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Question By
smithid

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If I close a zero balance credit card with a $100 annual fee will this hurt my credit much?
I pay off my monthly balances on my other cards. I have no other loans out there either.

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Closing a credit card would have a negative effect on your credit report.   The amount of negativity depends on how it would affect your average age of accounts.  if this for example was your oldest card, the amount of damage his higher than if it is a fairly new card.   I would first contact the credit card company and if you have built up enough of a track record with them ask them to waive the annual fee.   You may have to repeat the request yearly.   You could ask them if they have a no annual fee card then can transfer your credit line to while keeping your date the same.  Be careful, some will merely open a new account/card for you and this would be the same damage as closing it outright.   

Top Contributor
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Faidros is correct. Also if you receive a credit increase on one or more of your other cards, equal to or more, than the card you want to close; your credit availability will not be affected. 

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