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I have a credit card that I pay $50 a year for. I used to travel significantly so it paid off in extra hotel stays. My travel has been reduced, so I was thinking of getting rid of the card. I've had it for more than 10 years, and have $25k of credit allowed on it (I pay in full every month to get the points though). Also have another card that gave me a credit on my mortgage, but I moved and dont have mortgage through that bank anymore.
So how damaging will it be too my credit to get rid of $30k in available credit? Only other debt is the house and 1500 on a TV (no interest 3 years). I was thinking of applying to a company sponsored visa that gives cash credit every so often at no annual cost.
I don't think it will be very damaging. Keep in mind that about one-third of credit score is based on the credit utilization ratio (amount owed/available credit). If the numerator is low, it doesn't hurt much if the denominator is also low.
I have a credit card that I pay $50 a year for. <snipped>
So how damaging will it be too my credit to get rid of $30k in available credit? Only other debt is the house and 1500 on a TV (no interest 3 years). I was thinking of applying to a company sponsored visa that gives cash credit every so often at no annual cost.
Call the holder of the card and ask them to switch you to their no-fee card with the same credit limit.
I did the same thing, sorta-kinda, just a week ago. Had a Visa with Chase, no fee, but no points or goodies. They've been pushing their 'Sapphire' card with goodies and no fee, on my bill-paying page.
So I went to the bank, asked them if it was possible to switch/upgrade without changing anything else. (I also told them that Amex gave me goodies, but I'd like to start using their Visa card more, since most of my business is with them. That may have had something to do with the quick answer ) Interest rate didn't matter, since I PiF every month.
Bank made one 5 minute phone call to the credit card center and it was approved. Received an email on Monday, saying my new card was on its way. Congratulations, blah, blah, blah -- same account number, same credit limit, no annual fee, interest rate the same, just my expiration date is changing - they extended it, LOL
Beat me to it! Basically EVERY issuer would rather 'switch you than lose you"
Quote:
Originally Posted by Gandalara
Call the holder of the card and ask them to switch you to their no-fee card with the same credit limit.
I did the same thing, sorta-kinda, just a week ago. Had a Visa with Chase, no fee, but no points or goodies. They've been pushing their 'Sapphire' card with goodies and no fee, on my bill-paying page.
So I went to the bank, asked them if it was possible to switch/upgrade without changing anything else. (I also told them that Amex gave me goodies, but I'd like to start using their Visa card more, since most of my business is with them. That may have had something to do with the quick answer ) Interest rate didn't matter, since I PiF every month.
Bank made one 5 minute phone call to the credit card center and it was approved. Received an email on Monday, saying my new card was on its way. Congratulations, blah, blah, blah -- same account number, same credit limit, no annual fee, interest rate the same, just my expiration date is changing - they extended it, LOL
Every card issuer has LOTS of options to keep you with a "free" non-premium type card. Definitely worth the few minutes of calling them up!
If you can't go fee free, I'd cut the card. There's no reason you should pay $50 a year so you can save 0.1% on your mortgage. Plenty others have. Unless you're buying a house anytime soon FICO doesn't matter.
Get the other card also, FICO long term likes new accounts doesn't like in the short term.
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) Interest rate didn't matter, since I PiF every month.
Beat me to it! Basically EVERY issuer would rather 'switch you than lose you"
