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YAC(redit)T

dabuddha

dabuddha

Lifer
Situation:

One of the cards I have is with Capital One. I've had them for almost a year (rebuilding my credit so theres a $49 annual fee) I called them up and asked if they can remove the fee from my card but she said she can only waive it for one year.

Question:

Should I go ahead and cancel the card and get one that doesn't have an annual fee or keep this card and have the fee waived for one year and see what happens next year? I don't want to open an additional account so it's either this card or a new one.

TIA!
 
Part of rebuilding your credit is going to be having cards that you keep for a long while.. Getting rid of this card may mean getting rid of one of your oldest accounts. (guessing here). In that case, I wouldn't do it. The loss of available credit and the length of account time could actually hurt you.

-Jaison
 
get a credit card with no annual fee before cancelling the one with the annual fee. it's only been one year of credit history so in the short term, it will hurt your credit score, but in the long run, you'll save a decent amount of money.
 
It all depends on whether or not Capital One thinks of you as a retainable customer or not. If they view you as retainable, then they'll be willing to do some work to keep you around. Just make sure to keep your account in good standing and pay off as much as you can every month for at least six months to a year. Then call back when the fee is due again and try to get it waived--if the CSR refuses, talk to a supervisor. If the supervisor doesn't budge, talk to their supervisor. Unless CapOne has changed how they do things, if you're willing to stay on the phone long enough and don't cuss, you should be able to get your way.
 
Question: What is your credit score? This thread is meaningless without knowing it.

Obligatory capital one sucks. Myself and mrsskoorb both, in a period of 6-9 months, went from zero credit to 700+ credit scores, simply by managing to find a lender to give us cards. Jacking up one's score is very easy. I bet yours is enough to get a no-cost card, and then ditch crapital one for good.
 
there is also the debt to credit ratio to consider while trying to get good credit. I think it is stupid, but someone explained to me that if you have one card with $1,000. credit and it is full .. your credit to debit ratio is 100% and that is bad... but if you have five cards with $1,000 each and you owe the $1,000. then your ratio is only 20% which is good. I was told that closing a card it a bad thing to do as it cut down on the available ratio.

I dont know if this is true or not, or if it is a good idea or not.

🙂
 
be sure that went you cancel the card that you have them specify that it was at your request, and that they didn't cancell you.
 
I'm not sure what my credit score is atm. I checked it about 4 months ago and it was up to 620 (up to because it was a lot lower before 😱)

I never keep a balance on my cards. I'll try calling again next month (year doesn't cycle till may so I have a little time) The debt-to-credit ratio is something else I've heard too. I wouldn't cancel this cap one card until I had the other one setup first.

Thanks for all the information btw 🙂
 
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