Cards with Annual Fees

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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JSS3
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Cards with Annual Fees

Postby JSS3 » Sun Aug 04, 2013 5:55 am

I was wondering if there were other options in lieu of having to close both my Capital One cards which carry annual fees? Right now, they're my 1st and 2nd credit cards. I won't want to pay annual fees once I get other cards. Will I have to close both cards and lose my AAoA(currently 0yrs 5months)?

As of 8/1/13 I was approved for a Discover card. I don't want to go for anymore cards because I want to have one card with the introductory 0% APRs for a few months and then sign up for another card once the introductory offer is up. However, I feel like maybe I need another card(s) so that *if* I have to give up my Cap1s, I can offset? If I do need other cards, when should I get them?

P.S. what's the cheapest way to get all 3 of my actual FICO scores and a full credit report?
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000


Robrus1
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Postby Robrus1 » Sun Aug 04, 2013 7:46 am

I'd wait until you have a year of history before applying for any more cards. Build some history, let some inquiries fall off. Go for what you want, but I would PC those annual fee Cap One cards to non annual fee cards, or just close them, once you have the cards you want.
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Credit Union 10K
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JSS3
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Postby JSS3 » Sun Aug 04, 2013 8:56 am

Robrus1 wrote:I'd wait until you have a year of history before applying for any more cards. Build some history, let some inquiries fall off. Go for what you want, but I would PC those annual fee Cap One cards to non annual fee cards, or just close them, once you have the cards you want.

Thanks for the response!

PC? What is this and how would I go about doing it?
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000

Robrus1
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Postby Robrus1 » Sun Aug 04, 2013 10:19 am

Product change. Before you have to pay annual fees again in February, assuming you haven't paid late, call and see if you can switch your card(s) to a no annual fee card issued by Cap One. If not, you'll only lose 6 months between that and your Cap One cards, so if they won't PC them I'd just close them. It'll take years before they aren't factored into your AAoA anyway, and by then your Discover and whatever else you get will have aged enough that you should be fine.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

JSS3
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Postby JSS3 » Sun Aug 04, 2013 10:59 am

Robrus1 wrote:Product change. Before you have to pay annual fees again in February, assuming you haven't paid late, call and see if you can switch your card(s) to a no annual fee card issued by Cap One. If not, you'll only lose 6 months between that and your Cap One cards, so if they won't PC them I'd just close them. It'll take years before they aren't factored into your AAoA anyway, and by then your Discover and whatever else you get will have aged enough that you should be fine.

What are the chances of Cap 1 granting this request? I always read they're stringent with regards to their CLs and increases...are they the same way with this request? Also, would they ever merge the two cards; making it one with a combined limit?

Edit: I made an error. Fingerhut is my first credit card.
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000

Robrus1
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Postby Robrus1 » Sun Aug 04, 2013 12:32 pm

JSS3 wrote:What are the chances of Cap 1 granting this request? I always read they're stringent with regards to their CLs and increases...are they the same way with this request? Also, would they ever merge the two cards; making it one with a combined limit?

Edit: I made an error. Fingerhut is my first credit card.


This is different than a CLI. You aren't asking for more credit, just transferring it to another of their products. If you ask to switch to a no annual fee card, pick one out before you call. If they seem reluctant, tell them you'd wish to close the cards. I'd be surprised if they don't PC to what you want at that point. I can't speak personally to Cap One combining limits to one card, I haven't really ever dealt with them, but it's worth a shot. If not, close the one you don't PC, and PC the one with the highest limit.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
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nismoZtuner
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Postby nismoZtuner » Sun Aug 04, 2013 1:08 pm

@ Robrus1 I have a BoA card with a really low credit limit-my first CC as well for the past year , i dont have to pay an annual fee but i just want to get rid of that low credit limit. I did ask for a credit increase a while ago (4/5 days ago). but when i was getting help trough chat the lady who was helping me told me that i had to wait for a letter on the mail because they needed my parents consent. ive been 21 since july 22 of this year which i think its total BS that my parents need to give consent. i did tell the lady that i already turned 21 but then she replied telling me that the system still had to send that letter out.

on 8/02 BoA checked my credit report resulting me with 1 less point-credit score went down to 770..

-so what would happen if my request is denied?
-can i just cancel the card if that happens, if so will my credit score go down if i close the card?
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

Robrus1
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Postby Robrus1 » Sun Aug 04, 2013 1:29 pm

nismoZtuner wrote:@ Robrus1 I have a BoA card with a really low credit limit-my first CC as well for the past year , i dont have to pay an annual fee but i just want to get rid of that low credit limit. I did ask for a credit increase a while ago (4/5 days ago). but when i was getting help trough chat the lady who was helping me told me that i had to wait for a letter on the mail because they needed my parents consent. ive been 21 since july 22 of this year which i think its total BS that my parents need to give consent. i did tell the lady that i already turned 21 but then she replied telling me that the system still had to send that letter out.

on 8/02 BoA checked my credit report resulting me with 1 less point-credit score went down to 770..

-so what would happen if my request is denied?
-can i just cancel the card if that happens, if so will my credit score go down if i close the card?


First of all, is TU what BofA/Amex/Discover pulled when you got your cards? If your score is 770 from TU it won't hurt anything even if it dropped 20 points. Do you know what Experian and Equifax scores look like? If your scores are all 700+ and decent reported income, you shouldn't have to worry about the CLI being declined. Do you live at home, report your parents' income, or are they the primary/cosigner on that card? If you're the primary cardholder I would call and speak to someone else, because that doesn't really make any sense to me otherwise.

I'm not sure if BofA still reports a HP if they deny the increase. You've had the card for a year, so I'd say as long as you haven't had any late payments, and requested a reasonable increase that's appropriate in relation to your reported income, it should be approved, and will be a HP if so. If your request is denied, you can cancel it if you wish. It won't hurt your score enough to be concerned about. Eventually it will hurt your AAoA a little bit, but by then your current cards will be old enough it won't matter much.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

JSS3
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Postby JSS3 » Sun Aug 04, 2013 3:09 pm

Robrus1 wrote:This is different than a CLI. You aren't asking for more credit, just transferring it to another of their products. If you ask to switch to a no annual fee card, pick one out before you call. If they seem reluctant, tell them you'd wish to close the cards. I'd be surprised if they don't PC to what you want at that point. I can't speak personally to Cap One combining limits to one card, I haven't really ever dealt with them, but it's worth a shot. If not, close the one you don't PC, and PC the one with the highest limit.

Ok I'll do just that!

One last question---since Fingerhut is actually my 1st CC, will I still lose 6 months if I have to close the Cap1?
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000

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nismoZtuner
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Postby nismoZtuner » Sun Aug 04, 2013 3:32 pm

Robrus1 wrote:First of all, is TU what BofA/Amex/Discover pulled when you got your cards? If your score is 770 from TU it won't hurt anything even if it dropped 20 points. Do you know what Experian and Equifax scores look like? If your scores are all 700+ and decent reported income, you shouldn't have to worry about the CLI being declined. Do you live at home, report your parents' income, or are they the primary/cosigner on that card? If you're the primary cardholder I would call and speak to someone else, because that doesn't really make any sense to me otherwise..


Nope im not sure about my other scores- i will get to that later this month after BoA does something. Nope my parents did not cosign anything since i applied for the card when i was 20 years old now 21 about 2 weeks ago.

- At the office i work at i make about 25/9K (4K for the IRS -_-) a year, and nope i did not report my parents wages. but i still live with them :/
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22



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