credit card

**lisettelovebug** · 08-01-2007, 02:22 PM

Ok. I have a question. I have 2 capital one cards (both will be paid off before Xmas):
CC#1 11.9% fixed limit $500
CC#2 9.99% variable (currently 15.9) limit recently increased to $2000.

I've had the first one longer than the second one. This spring I received a credit card for $1750 limit and 8.9% from Juniper. I am snowballing and will have this credit card payed off by May. (have 1220 on it - we used it for vacation and hotel).
We are also trying to save for a house and I need to keep my credit score where it is (or better) until after next year.
The second capital one also has a yearly fee of $39. I would like to get rid of that card, but am worried what it will do to my credit score. I hate to keep paying capital one to use a high interest credit card.

What do you guys think? Will it hurt my score? I've had the card since before my bankruptcy - I think I got it in 2004. So I've been trying to rebuild my credit since 2005 when bankruptcy went thru. Several of my credit cards and store cards I was able to keep so that helped.
Any advice would be helpful.. what would you do?

(other credit info - 2 store cards that are paid off when get bill, car loan last year, 1 school loan paid off and the other in defferment)
Lisette

**cheappearls** · 08-01-2007, 02:29 PM

I would cancel it. No reason to have a varible interest rate AND pay an annual fee.

It will hurt your score but only in short term. Make sure when you cancel it have them put "closed at consumer's request" on the account so it doesn't look like they closed your account due to non payment or something.

**PAVallygrl** · 08-01-2007, 02:35 PM

You've been with them since '04 and had no late payments or anything? I'd call them up and tell them "I don't pay a fee" if you make me I have another card with the same % rate that I can give my business to (LIE IF YOU HAVE TO) so I'll have NO choice but to pay this off. I recently did this with the evil Capital One (I've been an outstanding customer since 1996 and they tried to hit me with a membership fee) Needless to say, they REVERSED the fee! Try it it may work - it did for me.

As far as canceling it if you plan to buy a home within the next year or two I would NOT cancel it Along with the BK on your report (lasts for 10 years BTW) you don't need your score to go down any more and it will if you cancel.

**babymakes5** · 08-01-2007, 04:34 PM

I am not sure how well this will work without actually knowing your credit score. , but this simulator can tell you how your actions might affect your credit score.

**LexTysMommy** · 08-01-2007, 04:35 PM

I am with PAVallygrl. I also have capital one with a yearly fee. I call them every year when the fee is added to my account and she said as long as you paid your bill on time for last 6 months they will waive fee every year as long as you call them.

Give it a try.