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Question By
sharmafranky

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4 credit cards with annual fee. Should I close cards & apply for a card without & anual fee now ?

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Top Contributor
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In general i'm againt closing cards (thats just me) but if they dont fit your needs and you are not using them then you have to weigh that.  Now opening up a bunch of new cards... well that might be more of a problem.  you will have to take on more inquires and the more you do the lower credit limits you might receive. 

Top Contributor
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Depends if you utilize the cards and rewards they offer. If your rewards cash and/or points are greater than the fee;they might be worth keeping. If you're not using the cards to your advantage, then it might be worth closing them. Keep in mind your available credit will drop, which will cause a drop in your credit score and possibly affect your debt to income ratio.  You may wish to apply for some other credit card(s) with no fee before closing out the others.

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