what to do with high risk credit card “plains commerce”?

american_bulldog25: what to do with high risk credit card “plains commerce”?
Ok first of all I had horrible credit back in 2001, now its all looking good again, so I applied for a loan. one of the people I owed money to back in 2001 sold the account to plains. I plan on paying off my plains credit card and all the other high risk cards. the Question is since I’ve had plains card for so long and I’ve paid it on time along wilth the other high risk cards whats should I do? even with no balance on the cards they’ll still charge me the annual fee which is outragous, but I dont wanna just cancel the card for it’ll ruin my credit. what should I do?

Answers and Views:

Answer by Craig T
It appears the annual fee is $ 48, high but I’ve seen much worse.

If the credit line is decent, I might consider keeping it. A lot depends on your entire credit picture.

Answer by VTXrider
It is hard to say without knowing what outragous means to you. Likley I would suggest you keep only the one with the longest and best credit record, cleanest record being more important. If however you have had some sort of a better no fee card for atleast 2 years and you are not planning a major financed purchase in the next several months I would cancel them all. It will hurt your credit but you can rebuild that loss over time and if they are charging that much there is no sense in paying the cards extra so you can save a little on financing something else. I think it is ok to keep one card that charges as much as $ 100 annual fee if you do not have other credit for about 2 years but you need to work towards only having no fee cards.

Answer by MS.B
I Know how you feel..I have a card from them as well. They are big time losers. What I am planning to do is pay them off, cut up the card so I don’t use it, and just have the balance at zero. Once you pay the card off,and get to zero balance your credit score should go up some. Sometimes canceling a card could hurt your credit score, so I’m just willing to sacrifice and pay the annual fee. That is better than having a balance month after month.