gah. Bank wwyd?
So I got a letter in the mail today from Chase (used to be WaMu) saying that if I dont make certain qualifications than there will be a monthly $10 service fee.
My issue is that I dont make any of the qualifications b/c its my secondary account that I use for business stuff, but there is never much money in it, so I would have to pay the monthly fee. The catch is, I have had this acct since I was about 12, so it really helps my credit to have an account open so long, etc. and we are starting to get into the home-buying stuff, so I dont want it to hurt my credit if I close the acct. But I am so frustrated that now I have to pay this stupid fee each month. I know its not a lot of money, but it will add up over the months, and in small business, every dollar counts!
Sooo.... do I keep the acct and pay the fee? Or close it?
Re: gah. Bank wwyd?
::shakes fist at Chase for Leanne::
I would probably tell them I'm going to close the account unless they waive the fee, then if they refuse, close it. When you apply for a mortgage they will look at how much is in the account, so having it open longer definitely helps, but since you said it's a smaller amount, I don't think closing it will hurt your rating much.
Random Chase poor customer service story: A woman I know has an account there in her son's name but he is a minor so she is the authorized person on the account for any decisions. Her ex-husband took their son to Chase and they let him (not authorized on the account) close it out and take the money!
Needless to say they were very apologetic and will be replacing the money, but still....
yeah, we have a joint acct at BECU and I love them! I guess I will be closing it and getting a new BECU acct! I was just worried that it would hurt my credit to close my longest open acct.
Your income to debt ratio and having stable job(s) is a much bigger deal -- unless you open new accts/LOCs often then it will still reflect positively on your credit that you had an acct that long and won't be a major ding to open a new one.
Isn't the "longest open account" thing in relation to credit cards not checking/savings account? (which it sounds like this is)
Anyway I would close it and go credit union.
I agree with pp's I don't think how long you have been with a bank has any effect on your credit score. Your not supposed to close credit cards because those will cause a ding to your credit score but a bank account does not show any balance of credit that you have paid on time or carried a balance. I would close the account.
Weird I haven't gotten anything from chase saying that and we have 2 other account besides our primary one with them.
I would say wait until you meet with your lendor and ask him/her. I would not close it until then. It may be worth keeping it open for a couple months until your are done with the home buying process, then close it and switch to another bank or credit union.
But I would be really nervous to close it without making sure it won't affect your credit score...and I think the only one who can tell you that is your lendor.
Heavens to Murgatroyd Blog
Unofficial Baby Names Sticky Note: New and Old| Local Bumpie Website