So with recently received credit cards that offer rewards, no annual fee and the opportunity to grow with me, I decided to close my oldest accounts due to low limits and high annual fees.
1st, two Orchard Bank cards, a Visa and a MC. $300 limits and $59 annual fee. They would raise the limit or cancel the annual fee...Goodbye!
2nd, First Premier Bank, MC, $800 limit, $49 annual fee and $14.50 monthly servicing fee. They offered to wave the annual fee, but not the monthly fee, No Thanks. They also explained "According to forums on myfico.com AAOA is approx 15% of your score" as a way to get me to stay. I also told her that approx $170 a year just to have the card was not acceptable, thank for the help in rebuilding my credit but I moving on to the next phase.
3rd, Credit One Bank, the foreign call center rep didn't put up any argument and simply told me to be sure any change any reoccurring I might have set up and that was it.
I found it interesting with First Premier, they actually have an argument for the request that's at least fact based. Their still just a means to an end and a relationship that had to end.
These cards did help me reestablish myself, so they served their purpose and for that I thank them. It's just a shame they really have no way to stay in a relationship long term with user who improve and have different needs.
Thanks for the help,
they just missed the fact that even closed the card will sit on your credit report for the next 10 years, before it falls off, before it has any effect what so ever on closing it. The only semi valid reason for keeping the card is UTL, that can be negatively impacted if you close the card especially if you have a balance,
congrats on getting rid of the bottom feeders!!!
You made the right call in closing these accounts, and thanks for the insight into the First Premier retention patter, it will help someone reading these posts in the future.
Good luck with everything down the road!
Enjoy your new spot in Primeville.
Congrats on your hard work!!!!