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I have seen recommendations from posters to keep your oldest credit card, but I really want to get rid of my airlines card that I've had for 10 years now. This card has a $50 annual fee and I've only kept it this long to reach mileage goals. Is there any reason I want to keep this? For background, I carry no balances and have two other rewards type cards that are newer, maybe 3 years old. I should have a solid enough credit history with a mortgage, student loans, and other cards. Thanks so much for the advice.
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Get rid of it, its not worth the fees. Feel free to manage your money and not let fico do it for you. -
Dump it. It will remain on your credit report for 10 years, still having a positive effect on account age.Comment
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If you have a good score it's not worth the effort & expense to keep.
I've dropped all the cards from my first 10 years of credit - no biggie here. (I only have 15 years or so of credit BTW).
The mortgage is the kicker - if you have a good mortgage history the 10-year-old card hardly matters.Last edited by MonkeyMama; 07-02-2008, 05:35 PM.Comment
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Instead of canceling ..
Ask your credit card company if they will either:
(a) waive the annual fee; or
(b) convert you to one of their cards that does not have a fee, while still maintaining the credit history of the card.
I did (b) with both AmEx (Green card to Blue) and Chase (United Frequent Flyer to Freedom). Good luck!Comment
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Yea definitly get rid of it...those fees are not worth it. You seem to have good finances so it shouldn't be a problem!Comment
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If you don't want it, cancel it. If you have a good credit history, it will be a small and momentary blip on your fico score.Comment
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