What to do with 10 year old credit card with poor features (?)

[Anonymous]

Hi there, I need some advice as I'm not too versed in credit cards. Back in 2000, I opened up a Capitol One Platinum card (Classic) with fair credit.

My card limit was only $500 with a monthly fee of $4.00.

Since then, I have worked hard (for years) to build my credit to a better rating. I bought a new car last year and almost completely paid it off thanks to a great job. I have almost no debt as I pay off my balances every month. My current credit is excellent and have recently obtained an American Express Blue Sky with $8500 limit.

I have contacted Capitol One on several occasions to waive the $4.00 fee and increase my credit and they have refused.

Since I have had the Capitol One for over 10 years, can I get a different Capitol One card with better features and cancel my old? I was told to hang on to my old card since I've been building my credit on it (I think), but the one I have is terrible.

How does that work? Recommendations?

[Anonymous]

Is this your oldest open TL?

What I would do is call Cap1 and ask for them to waive the 4.00 monthly fee and do not ask for a CLI, just to waive the fee.

Call this # 1-800-625-7866 this number is not to the normal CSR, I don't know exactly which dept this is, but this dept can get things done (if they so choose) this is Cap1 we're talking about now.

If it's your oldest open TL, it's really up to you weather or not you want to close it, it should remain on your reports for 10 years after closing it, so you would not lose your AAoA right away. The only thing your would lose is the 500.00 avail credit you have.

I can't imagine after 11 years of card membership with them they would not waive the lousy 4.00 monthly fee.

Have you always been on time with them, any missed payments or derogs with them in the 11 years you've had the card?

Call that # and ask politely for them to waive the fee because you have been thinking about closing the card just because of the fee, tell them you have excellent credit now and also have other Prime CC's with no AF's and ask them why should you remain a loyal cardholder, and after 11 years they won't waive a 4.00 monthly fee, Ask them why you should keep the card.

See what they say and make your decision from there.

Just my 0.01 cents.

Best of Luck!!

[Anonymous]

I would have just edited my original post, but in case you're reading it now, I didn't want you to miss this, you asked if you could get a better card with them, the answer is yes (you say you have excellent credit now) BUT, it would cost you 3 hard Inq's (Cap1 normally pulls ALL 3 CRA's) and it would also be a new account, lowering your AAoA.

[Anonymous]

Thanks and I am trying to avoid additional inquiries to my credit report since I recently acquired a new CC.

I will give them ANOTHER call and speak to a supervisor/manager and explain my situation with them.

Thanks again for your help!

[Anonymous]

---

@Anonymous wrote:

Thanks and I am trying to avoid additional inquiries to my credit report since I recently acquired a new CC.

I will give them ANOTHER call and speak to a supervisor/manager and explain my situation with them.

Thanks again for your help!

---

You are welcome, I hope the next reply I read in this thread from you says "They waived the fee"

I'm rooting for you!!!!!

Cap1 rebuilder cards are great for just that (rebuilding) but thats about it.

I'm sure their "Prime" CC's come with much better perks and rewards.

[Anonymous]

Still they did not waive the $4.00 a month fee even though I have been a customer since 2000 and have been paying my balances every month.

I spoke to two different persons and explained my situation, how I've been a loyal customer, paying my balances, have excellent credit, and even told them I didn't want to cancel this card I've had for so long because of this {lame} fee.

I looked back at my account and I believe I had one outstanding "past due fee" and that was when I made a clerical error in not sending out a payment. (my fault).

So I was told this fee could not be waived as it was part of my Capitol One Platinum Classic card program. (?????)

So do I keep this card I've had since 2000 and pay this ridiculous fee or risk my credit score by canceling it?

WWU do?

[Anonymous]

I am super sorry to hear that

The only way it will hurt your score by closing the card is by loosing the 500CL and raising your util.

If you only have the two CC's on your report now, I'd probably pay the dumb fee just until you can get one or two more Prime cards and then make a decision on weather or not to keep it open or close it.

I don't like to give advice on weather to keep it open or close it, because I just do not know what will benefit you the most.

[lenz99]

I would just cancel it. A closed CC will stay on your report for another 10 years and still contributes to your AAoA. With your current excellent credit and 8500CL AMEX card, the 500 CL loss shouldn't be a problem at all.

[Odiseous]

If they won't wave the AF; is that card eligible for a PC to a card w/o an AF? 

[Anonymous]

I'm not sure, but I can ask. I doubt it. As I said, Ive had this card for years. It's was basically one step up from a 'secured card'.