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Would you pay the fee?

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Super Contributor

Re: Would you pay the fee?

Hey, Laz

 

You know how DI feels about AFs.Smiley Very Happy

Message 21 of 40
Moderator Emeritus

Re: Would you pay the fee?

I would hang on to it for at least another year or so and then re-evaluate. But that's just me.

 

At $55 a year that is $4.59 a month or $.15 a day.

 

ETA: FWIW my oldest card (Cap 1) has an AF of $20. I pay $1.67 a month to keep an almost 14 year old account open. To me it's worth it but I know not everyone agrees and that's fine.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 22 of 40
Senior Contributor

Re: Would you pay the fee?


@MarineVietVet wrote:

I would hang on to it for at least another year or so and then re-evaluate. But that's just me.

 

At $55 a year that is $4.59 a month or $.15 a day.

 

ETA: FWIW my oldest card (Cap 1) has an AF of $20. I pay $1.67 a month to keep an almost 14 year old account open. To me it's worth it but I know not everyone agrees and that's fine.


aha, i knew MVV would save me from further painful math Smiley Happy

 

yeah, i guess we will keep it.  to me, it's a huge loss in available credit that i might not be able to replace as soon as i would like.  i don't have a clue what kind of line she would get from USAA right at this moment, so i'm going to wait a couple more months, i think.  aaaaaaahhh!!  i hate decisions!!!

 

soon, i will have to ponder whether to pay the AF on my capital one card.  $39 for 1k.  before i got my USAA card, it was a total no-brainer.  my capital one card is a year & a half older than my USAA card, but the USAA has 4x the limit.  but since those are my only non-store cards, i guess i will just pay it!

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 23 of 40
Valued Contributor

Re: Would you pay the fee?


@laz98 wrote:

@MarineVietVet wrote:

I would hang on to it for at least another year or so and then re-evaluate. But that's just me.

 

At $55 a year that is $4.59 a month or $.15 a day.

 

ETA: FWIW my oldest card (Cap 1) has an AF of $20. I pay $1.67 a month to keep an almost 14 year old account open. To me it's worth it but I know not everyone agrees and that's fine.


aha, i knew MVV would save me from further painful math Smiley Happy

 

yeah, i guess we will keep it.  to me, it's a huge loss in available credit that i might not be able to replace as soon as i would like.  i don't have a clue what kind of line she would get from USAA right at this moment, so i'm going to wait a couple more months, i think.  aaaaaaahhh!!  i hate decisions!!!

 

soon, i will have to ponder whether to pay the AF on my capital one card.  $39 for 1k.  before i got my USAA card, it was a total no-brainer.  my capital one card is a year & a half older than my USAA card, but the USAA has 4x the limit.  but since those are my only non-store cards, i guess i will just pay it!


So far I love the USAA card; most of the same perks as a regular AMEX with no annual fee...  I am not going for any AF cards any time soon, Orchard is my only one.  Hopefully if they are sold I can convert it to a better card, otherwise it's goodbye.

Message 24 of 40
Senior Contributor

Re: Would you pay the fee?

so far, very happy with my USAA card as well.  i don't use it a lot; it's like gold to me!  i can't wait to get her one too.  i like the shiny black amex they have Smiley Happy

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 25 of 40
Valued Contributor

Re: Would you pay the fee?


@laz98 wrote:

so far, very happy with my USAA card as well.  i don't use it a lot; it's like gold to me!  i can't wait to get her one too.  i like the shiny black amex they have Smiley Happy


 

Yeah, I actually got a compliment on how "neat looking" mine was at a register last week.

Message 26 of 40
Established Contributor

Re: Would you pay the fee?

I also don't think you can make a sweeping "asinine" generalization since every situation is different and we all have the right to pay for whatever we think is valuable to us.  I would pay the fee and keep the card simply because that is such a huge credit line and it is such a huge part of her credit portfolio.

 

On the other hand, I would think about ditching the Capital One because you have a better card and I don't think you need to have both.  That's purely outside my range of expertise, though - it's up to you.  It may feel risky to get rid of the C.O. and have only one other major card, but I have little patience for annual fees on dinky credit lines.

 

That said, if you have never had the annual fee waived, I am nearly certain they will waive it for you if you grumble enough to them about it.  I believe nearly all card issuers will do that once.  You have to make them think you are really ready to close the card and it's all because of that fee.  You could always try, and if they call your bluff and don't offer to waive it (either of the above fees for their respective cards) you could just save face by saying you want to think about it some more, and keep the card.  Good luck if you try this.  Smiley Happy

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Message 27 of 40
Senior Contributor

Re: Would you pay the fee?


@ChesterPDexter wrote:

I also don't think you can make a sweeping "asinine" generalization since every situation is different and we all have the right to pay for whatever we think is valuable to us.  I would pay the fee and keep the card simply because that is such a huge credit line and it is such a huge part of her credit portfolio.

 

On the other hand, I would think about ditching the Capital One because you have a better card and I don't think you need to have both.  That's purely outside my range of expertise, though - it's up to you.  It may feel risky to get rid of the C.O. and have only one other major card, but I have little patience for annual fees on dinky credit lines.

 

That said, if you have never had the annual fee waived, I am nearly certain they will waive it for you if you grumble enough to them about it.  I believe nearly all card issuers will do that once.  You have to make them think you are really ready to close the card and it's all because of that fee.  You could always try, and if they call your bluff and don't offer to waive it (either of the above fees for their respective cards) you could just save face by saying you want to think about it some more, and keep the card.  Good luck if you try this.  Smiley Happy


i hear what you're saying about dinky credit lines!  i want to get rid of the capital one card because i figure it's never going to grow.....i used to think it was because my credit was bad, but i read here all the time how some people have scores above 720 & still have lame CLs.  i have a couple of store cards that are a little older than my capital one, so it probably wouldn't be too bad.  & it's not a big chunk of my available credit.  my last big baddie comes off in december, so after that, i will definitely be applying for a navy federal card, which will kick the crap out of this capital one card Smiley Very Happy  so it should be no big loss!

 

i'm not a good negotiator, & i'm so lame on the phone, so i'm going to email them & see what they say.  but they've repeatedly turned down my requests for a drop in APR, so i'm not going to hold my breath.  they also said this is the max CL for her card.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 28 of 40
Senior Contributor

Re: Would you pay the fee?


@ChesterPDexter wrote:

I also don't think you can make a sweeping "asinine" generalization since every situation is different and we all have the right to pay for whatever we think is valuable to us.  I would pay the fee and keep the card simply because that is such a huge credit line and it is such a huge part of her credit portfolio.

 

On the other hand, I would think about ditching the Capital One because you have a better card and I don't think you need to have both.  That's purely outside my range of expertise, though - it's up to you.  It may feel risky to get rid of the C.O. and have only one other major card, but I have little patience for annual fees on dinky credit lines.

 

That said, if you have never had the annual fee waived, I am nearly certain they will waive it for you if you grumble enough to them about it.  I believe nearly all card issuers will do that once.  You have to make them think you are really ready to close the card and it's all because of that fee.  You could always try, and if they call your bluff and don't offer to waive it (either of the above fees for their respective cards) you could just save face by saying you want to think about it some more, and keep the card.  Good luck if you try this.  Smiley Happy


I'm going to weigh in with smc here.  Unfortunate phrasing, but the point (I think) was that it seems OP's gf has good credit.  I dont know if it was specifically mentioned (and I'm not going to reread because I'm lazy), but I got the impression we are talking about someone with a completely clean report.  In such a situation, worrying about keeping the oldest tradeline open, and even worrying about losing the CL, aren't that important.  Losing a couple points for losing some age in 10 years when this thing drops off doesn't matter because the person already has great credit.  Similarly, even if she does lose this CL for utilization purposes, she could replace it by applying for a different card. 

 

It's people needing to eke out every point they can that have to worry about this.  For example, I have 7 accounts with 90 day plus lates.  Thankfully they are aging, but I am trying every trick I know to keep my score up.  But worrying about minor score fluctuations isn't that big of a deal when you already have great credit.  You see the same thing with inquiries on here.  We get so conditioned to telling people to keep their inquiries down that I'll see people tell someone with 780 scores across the board to avoid applying for another card.  Unless they're getting ready to apply for a mortgage, and even then they'd probably have to have quite a few inquiries counting against them, if they want that next CC bonus, no big deal. 

 

That's a long way of saying that I'd dump the card if they won't waive the AF.  Unless, of course, I'm mistaken about the state of her credit.

 

And that is why no one should ever pay attention to me.  Ha. Good luck. (edited due to OP's response below).


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 29 of 40
Senior Contributor

Re: Would you pay the fee?

unfortunately, she doesn't have great credit.  the only baddie she has is a 60 day late from 2008, but apparently it's really bogging her scores down.  TU 709 & EQ 719.  i haven't enrolled her in psecu yet, so i don't know what her EX is.  both scores have dropped about 20 points from april with only a minor increase in util.  it actually annoys me that her scores are so low.....they're barely higher than mine, & i have a big old unpaid chargeoff on my reports.  luckily her auto-enhanced scores were much higher when we were car-shopping, very similar to april's fico scores.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 30 of 40
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