YACreditT How to proceed

[dabuddha]

I'm still in the process of rebuilding my credit.
I signed up for a capital one credit card last year and had a $39 annual fee. This year rolls around and my other 2 cards have already taken the fee off my account but capital one refuses to. They tell me they can lower my interest rate to a fixed 12.9% but I told her that's useless for me since I always pay off my balance in full.
The dilemna is whether I should keep this card or not. I've gotten other offers for cards with higher credit limits and no annual fees. She told me that maybe they might be able to waive it next year but the fact that they won't budge irks me.

Will closing this account and opening another one with a different bank hurt my credit score badly? It's only $39 but it's also the principle of the matter as well.

Cliffs:
[*]capital one refuses to waive it's annual fee
[*] have had my credit cards for little over a year now. 2 waived their fees, this one won't.
[*]cancel and open a different card or keep this one open?

 

[SouthPaW1227]

DUDE! Are you an idiot?! NEVER, EVER, EVER pay an annual fee! Cut that sumbit up & get a Citibank Dividens card!

 

[dabuddha]

Originally posted by: SouthPaW1227
DUDE! Are you an idiot?! NEVER, EVER, EVER pay an annual fee! Cut that sumbit up & get a Citibank Dividens card!

I dunno if I'd be able to get a citibank dividends card

My credit history is slowly getting better. I paid off all of my debts 2 years ago in full. Didn't open up any cards until march 2004. (1 secure visa 2 unsecured with fees) The secured card has now been "upgraded" to an unsecured card with 2.5x the limit. One of the fee cards waived their fee. And then theres capital one.

 

[Plasdom]

if you have had the other two cards (or at least one of them) for longer than the capital one, then you can cancel the capital one without affecting your credit score.
Things to note:

Longer credit history increases your score.
So does lower debt to available crdit ratio. If you don't carry a balance, odn't worry about this

 

[jaedaliu]

get rid of the capital one.

if you pay your balance in full, why do you need a 3rd credit card?

and yah, get the citibank dividend platinum, i didn't think i'd qualify, but once everything's paid off, your chances of getting it go way up.

 

[akubi]

cancel

 

[StageLeft]

You see, Crapital one is garbage. They are a greedy filthy company IMO.

Anyway, get a new card from elsewhere, and once you havce it cancel crapital and never go back to them. THey've lost a customer in me forever and will never again benefit from my high credit card usage.

In regards to hurting your score, it may lower it a bit at first. The new inquiry will a bit, but that goes off fairly quickly. As I see it now you have three cards, right? You have 1 secure and 2 unsecure and this is one of the 2. Get another unsecured card somewhere and cancel crapital and the other secure card. Two cards kept in good standing are more than enough to get you to 700+ credit score if you keep a good history for a little while.

 

[dabuddha]

Originally posted by: Skoorb
You see, Crapital one is garbage. They are a greedy filthy company IMO.

Anyway, get a new card from elsewhere, and once you havce it cancel crapital and never go back to them. THey've lost a customer in me forever and will never again benefit from my high credit card usage.

In regards to hurting your score, it may lower it a bit at first. The new inquiry will a bit, but that goes off fairly quickly. As I see it now you have three cards, right? You have 1 secure and 2 unsecure and this is one of the 2. Get another unsecured card somewhere and cancel crapital and the other secure card. Two cards kept in good standing are more than enough to get you to 700+ credit score if you keep a good history for a little while.

Yeah I think I will be cancelling this card. My secured card has been "graduated/upgraded" to an unsecured card. Originally I had put $300 in the secured card and they upped it to $1000 unsecured.

 

[dabuddha]

How is providian bank? They keep sending me preapproved offers almost every other day.

 

[RossMAN]

Originally posted by: dabuddha
How is providian bank? They keep sending me preapproved offers almost every other day.

I like them a lot.

One really cool feature is they show your current credit score whenever you login to their online banking.

Respond to the Providian pre-approval offer and accept it. If you are approved, cancel and close your Capital One cc. Just to be safe cancel your Capital One cc in WRITING. Do not rely on a phone call.

 

[dabuddha]

Originally posted by: RossMAN

Originally posted by: dabuddha
How is providian bank? They keep sending me preapproved offers almost every other day.

I like them a lot.

One really cool feature is they show your current credit score whenever you login to their online banking.

Respond to the Providian pre-approval offer and accept it. If you are approved, cancel and close your Capital One cc. Just to be safe cancel your Capital One cc in WRITING. Do not rely on a phone call.

Sweet I'll do that. The preapproved offer they give me is for $30,000 (minimum $500) I'll even be happy with the minimum for now.

 

[RossMAN]

Originally posted by: dabuddha

Originally posted by: RossMAN

Originally posted by: dabuddha
How is providian bank? They keep sending me preapproved offers almost every other day.

I like them a lot.

One really cool feature is they show your current credit score whenever you login to their online banking.

Respond to the Providian pre-approval offer and accept it. If you are approved, cancel and close your Capital One cc. Just to be safe cancel your Capital One cc in WRITING. Do not rely on a phone call.

Sweet I'll do that. The preapproved offer they give me is for $30,000 (minimum $500) I'll even be happy with the minimum for now.

Anything is better than Capital One, seriously. Hopefully you'll be approved with a limit of $1,000 to $2,000.

I'm not sure how you feel about Washington Mutual but rumor is they might buyout Providian. Which I think is a win-win.

 

[dabuddha]

Originally posted by: RossMAN

Originally posted by: dabuddha

Originally posted by: RossMAN

Originally posted by: dabuddha
How is providian bank? They keep sending me preapproved offers almost every other day.

I like them a lot.

One really cool feature is they show your current credit score whenever you login to their online banking.

Respond to the Providian pre-approval offer and accept it. If you are approved, cancel and close your Capital One cc. Just to be safe cancel your Capital One cc in WRITING. Do not rely on a phone call.

Sweet I'll do that. The preapproved offer they give me is for $30,000 (minimum $500) I'll even be happy with the minimum for now.

Anything is better than Capital One, seriously. Hopefully you'll be approved with a limit of $1,000 to $2,000.

I'm not sure how you feel about Washington Mutual but rumor is they might buyout Providian. Which I think is a win-win.

Question for ya. To close my card, should I send the payment first? Or tell them to close the card immediately and let me know what the balance is so I can pay it off?

 

[RossMAN]

Originally posted by: dabuddha

Originally posted by: RossMAN

Originally posted by: dabuddha

Originally posted by: RossMAN

Originally posted by: dabuddha
How is providian bank? They keep sending me preapproved offers almost every other day.

I like them a lot.

One really cool feature is they show your current credit score whenever you login to their online banking.

Respond to the Providian pre-approval offer and accept it. If you are approved, cancel and close your Capital One cc. Just to be safe cancel your Capital One cc in WRITING. Do not rely on a phone call.

Sweet I'll do that. The preapproved offer they give me is for $30,000 (minimum $500) I'll even be happy with the minimum for now.

Anything is better than Capital One, seriously. Hopefully you'll be approved with a limit of $1,000 to $2,000.

I'm not sure how you feel about Washington Mutual but rumor is they might buyout Providian. Which I think is a win-win.

Question for ya. To close my card, should I send the payment first? Or tell them to close the card immediately and let me know what the balance is so I can pay it off?

No. I would call and request a PAYOFF QUOTE (not your balance). Then mail in that amount. After the payment has been posted and your balance is $0.00 then mail a letter to their customer correspondance address requesting your account be cancelled and closed immediately.

Also request they confirm their actions taken in writing. This way if anything ever happens, you can easily dispute it and win since you have it IN WRITING!