want to close a terrible CC

[Anonymous]

I might go a step further with that card...tell them that you just got approved for a no annual fee card and that you are closing this card because you don't need it anymore. With most companies, anytime a customer wishes to end service for almost any reason other than moving to a non-serviceable area, the customer retention machinery kicks in. In the call center I work in (a local telcom/ISP/cable co), ANY time a customer goes to cancel, we have to send them to the Saves Team, which is authorized to offer all kinds of perks...

[Anonymous]

Here's an article on www.bankrate.com about just such a card

http://www.bankrate.com/nltrack/news/debt/20070504_worst_credit_card_a1.asp

[Anonymous]

It is true that closing a revolving account (even one with $0.00 balance) can hurt your score for a few months, however, the fees you are paying are unacceptable, so close it. 

Do it both by calling Customer Service and in writing by mail, and verify that it was done.  

To build (rebuild) credit ***never*** use an American Express charge card or a Capital One credit card.   Neither of them report credit limits to credit bureaus (this ***hurts*** your score), and Amex does not reports "good behavior" (paying in time), only "bad behavior" (paying late).

To find good deals on CC use www.bankrate.com, www.catdweb.com www.cardratings.com www.lowcards.com etc.

[Tuscani]

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bdonau wrote:

It is true that closing a revolving account (even one with $0.00 balance) can hurt your score for a few months, however, the fees you are paying are unacceptable, so close it. 

Do it both by calling Customer Service and in writing by mail, and verify that it was done.  

To build (rebuild) credit ***never*** use an American Express charge card or a Capital One credit card.   Neither of them report credit limits to credit bureaus (this ***hurts*** your score), and Amex does not reports "good behavior" (paying in time), only "bad behavior" (paying late).

To find good deals on CC use www.bankrate.com, www.catdweb.com www.cardratings.com www.lowcards.com etc.

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Just want to add so the OP knows... AMEX charge cards and credit cards are not the same.

[drmom]

i had to close a terrible cc too i had a premier cc that was my very first cc, and it had the high yearly fee, high percentage rate, and a MONTHLY fee. once i qualified for an orchard cc, i tried to see if premier would drop the monthly rate or raise my credit limit, and they refused--so i closed it. my credit score did take a bit of a knock when i closed it, but recovered quickly. so overall, i'd say to dump your card, those fees just aren't worth it!! i can also highly recommend orchard bank cc--they are very reasonable. dr. mom

[Anonymous]

I have the aspire Visa and just yesterday I got a letter in the mail stating they are droping 50 from the 150 annual fee plus I got an CLI..wow !how about no more annual fees .Never late and had this card over a year always paying way beyond my monthly due...Can't wait til  my scores go up so I can get away from these types of cards..

First Premier must have been watching my CRs b/c they write with offers often ...

[Anonymous]

Brammy, what kind of card is your HSBC?  I have an HSBC MC Gold that came with an annual fee.  I recently phoned and asked them to remove the annual fee and was told that they could not with that particular card and aslo told that there was no upgrad or conversion with that card. I am only concerned with keeping the card because it is my oldest revolving card. Do you think that HSBC is just giving me a hard time of not removing the annual fee?  They invited me to apply for another card but that would cause me hard pulls on my CR.