To Cancel or not to Cancel? That is the question.

[Creditdreamer]

As others have said, close the cards. However, when I had Credit One, I would just call them and tell them I wanted to cancel because of the fees and they took away all fees. But you have so much available credit right now you don't need them.

[meloman68]

Thanks so much for your reply.  They were instrumental in our plan to re-establish our credit after bankruptcy so they served the purpose.

[joltdude]

Every time someone closes a Credit One card, a credit angel gets their wings =)

[AverageJoe1970]

@Creditdreamer wrote:

... But you have so much available credit right now you don't need them...

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Umm... available credit? Did you see their utilization?

Total available credit across all cards is $24,900. For her, the utilization is sitting at 40% Equifax, Trans, and Exp. For me it is 47%

[Anonymous]

Kick them to the curb today!

[Creditdreamer]

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@AverageJoe1970 wrote:

@Creditdreamer wrote:

... But you have so much available credit right now you don't need them...

---

Umm... available credit? Did you see their utilization?

Total available credit across all cards is $24,900. For her, the utilization is sitting at 40% Equifax, Trans, and Exp. For me it is 47%

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I meant total credit. The utilization is irrelevant overall as it relates to getting rid of their Credit One cards. They can use those monthly fees to pay down some of that debt. My "utilization" is high too. About 33% depending on the month but I don't carry balances.

[meloman68]

Well, we just called them and cancelled both our cards! They tried to entice us by offering to drop the fees until Jan. 19'.  We told them unless you can permanently drop the fees, we're cancelling.  They couldn't , so we told them to "go fish".  We'll be sending the requests to close the accounts via certified mail just in case.  Thanks again to everyone here in the community!!!