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cisco50

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cancelling a credit card that has an annual fee

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It will usually harm a score to close an active account in good standing, but the severity of the damage will depend on how many other cards you currently have. If you only have a few, then cancelling it would cause more harm than if you currently have many cards. The best thing to do before you do anything is to contact the credit card issuer and ask if you can upgrade the card to a better one with no annual fee.

3 Contributions
14 People Helped

credit card cancellatrion

I have a credit card that has a 1900.00 credit limit and i never use it due to me having credit cards with larger credit limits and a much lower interest rate charge, so this card has an anual fee of 59.00 and i would like to know if cancelling this card will affect my credit score ? I am sure that i will qualify for a credit card thru the same company with no anual fee. PLEASE RESPOND THANKS

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