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KUfaninwv

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Canceling a credit card
Two very old low limit cards that charge a yearly fee. Can I cancel the without harm? No balance on either

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It Could Hurt

Closing older accounts will change your average age of credit.  Part of your score is the average age of open accounts.  So closing very old cards will cause a drop in this area.  Some say this accounts for up to 15% of your overall score. 

There are some alternative options, depending on who your cards are through.  You can ask to waive the fee.  Some card issuers will allow you to "upgrade" your card to a different card they offer that doesn't have an annual fee.  Sometimes, you need to threaten to close the account for them to do these things.  But start by just asking. 

If they won't play ball, then you have to make the decision.  Use the simulator provided by credit karma to see what impact closing these cards may have.  If it is worth paying the annual fee then keep them.  If it is not worth it, then close them.  If you can get the fee waived, keep it open forever!

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