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Hello,
Need some sound advice: What is the best for me to do at this time? HELP!!!!
If I pay off my Credit One Visa balance and closed this account will it hurt my credit score?
This card is my oldest , opened in 2006. I am tired of paying a monthly fee of $8.25 and an interest rate of 23.9% on my balance of $999.91.
I have many other cards opened after 2006 with higher limits and lower aprs.
Any advice is greatly appreciated.
Thanks,
BJ
It will only hurt if you are carrying balances on other cards as your utilization will go up. But considering you are paying off almost $1000 on this card, it might not make any difference.
@BobbyJ wrote:Hello,
Need some sound advice: What is the best for me to do at this time? HELP!!!!
If I pay off my Credit One Visa balance and closed this account will it hurt my credit score?
This card is my oldest , opened in 2006. I am tired of paying a monthly fee of $8.25 and an interest rate of 23.9% on my balance of $999.91.
I have many other cards opened after 2006 with higher limits and lower aprs.
Any advice is greatly appreciated.
Thanks,
BJ
Here is a great thread discussing Closing Credit Cards.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
@BobbyJ wrote:Hello,
Need some sound advice: What is the best for me to do at this time? HELP!!!!
If I pay off my Credit One Visa balance and closed this account will it hurt my credit score?
This card is my oldest , opened in 2006. I am tired of paying a monthly fee of $8.25 and an interest rate of 23.9% on my balance of $999.91.
I have many other cards opened after 2006 with higher limits and lower aprs.
Any advice is greatly appreciated.
Thanks,
BJ
If you have other good cards, get rid of the card with 8.25 a month fee immediately. If you have other cards with decent CLs this card won't impact your score much. Even if you have high util on other cards, 8.25 a month is crazy. Too much to pay for credit score.
If I was you, I will not even care about score and close that card this moment.
you could also call capital one to see if they can convert it to a no-fee card
if they could would fair better than closing it if not get rid of it!!
No no, this is "Credit One", not Capital One (formerly First National Bank of Marin). Therefore, all of Credit One's accounts have an AF which is divided into a Monthly Membership fee -- ongoing forever, means you never stop paying.
Call and escalate to a supervisor and even ask to be connected to the Department of the President (aka Executive Offices). But, more likely it will be serviced at Supervisor level. Request 6 months of membership fees to be waived -- stick to your guns and tell them how long you've been a customer and you've been doing "everything" while they've done nothing but collect excessive fees -- You Gotta play Hardball for a few minutes, but they "CAN" and "WILL" waive half of it. They cannot waive the full AF because that's their Bread & Butter.
This will give you time to pay down the balance. Just in case you want to pace yourself.
Hello Jay and thanks to all who responded.
I have decided to just pay the Credit One Visa in full and close the account. I dont want pay an annual fee at all. None of my other cards have one and closing down a $1075 credit limit will not affect my score in any significant way after entering my data in a util spreadsheet.
Thanks again,
Bobby
@BobbyJ wrote:Hello Jay and thanks to all who responded.
I have decided to just pay the Credit One Visa in full and close the account. I dont want pay an annual fee at all. None of my other cards have one and closing down a $1075 credit limit will not affect my score in any significant way after entering my data in a util spreadsheet.
Thanks again,
Bobby
This IMHO is the best decision you could have taken. Go ahead and kick them off.
Agreed.
Sorry for my post below was late and didn't notice it was Credit One as opposed to capital one!
Nooo problem-o