Credit one bank agrees to cancel the monthly fee after 1 year when the monthly fee starts

[Anonymous]

When I started my credit journey about 1 year and 3 months ago I started with a capital one secured. I'm in my mid 30's and have never had credit. I had child support in collections that was written off as a hard ship. That will fall off 2023. Other than that I have 6 cards total. Credit one was my second card ever with a score of like 681. Over the last year I now have 6 cards 1 is a AU. The monthly fee was to start this month and no way did I feel like I should be paying that. My credit score is now 747 and I can get just about any card I want without yearly fees. So I took the chance to call them and tell them I would be canceling if they didn't waive the fee. They said I always kept the account in excellent standing and would waive it they also said it would only last 6 months and I would call back. But I'm happy with that. It took 5 mins to call them. I am not sure how much it would hurt my score to close the card and I've heard on here very mixed reviews about them agreeing to waive that fee. But I wanted to report that it is possible. I have never carried a balance on this card and the most I've charged is $120. The limit is only 300. I asked about a cli and they said they would note the account but they didn't see any pre approved offers. 😒 I can't complain just glad they waived the fee. I don't use this card very often just every few months for a small balance. Except that one time I did 120 and paid it off. I use my reward cards because that makes the most sense and always pay balance in full.  So just wanted to report it is possible to have them waive the yearly fee. At least for me. 

[Remedios]

That's great.

You can try it again after six months. Worst case scenario, they say no and you close as intended. 

[AlanGJP]

My understanding is that it will stay on your account for 10 years even if closed. (For AAoA) If I'm wrong here, by all means someone in the know correct me.

Credit One is next on my chopping block as I cut the fat off my credit file. (One card a month now that I have a mostly clean file - just waiting on EQ in Sept for my final derog to drop off)

Good luck!

[coldfusion]

You understand correctly - it will be reported as as a positive tradeline closed by you and contribute to your FICO AAoA for the next 10 years.

[Remedios]

It might stay on your CR for up to 10 years. 

I've personally had accounts removed after 5 years. While most stay in the neighborhood of 10 years, some can linger longer and others can poof at any time. 

Unlike maintaining record of negative accounts, keeping records on positive accounts isn't legally mandated, so it's always up to CRA to decide when to do some house cleaning.

That, in itself, isn't a reason to keep Credit One past it's useful period. 

Once it no longer serves a purpose, be done with it. 

[Anonymous]

Yes that's about where I'm at now. It's strange that they won't increase my credit line on this card but send me offers for their other cards with way higher limits. From what I understand they all have yearly fees. Which I have no use for anymore. Thanks for your reply. 

[Anonymous]

---

@AlanGJP wrote:

My understanding is that it will stay on your account for 10 years even if closed. (For AAoA) If I'm wrong here, by all means someone in the know correct me.

Credit One is next on my chopping block as I cut the fat off my credit file. (One card a month now that I have a mostly clean file - just waiting on EQ in Sept for my final derog to drop off)

Good luck!

---

My derogatory for child support will fall off next year and I can't wait. Congrats to you on your credit journey and getting rid of what's not needed. I waited until later in life for credit and I'm so glad I did. I can't wait to have a clean file also! Thanks for your reply! 

[Anonymous]

---

@Remedios wrote:

That's great.

You can try it again after six months. Worst case scenario, they say no and you close as intended. 

---

Yes agreed. I really don't want or need this card. But I'll hold on to it until they won't waive the fee  thanks for your reply! 

[Yasselife]

Could you specify which creditors deleted your accounts at 5 yrs?