"To Close Or Not To Close??"
Tribute® Gold MasterCard® Credit Card Review
Written by: gersh on 2008-09-13
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gersh's review: 
I have had this card for two years. The fees are outrageous and my credit line maxed @ $900. However I was extremely diligent at making large payments and NEVER being late, even if I had to pay the ridicul
ous $4.95 online payment fee!! With a lot of due diligence of paying off some old medical bills, getting my student loans in order, buying a car and never being late on the payment (also with a ridiculous interest rate), my credit has been restored. This card did help in re-establishing credit albeit at a serious cost. However, I blame no one but myself for my credit score being in the 500's when I started to dig out. My FICO is now around 740 and am carrying AMEX and CITI AAdvantage. I REALLY respect my credit and don't EVER want to go backwards again!!!
To all of you credit gurus out there, is it now wise for me to close this account. I carry no balance but still get charged an account maintenance fee and will shortly be charged the annual fee... STUPID!! BUT, I don't want my FICO to get hit too hard, it could cause major problems with AMEX. I am still new to AMEX and establishing a relationship with them. I have read horror stories about FICO scores going down and then getting hammered by AMEX. Should I keep this for another year and pay these ludicrous fees just to safeguard my FICO???? Also, does the new formula for computing the FICO now take into consideration that AMEX doesn't report limits? Please advise!!!
I have had this card for two years. The fees are outrageous and my credit line maxed @ $900. However I was extremely diligent at making large payments and NEVER being late, even if I had to pay the ridiculous $4.95 online payment fee!! With a lot of due diligence of paying off some old medical bills, getting my student loans in order, buying a car and never being late on the payment (also with a ridiculous interest rate), my credit has been restored. This card did help in re-establishing credit albeit at a serious cost. However, I blame no one but myself for my credit score being in the 500's when I started to dig out. My FICO is now around 740 and am carrying AMEX and CITI AAdvantage. I REALLY respect my credit and don't EVER want to go backwards again!!!
To all of you credit gurus out there, is it now wise for me to close this account. I carry no balance but still get charged an account maintenance fee and will shortly be charged the annual fee... STUPID!! BUT, I don't want my FICO to get hit too hard, it could cause major problems with AMEX. I am still new to AMEX and establishing a relationship with them. I have read horror stories about FICO scores going down and then getting hammered by AMEX. Should I keep this for another year and pay these ludicrous fees just to safeguard my FICO???? Also, does the new formula for computing the FICO now take into consideration that AMEX doesn't report limits? Please advise!!!
6 Comments
Comment 1 by thomas1
TRIBUTE 
on 2008-09-13
In my opinion, you should close this account since you now have Amex and Citi AA. Closing this account could affect your utilization ratio only if you carry a large balance on your other 2 cards. If not, then it won't. As far as losing points because of the closure, I seriously doubt it since the Tribute is only 2 years old. Generally points are lost if the account has aged for years, usually 5-7. Remember, long aged history is what affects your score, and that would be minimal, only to rebound in a few months anyway. It also depends on how new the AA and Amex accounts are too.
Some might disagree by saying to sockdrawer the card, but I would close it as it has served it's purpose and you have moved on to better products. I recently closed out 2 accounts, one was over 3 years old, the other just over 2 years old. No affect was made to my score, as it brought up the average age of all of my accounts.
You have worked hard to restore your credit, you have top tier accounts, and I would say bye-bye to the Tribute.
Let us know how it goes!
on 2008-09-13 In my opinion, you should close this account since you now have Amex and Citi AA. Closing this account could affect your utilization ratio only if you carry a large balance on your other 2 cards. If not, then it won't. As far as losing points because of the closure, I seriously doubt it since the Tribute is only 2 years old. Generally points are lost if the account has aged for years, usually 5-7. Remember, long aged history is what affects your score, and that would be minimal, only to rebound in a few months anyway. It also depends on how new the AA and Amex accounts are too. Some might disagree by saying to sockdrawer the card, but I would close it as it has served it's purpose and you have moved on to better products. I recently closed out 2 accounts, one was over 3 years old, the other just over 2 years old. No affect was made to my score, as it brought up the average age of all of my accounts.
You have worked hard to restore your credit, you have top tier accounts, and I would say bye-bye to the Tribute.
Let us know how it goes!
Comment 2 by wildrage2
Check Out Your Options on 2008-09-13
I would call them, tell them that your credit has been repaired, and see if they will waive the annual fee.
I've heard of some people getting up to $2500 limits with this card, no annual fee, and no monthly fee... You'll find them if you go through the reviews.
If they don't budge on the fees, then close it. You already have tier 1 cards, and if you don't close it, you be hostage to their fees for years to come. It will only get harder to close it, and affect your score more, as time goes on.
Just my opinion...
on 2008-09-13 I would call them, tell them that your credit has been repaired, and see if they will waive the annual fee.I've heard of some people getting up to $2500 limits with this card, no annual fee, and no monthly fee... You'll find them if you go through the reviews.
If they don't budge on the fees, then close it. You already have tier 1 cards, and if you don't close it, you be hostage to their fees for years to come. It will only get harder to close it, and affect your score more, as time goes on.
Just my opinion...
Comment 3 by mskiwi
Close It on 2008-09-14
I agree with wildrage. If you have a zero balance and close the card, you will retain the positive TL for approx 10 years on your CR. This card has served it's purpose for you. You're in with the big guns time to get rid of the toy pistol.
on 2008-09-14 I agree with wildrage. If you have a zero balance and close the card, you will retain the positive TL for approx 10 years on your CR. This card has served it's purpose for you. You're in with the big guns time to get rid of the toy pistol.
Comment 4 by meya
I Agree on 2008-09-14
I say close the card also. Once you are in the door with tier one banks, you can get your history from them. Two years is not going to kill your scores (let alone your credit) I say keep your balances low and when you close that card you will hardly see a difference.
on 2008-09-14 I say close the card also. Once you are in the door with tier one banks, you can get your history from them. Two years is not going to kill your scores (let alone your credit) I say keep your balances low and when you close that card you will hardly see a difference.
Comment 5 by mrrob
Close It on 2008-09-15
You have AMEX and CITI, why pay out extra $$ that you don't have to? Good luck
on 2008-09-15 You have AMEX and CITI, why pay out extra $$ that you don't have to? Good luck
Comment 6 by kyla
Close This Account. on 2008-10-15
I don't like the fact that they will charge you for an online payment fee. That's just insane. I would definitely close this account.
on 2008-10-15 I don't like the fact that they will charge you for an online payment fee. That's just insane. I would definitely close this account.
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Disclaimer: This content is not provided by First Bank of Delaware. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by First Bank of Delaware. Review content is powered by Finance Globe.
