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msscilli

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is it bad to cancel a card with annual charge that i never use?
I have a credit card that I never use and it charges me a yearly feel of $60 all of a sudden. It has a $2000 credit limit. Is it a bad idea to cancel it? Or will it really damage my credit score? DO I just have to suck this up forever now?

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How long have you had this card one or two years?  I'm thinking that when you opened this credit card the Yearly fee was waved for the first year or two and now that period is over.   Take a look at the paper work that was given to you when you opened the card or at your monthly statement.   The information for the yearly fee should be in there.

If you close the account your credit score will take a hit, but it depends on a lot of other things also,  how many accounts do you have,  how old is this card,  how much is the 2000 part of your total credit limit available

For me I would close the account if you are  using it and it only has a 2000 CL on it.  But thats me.   I have 12 Credit cards with a total of 49,000 credit limit between them.  

Top Contributor
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$60 is a lot of money to just be throwing away for nothing.  Call the company and ask them to waive it or cancel it.  If you get the $60 credited back, you can find lots of banks that have no service fee for active cards to replace that one and then cancel it.  To keep a card active, you need to use it a couple of times a year.  And, if you have a balance on it for a month or two, the bank will actually make a little interest and they will rate you more favorably.

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