credit "experts" in here...

[SSMAN]

Cancel it.

This.

[D. Lil]

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

[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?

[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

[Lason]

If you can afford to keep it and keep it paid off then by all means keep it. You want to have old credit limits that are paid off. It helps the AAoA (Average age of accounts) part of the FICO score.

[Sean88gt]

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

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

[likeitfast55]

for a 500 dollar card --- not worth it, canxl it!! asap you will take a VERY small hit in credit score because the 500 is not that much credit! Unless it represents a large % in credit/to income ratio that is.

[Skidmark]

Cancel it, look around on creditcards.com for something else that interests you with NO annual fee, get you the new card, get you the new credit on your report, and also the increase in credit limit.

[Cooter]

Cancel it. Fuck them.

I haven't used credit cards for over a year - I haven't missed them, the payments, the bullshit, the headaches, etc. Living off of cash and doing O-Tay!

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

[greenbullitt]

Are you planning on making any major purchases using your credit?

f.no, which also leads me to believe I should cancel it. I just want to improve my score the best I can so if I decide to make a major purchase again, I wont be hammered worse than they already do on interest etc...

[Denny]

Well, I typically dont worry about a few measley points,but I hurt my credit some this year (not by choice of course) with a severe pay cut from the previous employer. Now that ive moved away from that crap Im trying to fix everything, thats why I ask...Im ready to be off the grid too.

Are you planning on making any major purchases using your credit?

[greenbullitt]

It sounds like a worthless piece of plastic, guaranteed to burn money each month at best. I'd toast it, but I only have one personal and one corporate card that don't have fees like that. They're eventually coming to all cards and at bigger levels.

The fewer vehicles you have to debt may lower your credit score, but getting yourself in the mindset of a debt-free lifestyle is worth a few credit score points. As soon as my commute to work isn't 9000 miles each way, I'm ditching my cards. I'll be off the credit grid.

Well, I typically dont worry about a few measley points,but I hurt my credit some this year (not by choice of course) with a severe pay cut from the previous employer. Now that ive moved away from that crap Im trying to fix everything, thats why I ask...Im ready to be off the grid too.

Cancel it. I've had the same thing happen. Cut up and in the trash immediately.

[The King]

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.

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

[Sean88gt]

Cancel it. Fuck them.

I haven't used credit cards for over a year - I haven't missed them, the payments, the bullshit, the headaches, etc. Living off of cash and doing O-Tay!