an annual fee of $39 which has already been paid and a CL of $300 which is a total joke:/ I wanted to be in with them and have a good rep with em but that is crazy. What do you think I should do....dump them too, or ride it out and see what happens??

I would suggest that you ride it out. I don't know how long you had it but if you show good payment history, you usually will get CLI around 6 mos. I had the Platinum since 9/14, after 6 mos got increase from 750 to 3750 and just now decided to PC to qucksilver and got it without the AF. Maybe you can also PC it too or get the fee waived.