cancel
Showing results for 
Search instead for 
Did you mean: 

CC closing/opening...

New Member

CC closing/opening...

So, I have a couple of high interest CCs that charge me about $13 a month just to have them. It's not huge, but it adds up. I was wondering if it would make sense to close these cards and try to get new ones that don't have this monthly service charge?

 

The cards have a low maximum balance (around 400) and are both in good standing with a clear payment history of at least 6 months on both. The only thing that's really bothering me about them is the monthly charge to keep them open. 

 

My other thought on it is that my credit score has increased to 660 from 570 in the last few months and I might be able to get cards with higher limits, which would increase my credit to debt ratio as well.

 

What do y'all think?

Message 1 of 4
3 REPLIES
Moderator Emeritus

Re: CC closing/opening...

All credit is considered new for 1 year. I would not cancel them until then.

 

You can apply for better CCs though BUT do not go nuts!

 

You will get better info about CCCs on the CC thread. Would like for me to move your post there?

Message 2 of 4
New Member

Re: CC closing/opening...

Sure, thanks. Sorry for posting it in the wrong place.

 

Message 3 of 4
Highlighted
Moderator Emeritus

Re: CC closing/opening...

All credit is considered new for 1 year. I would not cancel them until then.

 

 

Good advice. You are paying $312 a year for the privilege of carrying their card. As soon as your 1 year anniversary passes surely you can find something better. Good luck to you.

 

 

Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

Message 4 of 4