I recently paid off all of my credit cards and thought that I was credit card debt free. However, I have a credit card that I am still accruing a $10 monthly fee, I have called the credit card company and asked if they can remove this but they said no. The only way for this charge to stop accruing is the close out the account. Would closing out this account hurt my FICO score? Should I close this account out?
2007-12-27 07:43:01 · 3 answers · asked by Serita R 1 in Business & Finance ➔ Credit
The interest rate on this card is 33%.
2007-12-27 08:33:18 · update #1
Since you paid off all your credit cards, closing that one account will barely ding your score. With a $10 monthly fee, definitely close that account.
Do it via letter and request written confirmation that the account is closed. Sometimes closed accounts come back to life.
And congratulations for paying off those credit cards. Now only charge what you can afford to pay in full every month.
2007-12-27 08:42:09 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
It will tempory hurt score as less available credit.
But, you will be fine with having at least 2 other credit cards.
If you have good credit open one more card with no annual fee then close the one with 10 fee.
2007-12-27 07:48:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes. $10/month and a 33% APR? Screw that company.
2007-12-27 08:56:00 · answer #3 · answered by coolman293472 2 · 0⤊ 0⤋