unlikeu wrote:Apologies if this is in the wrong section. If so mods, feel free to move.
A few years ago my credit was ruined due to a job loss and lack of income. I'm sure we've all head the story before. Luckily, I've turned that around and my income is not stable and consistent. For the past 18 months, I've been trying to raise my credit score and clear all my debt. One of the cards I applied for a little over a year ago was the First Premier MasterCard. I was approved with a limit of $800 and would use the card and pay it off every other month. What I've noticed, however, is that after a year I was charged the annual fee of $75 and have been getting charged a monthly maintenance fee of $12.50. Despite having a 0 balance, I am still assessed this fee every month, which is frustrating.
I've tried calling their customer service line and was told that there was nothing they could do about that fee and was told it was indicated on my initial application. I was offered a CLI of $200 as a sort of compensation (with a $35 CLI fee, go figure) which I promptly declined. Since then I've paid roughly 75% of my overall debt down and honestly don't really need this card. My concern is if I cancel this credit card after having such a short history with it, it would affect my credit score adversely. I'm intent on improving my credit score and will grudgingly pay the $12.50 if it's absolutely necessary in preserving my credit.
I'd appreciate any thoughts or suggestions. Thank you.
We would need more info on what other accounts you have opened at the moment etc etc but unless you need the credit line, I would drop the card. What other cards do you have? Will it greatly adversely affect your overall utilization ratio?
That's some toxic lending there.
I don't need the credit line at all, I simply applied after reading somewhere (maybe credit karma) that at the time I'd have a good chance of getting approved, which I did. I have the following cards:
Sears card: $900 bal - $3000 limit
Capital One MC: $0 bal - $750 limit
Capital One Visa: $0 bal - $500 limit
Amazon card: $920 bal - $1400 limit
Discover IT: $612 bal - $1000 limit
Credit One visa: $400 bal - $1050 limit
Verve Cad: $0 bal - $500 limit
Merrick Bank: $0 bal - $500 limit
Target Visa: $570 bal - $850 limit
Best Buy visa: $0 bal - $300 limit
Milestone card: $0 bal - $400 limit
Blaze MC: $0 bal - $350 limit
Walmart Visa: $1760 - $2000 limit
I also have a car loan with wells fargo for ~21k. Credit Karma shows my score as 678 for TU and E.
Thanks for the reply.