Cancelling a Credit Card

[downshift_me]

They are both through Citi, but one is a Visa and the other is American Express. Can they do they with two separate carriers?

Don't mark my words, but being different carriers I do not think so. I closed a card once in a similar situation, but didn't have any significant credit hits. Have you tried talking to them about the fees? If you get high enough or know the right person they can be handled very nicely.

[talisman]

They are both through Citi, but one is a Visa and the other is American Express. Can they do they with two separate carriers?

Well, that complicates it, I'm really not sure. Best thing is just going to be to call them and ask. You might need to call both, one might be willing to, the other might not. I think the only answer you're going to get is from just picking up the phone and hopefully not getting some mouthbreather like Freight Train.

[Lason]

You want old credit cards, it DOES affect your score. If you need to cancel one, cancel the newer one. Total available credit is also factored into your score but not as much as average age of accounts.

[Tyrone Biggums]

I cancelled both of our AAdvantage cards last year. Between the annual rate going up, the miles per flight going up, their bankruptcy bullshit, etc. I had enough. Switched to Chase Sapphire and now I'll use my points how I want to use them.

[347Mike]

You want old credit cards, it DOES affect your score. If you need to cancel one, cancel the newer one. Total available credit is also factored into your score but not as much as average age of accounts.

That's what I said in my original post. lol

[FreightTrain]

I'm always amazed how people take financial advice from broke people. That's like asking the fat guy at work how to lose weight.

[talisman]

I'm always amazed how people take financial advice from broke people. That's like asking the fat guy at work how to lose weight.

lolz, weren't you the guy wanting to compare the entirety of your life savings to one quarterly bonus check Al gets? I love it when you post, it's like Christmas presents just rain down from the sky.

[FreightTrain]

lolz, weren't you the guy wanting to compare the entirety of your life savings to one quarterly bonus check Al gets? I love it when you post, it's like Christmas presents just rain down from the sky.

Nope just my play money account, but we never saw that bonus check. Which is funny because if you get something 4 times a year you'd think you'd have a check stub laying around.

[FreightTrain]

To the OP.


I guess it comes down to $10 a year. Sounds like you got alot of new accounts and plan to open up even more. Because of that you're going to need old accounts that are active. My advice is keep them open for now.

[mustangguy289]

Why would you pay to have a CC? Are the benefits really that good? Not trying to be a smartass... I am genuinely interested. There are a ton of cards with decent rates and offers that have no annual fees.

My money means more to me then a few pts on a credit score. Credit score is broken into brackets.. (example 720 will get you same offers as 740 etc).. so if a few pts won't drop you to a lower tier... I do not see a problem with it.

[TeeShock]

This thread needs more payment protection charges

[talisman]

Why would you pay to have a CC? Are the benefits really that good? Not trying to be a smartass... I am genuinely interested. There are a ton of cards with decent rates and offers that have no annual fees.

My money means more to me then a few pts on a credit score. Credit score is broken into brackets.. (example 720 will get you same offers as 740 etc).. so if a few pts won't drop you to a lower tier... I do not see a problem with it.

Airline miles come in handy. If used right, they end up paying you to use the card, despite the annual fee. (You also get your bag checked for free with an AA Ad card, which can save you $25 per flight) If you do a lot of traveling, it's a no brainer.

[347Mike]

If I get just one ticket from points, which I usually do then yes it's worth it.

I use my cc for everything. It also make you an aadvantage member which allows 1 free bag check in for all all my passengers (or maybe up to 2?) you get priority boarding which I already always have and a few other perks.

I get usually a round trip flight a year with it. On top of my traveling for work its an added bonus. Initial card members usually get a bonus of 25k or 50k miles if you spend xx amount in xx amount of months.

[SVT Lurch]

It will hurt your score, but it's impossible to say how much without seeing your full report. However, at/near 800 it's probably not enough to worry about paying the $95/year to maintain the score. Unless you plan to borrow >$417,000 for your next house 740+ will get you the best rate.

You get airline points with no annual few?

I am not cancelling the oldest. Every few months I get 0% checks in the mail for 12 months. I like free loans.

I am not copying you, I swear....

Capital One has two Venture cards. One pays 1.25 miles/$1 spent and has no fee, the other has 2 miles/$1 spend with an $85 fee. If you'll spend more than $11,333.33/year on the card you should get the one with the fee because you'll end up making more miles to cover the fee. I'm able to put everything on my card except my mortgage (groceries, gas, electric, water, cable/internet, etc.) so it's pretty easy to hit that number.

Why would you pay to have a CC? Are the benefits really that good? Not trying to be a smartass... I am genuinely interested. There are a ton of cards with decent rates and offers that have no annual fees.

My money means more to me then a few pts on a credit score. Credit score is broken into brackets.. (example 720 will get you same offers as 740 etc).. so if a few pts won't drop you to a lower tier... I do not see a problem with it.

See above, if you spend enough it makes sense to pay the fee to get more rewards that offset the fee.

720 will not get the same rate on a conventional mortgage as 740 will.

[Nash B.]

Closing it will reduce your available credit to debt ratio, and if the card you close is newer than your average account, closing it will increase your average account age; if it's older, closing it will decrease your average account age. As for how much that affects your score, like Trey said, it depends.

I guess it comes down to $10 a year.

$95 a year.