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Mcnooberface

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Close credit cards with yearly fee?
I'll try to be brief and sorry if this question has been asked a million times but I would really appreciate the advice. Ok so I have 4 credit cards that were opened between 2007 and 2010 when my credit wasnt so great. Each of the cards have a $500 limit and each have a yearly fee of like $60. There is no balance on any of the cards. Now I have decent credit and have since aquired multiple cards with around $30k in credit and I'm using only a couple grand in credit on cards with 0% interest for the next year. I really don't want to pay a yearly fee and I want to close my 4 cards that were opened up in 2007. Also the 3 of the cards are all from capitol one well I think all 4 are now. What do you guys think close them to avoid the $240 in yearly fees on cards that I no longer use? Thanks for the advice!

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If it's CapOne's cards or it was HSBC's then acquired by CapOne, then have you tried to call them to have fee waived? Or if it's possible to combining them?

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Generally, it isn't the best idea to close credit card, let alone 4 of them. However, if they have fees? and you have gotten few (3~4) other cards? AND if closing them won't rise your utilization much? And you aren't looking to obtaining more credit in the near future? Then close them if you so chose, just bear in mind that your score might drop in the short term.

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The age of credit won't change in most of scoring models, closed account in good standings can last on your report for up to 10 years from when it's closed. I still have a CapOne card that was closed in 2006 in my report. FICO scoring models uses both of your open and closed account into age of credit. Vantage score models provide by CK use only open accounts for age/average age of credit.

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