I am ready to cancel a credit card that is costing me more than what it might be worth. I am interested in the board's opinion on what impact it may have on me.
Background: I have recently acquired my 3rd credit card and boosted my credit limit comfortably. My credit history is just less than 2 years old, and my first card was a secured card with an annual fee. I am ready to get rid of the card as the limit is $300 and it has a $29 annual fee, plus $50 deposit.
My 2 newest cards are less than 6 months old with considerably higher limits and reward offerings. Should I hold out one more year with my secured card or go ahead a kick off the cancellation process? My FICO score was 730+ last time I checked before I opened my new line of credit. If further details are needed, please ask.
GetCocky11 South Carolina Fan Member since Oct 2012 6171 posts
re: Credit Score Impact For Closing CC w/ Short Credit History(Posted by GetCocky11 on 12/6/13 at 3:54 pm to Teddy Ruxpin)
quote: I'll be the third one to say get rid of it UNLESS you are able to convert the card to a no fee card from the same issuer. That may keep the line's age up even though it really won't matter much.
This. If you used the card responsibly, they may convert it to a no fee credit card. This worked for my wife.
RickAstley LSU Fan Reno, Nevada Member since May 2011 1649 posts
re: Credit Score Impact For Closing CC w/ Short Credit History(Posted by RickAstley on 12/6/13 at 4:21 pm to GetCocky11)
I appreciate the responses. I was planning on canceling tomorrow, though I will speak to customer service about removing the annual fee before cancellation. I certainly do not plan to use the card again going forward. It's simply the oldest line of credit I own, yet the credit limit is piddly