Imagine Credit Card

[wynona01]

As everyone else I am currently working on getting my credit together, Out of all of the 4 credit cards I have had 3 are paid off and closed, I only have one more left, Imagine credit card. The current balance is $1,100 and the balance is 1,090.63 ouch i know right. I simply hate this card, why because in April they took 150.00 for an annual fee. I was like ok, now i wanna get rid of it.  The high utilization is killing my credit score 96%.  I want to pay this card off asap but the balance is too high. I called the customer service number and request them to DECREASE my limit, the lady on the phone seemed shocked. They never had a request like that before so she got her supervisor on the phone. He asked me how much did i want them to decrease the card to, I said to 500. To make a long story short, I have to pay 500.00 and then call back to get them to decrease the limit. I can pay the 500 next week and once they decrease the limit and the balance is zero I can go ahead and close the account out. I would keep it open but the monthly fee is 9.99.

Once this is done, do you guys think my credit score will increase. I honestly do not want to touch another subprime credit card until I can get my credit back on track to get one with a decent interest rate, with no monthly and annual fee.

[Anonymous]

I think decreasing your credit limit is going to hurt your score, particularly since you seem to have high utilization on this card. If you would have left the limit where it was and just paid the $500 you have available it likely would have helped your score, because it would have brought your utility down from maxed out to around 60%. Why did you think decreasing your limit would make your score go up?

Message Edited by UpUpUp on 07-11-2008 03:00 PM

[Anonymous]

CCs weigh more toward scores then any other loans!!!!  by not haveing any will NOT raise your scores........They will prob. lower them.

all loans other then CCs  only carry 10% of your scores     CCs carry 30%

CCs scores go by payment history & UTIL.

[wynona01]

I mainly just want to pay the credit card off and be rid of the thing, with the high interest rate and the monthly fee, it looks as if I am not getting anywhere. Let just say I pay the whole balance off, and leave the card open, my credit score im sure will go up, the  only thing with that is paying that dumb monthly fee of 9.95.

[granny031350]

pay it off and then close it.  Then go get a secured B of A card or a Citi Secured card etc.  Stay away from the fee cards.

[Anonymous]

I personally would pay it off and keep it open until you are approved for another card. I wouldn't apply for anything else until the util is way down and you see an increase in your scores. Once you do, app for a card you will likely get approved for and once you get approved for a new card, then get rid of this crappy fee card. I just don't think you should close it if it's your only open CC.