credit "experts" in here...

[Cooter]

My credit isn't what it once was, so I didn't really give a fuck. My bank offers those services on debit cards.

my bank offers 5:1 points using a credit card vs. debit card

[SVTNorthTexas]

It will affect your limit of credit avaliable compared to your credit used by the $500. It will also affect the aged account inventory. (Not sure if I wored that right) How long have you had the card opened?

[D. Lil]

As long as you have a 0 balance canceling it is fine.

[SSMAN]

Cancel it.

This.

[SVT Lurch]

The impact of a $500 limit on his available credit is likely to be negligible.

Which is why I included the bold portion:

It will lower your available credit so that your total usage of credit to available credit will go down (percentage). Assuming you've got a couple of other open cards with higher limits you should be fine.

If it were me I would cancel it.

use a credit card for everything and pay it off regularly. same as cash, buyer protection, reward points, and increased credit score

^ smart man

[8mpg]

Id cancel... $500 limit isnt much unless you have a total credit line of $3k or something around there. Like said above, unless you have had this card a REALLY long time that is really helping your average account length, its worthless.

I signed up for my first credit card with a fee... $95/yr but the 100k miles bonus and the credit limit is worth it in my opinion.

[greenbullitt]

It will affect your limit of credit avaliable compared to your credit used by the $500. It will also affect the aged account inventory. (Not sure if I wored that right) How long have you had the card opened?

12 years. I suspect lots of people will be dropping aged accounts soon as creditors start popping more and more fees

[mustangguy289]

cancel

[mustang_marc]

12 years. I suspect lots of people will be dropping aged accounts soon as creditors start popping more and more fees

Very likely. I have several open account with no reason to close as they are 10+ years old. I use them once or twice a year to keep them active and for credit score purposes. But the minute I start getting with annual fees or monthly charges, see ya!

[Broncojohnny]

No way I would ever pay one cent to carry a credit card.

[likeitfast55]

You can also close it with a "note" in your credit files (x3- agencies)

Consumer closed due to excessive "0" balance charges.

I have done that before with AMEX and did not suffer a hit in score.

[Grape]

I have a credit card that I have had for years that only has a 500.00 limit on it. I rarely use it, and usually pay it off quickly. I paid it off recently and see that theyve started charging me a "monthly fee" of 5.00. Take in mind this is a card that has never had any monthly or annual fees. I asked if they would remove them as i didnt approve them, of course they said no. I asked if I would be charged the fee if i didnt carry a balance, of course they said yes. I want to cancel the card as I obviously dont want the 60/yr fess for a card I could care less about. Suck up the fee (which sounds stupid) or cancel the card? How will cancelling the card affect me score wise if at all? Its my oldest card but smallest limit...

heres what's gonna happen, they will make you pay one of the monthly fees for time lapse only before your written decline of service reaches the powers that be. When you pay this $5, take them $6 and they will have to mail you a statement for however long you wish. I'm currently working on a $1.83 credit from Compass that i've had since mid '04........i hope it was worth it to them.

[talisman]

Unless you're planning on buying a house, car, or are one of those people who has 12 credit cards and put everything you own on them, I don't understand why people give so much of a shit about their credit. Zomg, I'm a 700 instead of a 710, I should pay that monthly fee so I can save .025% on a car I'm going to finance 4 years from now. You are not your credit score, people. Use your brains.

[SMKR]

But but my e-penis is measured by my beacon!!!

[347Mike]

It will lower your credit. Not because of the available credit you have but the fact it has age to it. Credit history and length.

And Eric... lol You just sound bitter....