Credit One annual fee AF waiver

[JdsFico]

I have a Credit one visa and credit one amex, I know... I shouldn't and will cancel eventually. The credit one visa has an annual fee of $100 billed $8.25/mo and the amex is $39/yr billed annually. My credit one visa line was 0/2150 when I called, had recently paid it down from 975/2150 yesterday, and amex was 800/1200. I said my visa had a 0 balance and I was interested in a way to reduce annual fee or I was going to cancel it.

They transfered to representative that asked why I was interested in cancelation, I said AF was too high and I had 0 balance, they offered 6 month waiver on the visa with a $20 credit. They also offered without my asking a refund of $50 on the amex to cover the $39 AF I had recently paid a month prior. I don't know where these numbers are generated but I accepted, when I asked if it could be increased from 6 months to a year the rep said this is first call so he can't do anything more but to call back in 6 months and they can do something similar. At time of call Fico 8s were in the 685-705 range.

So now I will call back in 6 months to waive the AF again or cancel the account, hopefully the amex is PIF by then and can threaten to cancel both. I was not offered a CLI but $250 increase was automatically applied a couple months ago on the visa, will likely ask for CLI when I call back in 6 months. A bit of a hassel but currently don't want to lose the $3k in CL as it is helping my utilization and for now not costing a monthly fee.

[sznthescore]

Your credit scores are too high to have a credit one account and that's a good thing.  In the meantime, get what you can out of them because they themselves know they're on the chopping block.

In six months, see what they're talking about. If it's not good enough then close both accounts. The upside to all of this is that your next new account will have higher SL's I'm just sure or at least grow better than a Credit One account ... 😉

[JdsFico]

Yea I want to cancel the credit ones but it will hurt my utilization as I'm still carrying a substantial balance on other cards. Trying to get more of it to 0% BalanceTransfer cards, just got approved for a $4k SL citi card with 0% BT for 21 month, so right now I'm juggling balance transfers while trying to cancel sub primes that have been paid off and carry an annual fee.

[sznthescore]

@JdsFico  Understandable. You're definitely in the right mindset thinking about the effects of utilization, your newly approved account, balance transfers, etc. Dealing with credit you definitely have to be strategic on how you go about things. When the time comes, it will all work out for you.

[DaWhole9]

Yes, I have a CreditOne account...used to have 2 but I closed one and the one I have I call every 6 months and they waive the fee.  They also give me a credit limit increase of a few hundred every time.  I keep asking to move to a no fee card and they say they cant.  So as long as they waive the fee and keep upping the credkt limit I will keep it open, and when they. wont, then I will cancel it.  

[CorpCrMgr1]

Congratulations on your credit wins!

[keekers]

Congrats.

[JdsFico]

@DaWhole9 When you call to waive fee do you threaten to cancel or just ask for fee waiver? Also do you ask for CLI or are they just auto applying them?