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Message
Credit Card Question
Posted on 5/18/11 at 8:33 pm
Posted on 5/18/11 at 8:33 pm
I need some advice on how the following situation will affect my credit score, sorry if this has already been covered before.
While checking my card activity for fraudulent charges I noticed that I was charged a $15 annual fee, so I went to the bank and asked one of the reps there about it. She said that card had always had a fee associated with it, which I disproved by showing her by account history for the past 3 years, none of which had an annual fee charged. I was then basically told that there was nothing they could do about it short of signing me up for a new card, and voiding my old card. I've had the card for 11 years, I got it straight out of high school and have never missed a payment. What are my options and how will they affect my credit?
I'm tempted to cancel the card, the interest rate is not the greatest, no rewards, and with an annual fee now I can do much better, I am also a little put out by the way my query was handled. However, besides a few short term loans (3 - all paid off within a year), a mortgage and a car note, my credit history IS my card. How will this affect my credit score if I close out this card and open a new one with another bank? I've often heard that your score heavily depends on your longest line of credit, besides this card that would be my mortgage I started 5 years ago. Just a point of reference my average credit score was 790 last I checked a few years ago.
Or am I just over reacting to all of this and should just suck it up and pay $15 a year? I just think it's BS that all of the sudden I have to pay for a card I've had for 11 years. TIA, sorry for the long post.
While checking my card activity for fraudulent charges I noticed that I was charged a $15 annual fee, so I went to the bank and asked one of the reps there about it. She said that card had always had a fee associated with it, which I disproved by showing her by account history for the past 3 years, none of which had an annual fee charged. I was then basically told that there was nothing they could do about it short of signing me up for a new card, and voiding my old card. I've had the card for 11 years, I got it straight out of high school and have never missed a payment. What are my options and how will they affect my credit?
I'm tempted to cancel the card, the interest rate is not the greatest, no rewards, and with an annual fee now I can do much better, I am also a little put out by the way my query was handled. However, besides a few short term loans (3 - all paid off within a year), a mortgage and a car note, my credit history IS my card. How will this affect my credit score if I close out this card and open a new one with another bank? I've often heard that your score heavily depends on your longest line of credit, besides this card that would be my mortgage I started 5 years ago. Just a point of reference my average credit score was 790 last I checked a few years ago.
Or am I just over reacting to all of this and should just suck it up and pay $15 a year? I just think it's BS that all of the sudden I have to pay for a card I've had for 11 years. TIA, sorry for the long post.
Posted on 5/18/11 at 9:00 pm to notanalt
I'd talk to someone higher up.
Although a credit card offeror can change the terms of a credit card, they must tell you in writing of the change AND give you a reasonable amount of time to review the change (so you can decide either to continue with the card or go to another provider). It does not appear they did this.
Although a credit card offeror can change the terms of a credit card, they must tell you in writing of the change AND give you a reasonable amount of time to review the change (so you can decide either to continue with the card or go to another provider). It does not appear they did this.
Posted on 5/18/11 at 11:01 pm to notanalt
Honestly, I'd just fork over the $15 and be done with it. There may indeed be some BS here but this is small change.
Posted on 5/18/11 at 11:02 pm to foshizzle
I thunk you missed the point. This is about closing a long line of credit, not the 15 bucks.
Posted on 5/18/11 at 11:27 pm to notanalt
If you already have a mortgage why do you care what your score is?
Posted on 5/18/11 at 11:48 pm to Haughton99
People sometimes buy more than one house..... Or refinance.
Posted on 5/19/11 at 8:50 am to notanalt
quote:
the interest rate is not the greatest, no rewards, and with an annual fee now I can do much better, I am also a little put out by the way my query was handled
Get another one and cancel this one.
Posted on 5/19/11 at 9:07 am to PlanoPrivateer
with no points and no rewards, I would get rid of it anyway. I am no credit expert by anymeans, but if there is no balance, I'd get rid of it in a flash and get one that will work for you.
Posted on 5/19/11 at 10:05 am to Da Hammer
quote:
with no points and no rewards
quote:
I'd get rid of it in a flash and get one that will work for you
This is what I am strongly considering, I am just wondering what kind of hit if any this will have on my credit rating. If it's a few points, no big deal to me, but if knocking out an 11 year line of credit is going to gouge my rating, I'd like to know ahead of time, not worth saving $15. I am completely ignorant in the ways of credit, hoping some of yall that do this for a living can let me know what I'm looking at.
Posted on 5/19/11 at 10:52 am to notanalt
Anytime you cancel a credit card (closed per consumers request) it will cost you a few points, but not a big deal. If that card is in good standing and so is your auto and past loans, just get a new card with no annual fee.
Posted on 5/19/11 at 11:35 am to The Mick
I justed got my scored checked (first time ever)
My score was 747. Is that ok? I'm 22 and have only had a credit card for about 6 months and have a small student loan. I haven't been late on anything and I always pay off the full amount.
My score was 747. Is that ok? I'm 22 and have only had a credit card for about 6 months and have a small student loan. I haven't been late on anything and I always pay off the full amount.
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