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villa1999

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how will my credit be affected if I dont renew annuel fee credit card
Jaime, Jun 26 19:09 (PDT):
I have $39,000.00 in equity in my house. It is valued at $185,000.00. According to HUD Appraised Value Disclosure, I received from Academy Mortgage Corporation last week when I went to refinance my loan from conventional to a VA loan. I hope this will help my credit score and I was approved for a credit card from Capital One over the weekend. I have been paying an annual fee for the two current cards that I have been using to rebuild my credit. First Premier is due to be renewed this next month. How will it affect my credit if I don't renew this card. Thank You Jaime P.
Villa

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You can try the Retention department. Some bank (I know Citi does) offers annual fee waiver/reduction or other kind of bonus to keep a faithful customer. If you fail or if their offer is not good enough for you and you decide to close your card anyway, tell them to close it. Because it looks worse in your report if an account is instead closed by grantor. This should be your last resource because when you close a card, your credit limit is lowered so your overall utilisation (a major part in credit score) increases. Also, your average length of credit history, another major part in credit score, will get affected to (usually get shortened). As a result, your credit score will go down.

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