No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello,
I am very confused about what to do with my credit card situation. I still have my first-ever credit card (I've had it for 10-plus years) and recently I was informed that it will now carry a $39 annual fee. It's a Bank of America card. I have been rebuilding my credit and I have no credit card balances, but I do have student loans (all paid on time). I am torn between applying for a new card with no fee. I am just so mad that my credit card, which I have not paid late in more than 4 years, suddenly did this to me. Is it worth opening a new card and cancelling this one? I have not opened a new card in about 5 years, but I did go through a period of opening and closing accounts (I didn't know the "don't close your credit card account rule of thumb.) Or am I stuck with this fee? When I was informed about the fee, the letter said I can either pay the fee or cancel the card. I just don't understand, but I am scared to do anything about it because I don't want my credit pulled as I have read that decreases your credit score. So confused...
What other cards do you have and how old are they? And exactly how old is the BOA?
A single credit inquiry isn't that big of a deal. If you're not trying to buy a house soon, I wouldn't worry about it.
@Anonymous wrote:Hello,
I am very confused about what to do with my credit card situation. I still have my first-ever credit card (I've had it for 10-plus years) and recently I was informed that it will now carry a $39 annual fee. It's a Bank of America card. I have been rebuilding my credit and I have no credit card balances, but I do have student loans (all paid on time). I am torn between applying for a new card with no fee. I am just so mad that my credit card, which I have not paid late in more than 4 years, suddenly did this to me. Is it worth opening a new card and cancelling this one? I have not opened a new card in about 5 years, but I did go through a period of opening and closing accounts (I didn't know the "don't close your credit card account rule of thumb.) Or am I stuck with this fee? When I was informed about the fee, the letter said I can either pay the fee or cancel the card. I just don't understand, but I am scared to do anything about it because I don't want my credit pulled as I have read that decreases your credit score. So confused...
Even if you close the BOA card, it will still report as a positive tradeline for about ten more years. And one or two INQs will not cause you any harm.
I would try first to talk with BOA and tell them you will close the card if you have an annual fee attached to it.
Ugh, sorry about that. Is it possible you can call and do a PC (product change) to another card that doesn't have an AF? It may be worth a shot! Please keep us updated.
BUMP
@clocktick wrote:Ugh, sorry about that. Is it possible you can call and do a PC (product change) to another card that doesn't have an AF? It may be worth a shot! Please keep us updated.
That could be possible! Also, what is your AAoA and how old is the BOA card compared to your others? That will really help us in answering.