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I realize I posted something a few days ago in the wrong place; I just started blabbering at the end of someone else's thread because someone's comments about their time as a credit card customer service representative got me started. I'll re-print it right here:

I just closed my "credit repair" card, Household (the first card that I got after bankrupcty, so I have a little warm spot in my heart for them - OK, not really) and it was a satsifying feeling.

The first person I spoke to said, "I see you have a long and positive history with us," and I said, "not really positive. The rate has been raised very high!" She transferred me to, I guess, retention.

This guy asked what they could do to get me to keep the card. He tried every suggestion in the book, like keeping the card just for emergencies or to keep my utilization low (don't need that - I have better cards with high limits now, totally empty.) When I told him what limit, rate, and annual fee status I have now with my two other cards (no annual fee) he just gave up and cancelled my account as requested.

But get this, he even tried: "I see you just paid the annual fee for another year of use," as a reason to keep the card. I said, "Oh yes, I'd like that refunded to my by check." He was not prepared for that!

I have had the card for four years and the $800 credit limit was not raised once. A year ago I went over the limit by EIGHT dollars and made a flurry of payments to try to correct the situation ($150 in payments in one month) and fought to get 1/2 of an overlimit fee refunded, and they punished me by raising my rate from 22% to 29%. HA! As if I'd want to keep this card. Oh yeah, the best he could to to tempt me was a 2% reduction in interest rate. DOUBLE HA!!! I think not. As soon as I get my check in the mail I'll enjoy cutting the card up and throwing it away.

*I know they'll send me the check because I closed two other, smaller Household cards in a similar fashion last fall just in time (within 30 days) to get the fee sent back to me via check. I hate paying annual fees.

Update as of today: I am about to call and close an Orchard card with a $59 annual fee. The fee is coming up in August and I feel it's ridiculous to pay that fee on a card with a $300 limit. I just paid them off and will call and I'm sure they'll go through the whole song and dance again.

To pre-emptively answer questions as to why I'd want to close accounts, it's because of: 1. the annual fees and/or 2. high interest rates, not to mention pathetically low limits. I have two other Mastercards with a combined credit limit of $7,400 and no annual fee, so it's a no brainer (oh yes, and those are paid to zero, so you see why I'm doing this.)

I just thought some people here would get vicarious pleasure as I close out my "credit repair" cards and begin climbing the ladder to better credit terms and an improved credit score. Dialing Orchard right now...
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