I want to close 3 credit cards that hold annual fees. I have paid them off. Is that possible to do without my credit score tanking bad?
Is it okay to close credit cards with annual fees?
byu/Southern-Fortune-626 inCreditCards
Posted by Southern-Fortune-626
2 Comments
If you have at least 1 other card, then there will be no impact to score- this [comment](https://www.reddit.com/r/CreditCards/s/A17H1aCKEJ) will explain more + a recent [DP](https://www.reddit.com/r/CRedit/s/vLQKIhWU6P).
I’m team cancel any card(s) that provide no value/purpose, regardless if it’s free, the age, or the limit on it- close and be done with it (especially from predatory lenders).
Closing any card will cause your score to take a hit. If you can convert the annual fee card to a non-annual fee card the credit line didn’t close, and you have no hit to your score.
Personally, I’ve closed no annual fee credit cards to reduce my risk disclosure since I wasn’t using them, and my score is still very high. If you weren’t using the cards with an annual fee, then definitely get rid of them.