Good bye Hooters @ 29%!!!!

[AMISLANDER]

I just paid off my remaining balance on my Hooter's Card ($171.00).

This was my first card received after my discharge & at 29% and $72 per year, I no longer need it.

Once I see that it has zero'd out, I will cancel it. I have two other way lower interest cards, 9.9% & 15.5 & just don't need to pay $72 a year on Hooters with that kind of interest rate...not worth it.

But, to everyone who is trying to rebuild, for $72 (they take out $6/mo. in the way they bill....it was a great card to start with. I made all my payments on time, actually went to my credit limit & then made HUGE payments all on time...and now am at ZERO!!!

So, good bye Hooters...I know this might bring my credit score down a few pegs but I'm not going to sweat it as I have my other cards for continued credit re-building!

[HHM]

Nice work.

[bkdone]

Instead of cancelling, call them first and see if you cant renegotiate the terms. Let them know that you are planning to cancel the card if they cant waive your annual fee and lower the interest rate. If they say no, then cancel. But its worth a try and its an already established trade line. Good luck!

[tinroofrusted]

Did you try to at least get them to remove the annual fee?

Hooters gave me a card years ago when no one else would, so I plan on keeping them for a while just to keep my thanks in order.

[emoney]

With all of us swiming against the stream of debt, why would you get such a expensive card?
regards,
emoney

[CindyLou]

hooters has a policy to NEVER decrease interest rates. you can cancel and reapply. That is what they told me. I am actually thinking of cancelling mine also. (I pay $4/month for the annual fee)

[AMISLANDER]

With all of us swiming against the stream of debt, why would you get such a expensive card?
regards,
emoney

Before I filed Bk in 2005, I had over $50K on like three credit cards...from 2000....I hadn't touched a cc since 2001 prior to filing...but I had STELLAR credit prior to my accumulated debt.

I found this forum & read EVERYTHING...I did not want to get a secured card or pay to have a credit card & read horror stories about people getting cards & having to pay like $300 just to have the card & then their balances beginning...etc...so

I heard that Hooter's was bk friendly, applied, they gave me $1k line to start off with after my discharge...but I did wait 8 months before even attempting this card....They broke the annual fee of $72 into 12 mo. increments, that I could deal with & knowing how bad I had abused my credit, I felt that I wasn't ever going to carry enough of a balance to worry about the 29%...and wanted to grow my credit history again...so I got the card. Used it & paid off my balance basically every couple of months so the 29% was no big deal...

Then, I started to get offers for better rates (to me at least) of 15% and I got another card....and used it & made big balance payments so again, no problems THEN, I just recently got an offer for a card with 9.9% annual & I snapped that baby up....so now, with my rebuilding obviously going well...and my FICO at around 700 if Hooters won't drop the interest and fee....why keep the card?

I CALLED THEM & THEY WOULD NOT NEGOTIATE...so I CLOSED IT!!!!
And cut that baby into a million little pieces!!!!!

Haven't done that in EIGHT YEARS, oh what a feeling!!!!!

Now, how much can it possibly hurt the credit rating I barely have?!

[HHM]

Yeah, in the big picture, if they won't drop the annual fee, then you have to dump to the card.

Having said that, age of OPEN accounts is an important variable for credit scoring. So, if at all possible, you don't want to close your high interest cards (just stop using them), but at the same time, its not worth paying the annual fee to keep them open...so, if a card won't drop their fee, then dump the card.

[emoney]

As for the secured credit card First National Bank of Omah was the cheapest I could find. They charge $20 per year and report to all three CRAs. The opening savings balance is required to be $500.
I sent them the money in a bank check and in ten days I had the card. My cash was really short, but in less than two weeks I was using my cc.
regards,
emoney

[bkdone]

I CALLED THEM & THEY WOULD NOT NEGOTIATE...so I CLOSED IT!!!!

Well, I'd agree then. If you've already tried to get them to drop the annual fee, and they wont, then I would drop them too.

[CindyLou]

Oh, yea, they also have a policy against EVER changing the annual fee. They told me once the fee is set you have to close the card and reapply.

[AMISLANDER]

Oh, yea, they also have a policy against EVER changing the annual fee. They told me once the fee is set you have to close the card and reapply.

At this point, with one beautiful card at 0% for the next 10 months & then 9.9%.....it becomes...why bother with Hooters! They served their purpose...they made some interest off me & I got my credit back in gear with the use of their card...mutually beneficial!

[Bryan16]

Interesting how Hooters seems to offer varying rates and fees. I received my card about a month ago (discharged 09/07) and have been using it for everything. I pay it off weekly.

It is only $36 (annual fee) which I paid up front so I wouldn't have to pay $3 per month. My rate is 22%. I'm hoping for a higher credit limit eventually. I was declined for a Target card but it was due being unable to verify my home telephone number I think is what the notice stated. I'm just happy to have a real credit card I can use for hotel rooms or rental cars if ever needed. Sometimes BofA puts a routine hold on my account when I purchase large items so it's nice having a backup too.

[CindyLou]

Interesting how Hooters seems to offer varying rates and fees. I received my card about a month ago (discharged 09/07) and have been using it for everything. I pay it off weekly.

It is only $36 (annual fee) which I paid up front so I wouldn't have to pay $3 per month. My rate is 22%. I'm hoping for a higher credit limit eventually. I was declined for a Target card but it was due being unable to verify my home telephone number I think is what the notice stated. I'm just happy to have a real credit card I can use for hotel rooms or rental cars if ever needed. Sometimes BofA puts a routine hold on my account when I purchase large items so it's nice having a backup too.

Read the fine print.....after the first year, the annual fee will be payable in 12 equal monthly installments. They WILL NOT allow you to pay it up front.

[Bryan16]

I suppose when that happens, I'll sign up for automatic $3 payments. That should be the easiest way to build my credit.