Hooters card arrived today

[Pinktiger]

I applied online and thought maybe I was turned down because I didn't hear anything, but today here it was: a card with $1300 credit and no annual fee. I was thrilled. The annual percentage rate is 29 percent, but I'm not surprised.

Now I wonder if I should cancel my Premier card, or just keep it for a year and then get rid of it? Ideas?

[crazydebt]

i also got my hooter card today as well but I am being charged a 29 dollar annual fee with a 1000 limit. I might cancel it because of the annual fee. I wonder why i am being charged that. I have a FICO was a 648 average. Anyways, what do you guys think I should do? call them and tell them i'm going to cancel if the annual fee isn't drop? would they do that? let me know. thanks.

[poorme]

The best time to cancel a card is before you use it - the fine print says something about activation and use equals acceptance of T&C. However, unless you simply abhor fees and hight interest, the H-card is a standard, unsecured TL. That's an advantage. Use it wisely and responsibly. Some of us didn't do that previously, so this is perhaps a price we pay for our prior goofs? In as little as 4 months of excellent use and payment you should easily qualify for better terms, so it's your call on keeping it or not. If you can find a better deal now, take it.

[crazydebt]

I do have 3 CC that has no annual fee. I file back in 02 so I have been out close to 5 years now. I currently have 3 CC that I pay on time each month, one student loan paid on time, and one car loan that i paid on time. Current FICO average FICO is around 650 or so. Anyways, I haven't used the card yet, I just got it yesterday and haven't activate it yet hence the reason why I am asking you. Do you think they will waive my annual fee if I call and threaten to cancel the card? thanks for your input.

[CindyLou]

the 29 annual fee is very reasonable and the increase in your credit score from a 1000.00 (paid off each month; not run up) will be worth much more than the 29.00!!!!!!!!!!!!!!!!!! My advice is don't get too quick about cancelling older trade lines (your first premier card) until you have another one aged a little to replace it. this is just my 2 cents.

[poorme]

Crazy - it seems like a fair question - you won't know until you ask. The worst theing they can say is "no", and then you can decide what you want to do. We have no way to predict how they might react to the question, so go for it! Let us know how it turns out.

[crazydebt]

I call them and ask if the 39 dollar could be waive and apparently it can't. It was hard understanding what she was saying so after hearing a little longer, I just cancel the card before activating it. I already have 3 CC, so I thought I get another one just in case and want to build my score up. Not worth the 39 dollar and high annual percentage. Just thought I give you an update.

[CindyLou]

I still think the $1000 open unused trade line would have been worth it weight in gold for the 39.00!!!! Plus they give good increased, work with you on rates and yearly fees once you establish a history. If you are just AGAINST fee completely, try on of the juniper cards....