Re: Closing Aged Accounts.. No it is not OK
07-31-2007 08:55 AM
Personal experience: I closed 6 credit card accounts that I had for over 10 years. My credit score dropped 35 points. It has been 1 year since this happened and it has not yet risen to the same level as before the cancellations. I charge about 10k / mo. on cards and carry no debt.
You can talk your credit card companies into waiving the annual fees.
I will never cancell a card again!