Credit One Retention Offer

[MyFault]

I know the consensus is to cancel Credit One ASAP, however i stupidly allowed this card to grow long enough to be my oldest CC on my file. So, i'm not ready to cancel it just yet. At least not until i have a 5 card base minimum without it. And my new cards age a little bit longer.

So, i'll be cancelling it soon. Probably in 6 months.

Since Credit One charges your AF monthly, that was my biggest complaint with the card. I've sock drawered it and have no plans to use it ever again, however i didn't want to deal with paying the stupid $8.25 every month. So, i called their retention department and they cancelled the AF for 3 months, plus they credited me $15 to cover the AF for this month, and some other charges they billed me this month that i paid the day they posted. The retention guy straight up told me to call in 3 months and they'll see what's available then, but he was hinting they'll extend the cancelled fee at that time also.

So, i'm keeping it open for now and i don't have to worry about their fee's for the next 3 months. Until i call again in November.

I think it's a win, for now. So I thought i'd share.

[Brian_Earl_Spilner]

If you're willing to do the song and dance, keep it open. The moment they say no, cancel.

[Anonymous]

I would just give rid of it ASAP. The card will remain on your credit for another 10 years so it will have no effect on your AAoA or credit. 

[wasCB14]

Plenty of people have great scores with only 2 or 3 cards, and you're already in the 754-772 range. If you want 5+ good cards, go for it...but for scoring purposes you don't really need it.

I'd close Credit One now and just be done with it.

[AverageJoesCredit]

Im amazed with your scores and your cards you still have Credit One. Credit truely is YMMV.

[MyFault]

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@AverageJoesCredit wrote:
Im amazed with your scores and your cards you still have Credit One. Credit truely is YMMV.

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I didn't know any better until recently when I joined this forum. I used to be against credit cards.

I got the Credit One to rebuild after being young and stupid, then just never cancelled it when I got another card.

But I have about 14yrs of history and 8years AAoA. I honestly just kept it too long, out of ignorance.

I'm just now building a 10+ card base over the next 28 months.

[pinkandgrey]

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@Anonymous wrote:

I would just give rid of it ASAP. The card will remain on your credit for another 10 years so it will have no effect on your AAoA or credit. 

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This exactly. ^^

[AverageJoesCredit]

Understood OP, but there really is no need to keep it as you are built well for Fico scoring purposes, 3 cards, the cards you have are outstsnding AND well diversified, and you said yourself you will be expanding these next 2 years. I understand emotional attachment but even i eventually closed my Fingerhut card. Welcome to the forum by the way

[Brian_Earl_Spilner]

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@AverageJoesCredit wrote:
Understood OP, but there really is no need to keep it as you are built well for Fico scoring purposes, 3 cards, the cards you have are outstsnding AND well diversified, and you said yourself you will be expanding these next 2 years. I understand emotional attachment but even i eventually closed my Fingerhut card. Welcome to the forum by the way

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This is what I keep telling you about disco. Just let them go.

[Anonymous]

eh, If it was me I would cancel and just cut the loss. I got told by credit one that they would send me a check to cover the AF AND drop my APR% down if I stayed with them. Needless to say I told them no and promptly canceled the account.