Should I bother with Hooters?

Anonymous · ‎11-14-2007

I admittedly was caught up in the recent Hooters card frenzy. I was excited when I received my card yesterday after applying nearly 3 weeks ago. That excitement quickly evaporated when I saw the terms of the card. My credit line is a paltry $1000 (yes, i'm rebuilding but still disappointed). What's worse is that the interest rate is 24.7% (i PIF my cc's but it's the principle of the matter) and the real kicker is the $36 AF! (My TU score was 664 at the time of the pull and I make well into the 6 figures, if those factors make a difference.)

My other TLs are--

Amex delta (waiting for Blue to come in the mail) - $8K

Wamu - $2K

Capital 1 - $1550

Sam's club - $500

NavyFCU - pending (keeping my fingers crossed)

All my TLs are less than 1 year old (except Sam's).

I know there's no real way of knowing the "damage" if I close the TL, but I'm curious as to your opinions. Should I "sockdrawer" it for credit-building or should I cut my losses with a wasted inquiry and move on?

Cory · ‎11-14-2007

I would keep it at least. The inquiry is not going to be removed so keep it. As for your other TL, they have not really had an impact with the bureaus yet to move your score upwards. Over time the other TL, which by the way CONGRATS! are really nice.

But it takes time for those to start moving your score up.

Cory

Anonymous · ‎11-14-2007

lurknomore wrote:
I admittedly was caught up in the recent Hooters card frenzy. I was excited when I received my card yesterday after applying nearly 3 weeks ago. That excitement quickly evaporated when I saw the terms of the card. My credit line is a paltry $1000 (yes, i'm rebuilding but still disappointed). What's worse is that the interest rate is 24.7% (i PIF my cc's but it's the principle of the matter) and the real kicker is the $36 AF! (My TU score was 664 at the time of the pull and I make well into the 6 figures, if those factors make a difference.)

My other TLs are--
Amex delta (waiting for Blue to come in the mail) - $8K
Wamu - $2K
Capital 1 - $1550
Sam's club - $500
NavyFCU - pending (keeping my fingers crossed)

All my TLs are less than 1 year old (except Sam's).

I know there's no real way of knowing the "damage" if I close the TL, but I'm curious as to your opinions. Should I "sockdrawer" it for credit-building or should I cut my losses with a wasted inquiry and move on?

If it were me, I would close the account. Between Amex and Wamu, you have a good amount of available credit. With the annual fee, I don't think it's worth it.

My gf got approved for a hooters last month, CL of $750 and $72 AF. She's keeping it for a year in order to rebuild, but this is also her highest CL so far so it has a big impact on her overall CL. In your situation, the hooters card doesn't seem to bring much benefit.

Creditaddict · ‎11-14-2007

I would go for it... if you got amex... Hooters is going to approve and I bet approve big!!!

Anonymous · ‎11-14-2007

SanFranMatt wrote:
My gf got approved for a hooters last month, CL of $750 and $72 AF. She's keeping it for a year in order to rebuild, but this is also her highest CL so far so it has a big impact on her overall CL. In your situation, the hooters card doesn't seem to bring much benefit.

which is exactly what I'm going to do with my HSBC... One of my lowest CLs and it's got a $29 annual fee. They promised me I wouldn't have a fee, they had better honor my request to remove it

Anonymous · ‎11-14-2007

Thanks for the advice.

I'm going to try to get them to waive the AF. If that's a no-go, then I'm cutting Hooters from the team.