Cancelling a Credit Card

[Lone Sailor]

So being in debt is something to be proud of?

We're all in debt one way or another.

[lincolnboy]

im with everyone close one. having a card and it not being used can affect you.

[Forever_frost]

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....

Why are you paying an annual fee for a credit card with that kind of score? My Discover Card builds up airline miles and has zero fee

[8mpg]

Here is the good advice:

downgrade your card. This allows you to keep the card open, keep the credit open which will help the usage, increase your average life of account, etc.

Just call them up, tell them you dont want to pay and you want to downgrade your card. They will offer silver or bronze and it is no yearly fee. DONE

[ceyko]

I never noticed a hit with closing 1 card. One time I got pissed and closed 3 and that was about 80 points off the credit score. So, I'd think if you closed 1 every 6-12 month it would not be anything major.