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OK, I am considering closing two cards actually. My oldest card is from September of 2007. It has a $600 limit with no increases for at least two years. The annual fee is $79 but I get half off knocked off each year by calling in. The interest rate is 14.9% which is one of my lower interest rates. It is Orchard Bank who has offered me a card with 7.9% interest and a $35 annual fee. I doubt I will take it because of the annual fee. But the interest rate looks good.
I also have a Best Buy card with the same stats except it is from July of 2010. I think it has only had one increase only early on. The annual fee is $79 but I get half off knocked off each year by calling in. The interest rate is 14.9% which is one of my lower interest rates. This one is also from Orchard Bank. It has same limit as the above card.
I am thinking of canceling both. I rarely use them and the benefits of the best buy card are not that great for me.
Would this be a bad idea?
If you have better cards, I'd cancel them and save some money. They will still contribute to age of accounts for the next 10 years.
Are these the only 2 accounts you have? If not what other cards do you have.
I looked and it is one of my lower interest cards. Here is the list of other cards with interest rates. Maybe someday I can negotiate these down. Or find better rates and cancel some of these.
Thanks for the advice. Maybe when I garden I can get better interest rates so I won't feel bad about canceling these cards. I have until the middle of June to cancel the Best Buy card.
American Express | 20.24 |
Discover | 18.99 |
Citi Forward | 12.99 |
Citi Forward 2 | 12.99 |
Best Buy | 14.9 |
Old Navy | 20.24 |
Citi Dividend | 19.99 |
Chase Freedom | 22.99 |
Citi Hhonors | 16.24 |
Walmart 22.9
Walmart Discover 22.9
I was wrong best buy is 18.99 percent interest.
Off with their heads. You have plenty of cards to justify getting rid of them. Those annual fees add up!
I'd axe them considering the other accounts that you have.
Thanks for advising me on this. I don't know how many times I read it is a bad idea to close the oldest card. But if it won't hurt me for ten years, then that gives me plenty of time to build up my score so that when it does hurt I will still be doing good. So far I think my scores with each bureau are around 720. Well transunion seems to be lower than that, I don't know since CreditKarma doesn't seem to be updating my score lately. My credit has changed but my score hadn't gone up or down.
@alovingmommyof3 wrote:Thanks for advising me on this. I don't know how many times I read it is a bad idea to close the oldest card. But if it won't hurt me for ten years, then that gives me plenty of time to build up my score so that when it does hurt I will still be doing good. So far I think my scores with each bureau are around 720. Well transunion seems to be lower than that, I don't know since CreditKarma doesn't seem to be updating my score lately. My credit has changed but my score hadn't gone up or down.
Pay no attention to CK's score, it is useless.