2007-03-16 16:51:53 · 8 answers · asked by Dacue Q 1 in Business & Finance ➔ Credit
There are two things in credit repair
One is taking care of the baddies and the other is re-establishing credit
If you are well into both you might consider closing the card.
If you are at the beginning of credit repair you might keep it open for a little longer, if you can afford the fees.
Another thing that you might do if you have had it at least a year and depending on who the creditor is, is to call them and ask them to waive the fees.
If it is a card from companies like Orchard or HSBC, etc. they may waive the fees or at the least, reduce the amount
If it is a very subprime card from Tribute or Centennial, they probably will never waive the fees.
2007-03-16 18:55:38 · answer #1 · answered by echo 7 · 0⤊ 1⤋
The only way to repair your credit is to show you are credit worthy. The catch is you need credit to show that. Use the card for small purchases and pay in full every month. It will probably take a year of consistent on time payments before you are able to get a better deal. Then you can cancel the card.
If you have any loans or bad debt you HAVE to take care of those first. That will help your credit score immensely.
2007-03-17 01:25:16 · answer #2 · answered by Anonymous · 0⤊ 1⤋
You mentioned that you have not so good credit. I can't ask you personal questions to find out about your credit but I can tell you if it is bad and you are trying to repairer it, I would suggest using the card for small purchases and pay the card off every month. By paying a credit card off each month you don't have any balances carried over to pay interest on and you look better to future company's when it comes to getting a better rate on a loan, credit card, etc.
The main thing that you need to remember is that when credit is bad your not going to have too many choices as to the types of rates and services on credit cards and loans. Use it to help build your credit then cut it up!
2007-03-17 00:06:43 · answer #3 · answered by tas8633 1 · 1⤊ 1⤋
Yes I would cancel it..and take the money that was being paid to it to help pay down other bills owed. If you have other loans - car or rent to own, store credit extra - i would make my regular payments to them, increasing your credit history that way instead of using a credit card. You can later apply for a credit card that has no fees if you like, once you have established a better credit history.
2007-03-17 00:55:28 · answer #4 · answered by MontanaGirl 4 · 0⤊ 1⤋
I would keep the card to help build your credit score up. It will be well worth the fee.
2007-03-17 00:57:28 · answer #5 · answered by Anonymous · 1⤊ 1⤋
If your credit is bad, you should not cancel your credit card. If you do that, your credit score will drop!
2007-03-17 02:46:58 · answer #6 · answered by Young and Famous 3 · 0⤊ 0⤋
yes those fees will kill ya
2007-03-16 23:59:06 · answer #7 · answered by Anonymous · 0⤊ 1⤋
YES!
2007-03-16 23:54:54 · answer #8 · answered by RickinAlaska 4 · 0⤊ 1⤋