What to do with this AF CC??

[jdogi]

So, I have a CC that carries an annual fee of $36 that I don't want.  I can live with the AMEX AFs due to backdating.  Aside from the two backdated AMEX cards, it's my oldest TL (2004).  To make it worse, it's from a seriously sub-prime "bank", Merrick.  Even worse yet, it's has my 4th highest CL at $5000.  I really don't need the CL as my utilization is well in check and will remain so even if I close it.  And I hate that they bill the AF at $3 each month, so there's a constant reminder.

So, it's essentially outlived its usefulness, but since it's so old relative to my other accounts, I hesitate to close it.  If I knew for certain that it would stay reporting for 10 years, I'd probably close it, but that's never a guarantee.

So, what would you do?  Any other suggestions?  I was seriously considering closing my store cards too, PayPal, Sears, and Disc Tire as I have no need of them, but they have no AFs, so I guess I've decided to keep them, but not certain.

Thanks for any help.

P.S.  I have a couple car loans and a couple utility accounts that also report, they average out around the same AAOA as these revolver/charge TLs.

Account	Open M/Y	CL/Note	Age in Years
Pen Fed	3/2012	$15k	0.0
Discover	3/2012	$4,000	0.0
Citi Fwd	9/2011	$6,500	0.5
Sears/Citi	9/2010	$1,500	1.5
HSBC Plat Rewards	3/2010	$3,500	2.0
paypal/GE	3/2009	$1,500	3.0
DiscTire/GE	7/2008	closed	3.7
HSBC Orchard	6/2008	$500 (closing soon, AF)	3.8
Merrick	8/2004	$5k ($36 AF)	7.6
Amex BCP	10/1995	$10k	16.5
Amex Zync	8/1995	NPSL	16.6

[trumpet-205]

Close it. Closed account will stay on your report for 10 years. Even if it did not it makes sense from financial point of view to close the card.

[Anonymous]

Hmm. Burn it, cut it, shred it, burry it, buy a model rocket and shoot it into the stratsophere.

[bichonmom]

It's not your oldest acct., so even after it falls off in 10 years, it still shouldn't have a negative impact. I've never heard of them not staying on for 10 years -- it could come off a little early, but for the most part it's going to be on there a LONG time!

[LS2982]

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@jdogi wrote:

So, I have a CC that carries an annual fee of $36 that I don't want.  I can live with the AMEX AFs due to backdating.  Aside from the two backdated AMEX cards, it's my oldest TL (2004).  To make it worse, it's from a seriously sub-prime "bank", Merrick.  Even worse yet, it's has my 4th highest CL at $5000.  I really don't need the CL as my utilization is well in check and will remain so even if I close it.  And I hate that they bill the AF at $3 each month, so there's a constant reminder.

So, it's essentially outlived its usefulness, but since it's so old relative to my other accounts, I hesitate to close it.  If I knew for certain that it would stay reporting for 10 years, I'd probably close it, but that's never a guarantee.

So, what would you do?  Any other suggestions?  I was seriously considering closing my store cards too, PayPal, Sears, and Disc Tire as I have no need of them, but they have no AFs, so I guess I've decided to keep them, but not certain.

Thanks for any help.

P.S.  I have a couple car loans and a couple utility accounts that also report, they average out around the same AAOA as these revolver/charge TLs.

Account	Open M/Y	CL/Note	Age in Years
Pen Fed	3/2012	$15k	0.0
Discover	3/2012	$4,000	0.0
Citi Fwd	9/2011	$6,500	0.5
Sears/Citi	9/2010	$1,500	1.5
HSBC Plat Rewards	3/2010	$3,500	2.0
paypal/GE	3/2009	$1,500	3.0
DiscTire/GE	7/2008	closed	3.7
HSBC Orchard	6/2008	$500 (closing soon, AF)	3.8
Merrick	8/2004	$5k ($36 AF)	7.6
Amex BCP	10/1995	$10k	16.5
Amex Zync	8/1995	NPSL	16.6

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I'd axe them. You have plenty of other credit to fall back on and a closed will continue to report positively for 10 years from closure.

[CreditCrusader]

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@Anonymous wrote:

Hmm. Burn it, cut it, shred it, burry it, buy a model rocket and shoot it into the stratsophere.

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This...

[Anonymous]

I did some math based on the accounts you listed:

AAoA with crap card: 5 years

AAoA w/o crap card: 4.8 years

Yeah, your'e not losing much by getting rid of it, even if the tradeline was removed immediately.  This isn't even counting any other accounts you didn't list, such as auto loans, or whatever.  No brainer.  Ditch it.