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PB7978

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i have a credit card that i dont use, but it has an annual fee, should i cancel it?
Hi, Thank you for the advice/help section! I have an orchard bank CC with an annual fee of $50 (well 49.95 or something) and my credit limit is only $300. I think I should cancel this card, i have several others that have much higher credit limits and no annual fee. I dont want to keep paying a fee for a card that is really useless to me. Will cancelling impact my credit score negatively? even though the fee takes up 1/6 of the cards worth... I just dont see that its worth it. Thank you, Pat

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I'd cancel

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Although canceling probably will ding your score a bit, in your shoes I'd go ahead and cancel the card. That's a whopping big fee for a $300-limit card, and losing $300 of available credit shouldn't hurt you too much if you have other cards.

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Credit One Bank

I had same experience. Credit One charges $75.00 fee, I cancelled it within 3 days and they're still reporting in on my Credit report. Call the OCC @ 1-855-411-2372 to file complaint.  (Jan 22, 2016.)

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