When I was less financially stable I opened a credit card that charges a fee of $7 a month.
I have had zero balance for quite some time and I would only use it in an emergency, but the credit limit isn't very high so it wouldn't get me very far. I certainly don't use it enough to justify $84 annually.
My credit score is on the cusp of "good," and I'm worried closing an account will hurt my score. It is one of my older accounts and I have no credit card debt, if that gives more insight.
I would appreciate advice on keeping the account open and paying the fees vs. closing the account.
Thank you!
PS - I called the credit card company, and told them I was considering closing my account because I couldn't justify the fees. I was told the fee cannot be waived, and I was transferred to the account closing department. I hung up before it connected because I wasn't sure how to proceed.
Thu Jul 21, 2016 12:22 am
First Choice Member
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Maybe Keep It, Maybe Not
If you've got marginal credit, especially if your credit history isn't very long and it's one of your oldest accounts, I would keep it open if you think you'll be needing credit sometime soon. The age of your older accounts definitely helps, as does having a low utilization on that card. May I ask how old your credit history is?
Tue Jul 26, 2016 10:13 pm
BuckeyeTarheel New Poster
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Re: Maybe Keep It, Maybe Not
quote:Originally posted by First Choice If you've got marginal credit, especially if your credit history isn't very long and it's one of your oldest accounts, I would keep it open if you think you'll be needing credit sometime soon. The age of your older accounts definitely helps, as does having a low utilization on that card. May I ask how old your credit history is?
Thank you for your reply! This credit card in particular has been open for 6 years, and my average age of credit history is 6.5 years.
Wed Jul 27, 2016 1:25 am
First Choice Member
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Location: Valdosta, GA
Yeah, that's really a tough choice you've got. Paying a fee for a credit card you don't use really sucks, but most likely this is helping your credit. How much is it helping? All we could do is speculate. I wouldn't be surprised if it was worth 10-15 points on your credit keeping it open. But again, it's difficult to guess. Good luck with whatever you decide. Hopefully someone else will chime in with their opinion.
*note - I did credit repair up until several years ago, and had about 100 clients, so you can use that to gauge what my opinion is worth. There are other forums that specialize in credit topics, my favorite is creditboards.com
Sat Jul 30, 2016 1:52 pm
Arthur110gamer Member
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Nice thread, thanks for sharing!
Have a great day
Wed Aug 03, 2016 11:04 am
Roger Full Member
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