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Question By
TXWrestling

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Should I close this card?
Newbie here.

My current score is 821 and i protect that like a mama bear. Have an AMEX Gold that I have had for 20+ years. I dont use it much at all. Got a note in the mail last night that the annual fee is going up to $150/yr. I dont like the card, dont use the card and dont want to pay that fee. However, I am concerned that would be a bad idea from a credit score point of view?

Close or pay the $150 and keep?

Thanks!

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Your Choice.

Helpful to 2 out of 2 people

As are all credit decisions, this would be a choice only you can make.  The loss of whatever the credit limit is on that card may 'ding' your credit score a bit but, since you have such a good credit score, you can likely pick up another card that has no fee to replace it, or just 'ride it out'.  Personally, I don't like cards with annual fees either.  Only you have the right to make this choice.   

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Reply by
NunnyaBusines

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Helpful to 1 out of 1 people

Dont forget that your average credit age may change as a result of closing the card also.  And if it's your oldest account, most every scoring model out there will ding your credit for closing it, even if you replace it with another card that carries no annual fee.  So as Jwsister said above..... only you can wieigh the costs of that hit to your credit as beneficial or not.

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