I have an aspire credit card which I haven't had any trouble out of but I want to get rid of it before its time for the annual fee of $150. What is the best way to get rid of it. Cancel it and then pay it off or pay it off and then cancel it? And if I cancel and then pay off will that hurt my credit?
2006-10-13 06:10:05 · 15 answers · asked by victoriaelaine2004 3 in Business & Finance ➔ Credit
first of all..how long have you had the account??? the best way to get rid of it..is do a "settlement". that will be 90% of your balance, and make sure that you tell the agent that you want a settlement. i am a collector for this company. you can call 1-866-670-5069 to do a settlement. also if you've had the acct. for a year your annual fee will be about $89.00.
2006-10-13 13:58:32 · answer #1 · answered by princesswhitepaw 3 · 1⤊ 0⤋
You can cancel a card at anytime. This of course does not mean that you are not to pay off your balance still. IF you have good credit you should know that leaving credit cards open just make sure not to use them actually helps your credit score. I HAD BAD BAD credit years ago from my Ex maxing out all my cards. It took me several years to pay off the $11K's but it was done. My credit was horrible because of all the late fees and such. Well now I have awesome credit and all 3 credit agencies report my score as 'Excellent'. I paid off all my low c/c's canceled all but one card. That is put away in my fire box for emergencies. And I transferred my high balance card last year to a 0% interest card for 12months. They say to leave credit cards open (just do not use them) and it reflects good on your credit reports. Just like 2 or so cards. Just a little extra tip. I canceled my crappy cards that were charging me an annual fee...
2006-10-13 06:21:33 · answer #2 · answered by Mickey 2 · 0⤊ 0⤋
i don't know if your credit card company will allow you to cancel and pay it off or not, or there might be some deal where if you cancel, they will expect you pay the amount you owe in full on your next bill. it only makes sense, as they couldn't allow you to continue to have a bill with them after you have cancelled the account. best bet, just call them and ask them. i don't know how large your balance is, but if it is too large, it might be unrealistic to expect to avoid the next yearly fee.
you could also try transferring the balance to another card; that is a good way to get a new card, because they love to accept balance transfers and get you set up with a new card--you might be able to find a better rate and a better card, without an annual fee, that way. and that you can do really fast, before the annual fee of your current card kicks in. good luck!
2006-10-13 06:14:53 · answer #3 · answered by KJC 7 · 0⤊ 0⤋
Pay off the card before the annual fee is due then cancel the card by calling them to cancel the card. Make sure you shred the card as well. It will not hurt your credit as long as the payments were made on time.
2006-10-13 06:12:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
First, call them. See if you can change to a no fee card. That way if it is an old credit file, you'll keep it open and it will help your credit rating. If it's not old or they won't change you to a no fee, close it after you pay off (or rather transfer balance to your new, no fee card - the cost should be less than $150).
Second, if you are closing the account, make sure you call of write to do that. A $0 balance does not mean the account is closed.
Hope this helps!
2006-10-13 08:06:55 · answer #5 · answered by kcincon 3 · 0⤊ 0⤋
You can try to get a credit card that doesn't have an annual fee. Try through your bank. They also usually have a 0 - low interest rate for transfers. Transfer it over close the other account and save some money on the interst rate. Don't do this too often though. Too many accounts will hurt your credit score.
2006-10-13 06:16:26 · answer #6 · answered by chellie 2 · 0⤊ 0⤋
YOu usually cant close an account iwth a balance.
Consider calling them, if you've got a good payment history, and telling them you're going to cancel if they dont get rid of the annual fee. If you've been a good customer they might do that.
For your credit, you want to keep the same accounts open as long as possible (They like long-term history) so try this first before canceling.
2006-10-13 06:19:23 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Cancel the account & destroy the card. Then, pay it off as soon as possible. As long as you make timely payments, it shouldn't hurt your credit. I don't know if you can get out of the annual fee, but they should at least prorate it.
2006-10-13 06:59:31 · answer #8 · answered by WillyC 5 · 1⤊ 0⤋
Tell them you want to have that fee waived... if they dont... call another place and set up a new card. xfer the balance and then cancel the card... if you have been in good standing with them, they should waive the fee.
Take the good customer route first, if that doesnt work. claim "FINANCIAL INSOLVENCY" - say you are having to choose between paying bills or your credit card bill and if they dont waive the fee you will have to go delinquent...
But to really get rid of a card... throw it on a bar-b-que... thats the best way to get rid of it.
2006-10-13 09:00:58 · answer #9 · answered by E-Rock 3 · 0⤊ 0⤋
You can call them and cancel it and then continue to pay it off. If they tell you differently call back and get someone else.
2006-10-13 06:12:20 · answer #10 · answered by canela 5 · 0⤊ 0⤋