Naraku4656 Posted December 27, 2016 Share Posted December 27, 2016 Buckle up buttercups, I have a coherent question for people smarter with money than I am. I have a card that charges an annual fee that I want to switch out for another card with the same company. Problem is, they require me to "apply" again for the new card since it's a different type of card. I would then close my old (current) card. I've had my current card for about 5 years now and it's my second oldest card. About how badly would it screw up my credit if I switched to a card without an annual fee and cancelled my 5 year old card? Link to comment Share on other sites More sharing options...
tsar4 Posted December 27, 2016 Share Posted December 27, 2016 http://www.creditcards.com/credit-card-news/help/cancel-credit-card-6000.php https://www.creditkarma.com/article/ClosingOldAccount Link to comment Share on other sites More sharing options...
Naraku4656 Posted December 27, 2016 Author Share Posted December 27, 2016 http://www.creditcards.com/credit-card-news/help/cancel-credit-card-6000.php https://www.creditkarma.com/article/ClosingOldAccount yeah i saw those that it's not such a great thing to do with young credit but the fee is avoidable and i already have a mortgage. shouldn't that be enough to outweigh the rest of it Link to comment Share on other sites More sharing options...
wacky1980 Posted December 27, 2016 Share Posted December 27, 2016 not entirely sure about the smarter part, but hey, i'm here so let's do this bitch. first of all, applying for the new card will mean a hard pull on your credit report, even if you don't get approved. if you already have the home loan you want and your credit is established and decent, swapping out one credit card for another new one won't ruin you by any means (even for one that's 5 years old). if the annual fee is something stupid like $100 or more, i'd do it, esp if the interest rate is comparable and you carry a balance on the card. average age of credit history is a relatively minor factor in the grand scheme. as long as you make your payments on time, don't max out your cards, don't default on a loan, and don't have way too much available "credit" (read: debt) in your name, i wouldn't worry too much. Link to comment Share on other sites More sharing options...
Sawdamizer Posted December 27, 2016 Share Posted December 27, 2016 What are you looking to purchase with the card? Link to comment Share on other sites More sharing options...
wacky1980 Posted December 27, 2016 Share Posted December 27, 2016 unless op is traveling to thailand every month to buy shemale hookers, travel rewards cards are stupid and should be avoided. just putting that out there. Link to comment Share on other sites More sharing options...
Naraku4656 Posted December 27, 2016 Author Share Posted December 27, 2016 unless op is traveling to thailand every month to buy shemale hookers, travel rewards cards are stupid and should be avoided. just putting that out there. i only got that particular card because i was 19 and had no idea what the hell to get Link to comment Share on other sites More sharing options...
Naraku4656 Posted December 27, 2016 Author Share Posted December 27, 2016 not entirely sure about the smarter part, but hey, i'm here so let's do this bitch. first of all, applying for the new card will mean a hard pull on your credit report, even if you don't get approved. if you already have the home loan you want and your credit is established and decent, swapping out one credit card for another new one won't ruin you by any means (even for one that's 5 years old). if the annual fee is something stupid like $100 or more, i'd do it, esp if the interest rate is comparable and you carry a balance on the card. average age of credit history is a relatively minor factor in the grand scheme. as long as you make your payments on time, don't max out your cards, don't default on a loan, and don't have way too much available "credit" (read: debt) in your name, i wouldn't worry too much. the annual fee is $95. i'd like to get a different one Link to comment Share on other sites More sharing options...
Sawdamizer Posted December 27, 2016 Share Posted December 27, 2016 Well, I don't care balances so it has always worked well for me, free trip to Philly couple times year. Link to comment Share on other sites More sharing options...
Naraku4656 Posted December 27, 2016 Author Share Posted December 27, 2016 Well, I don't care balances so it has always worked well for me, free trip to Philly couple times year. i don't carry balances either. i've paid them off in full on every card for as long as i've had them Link to comment Share on other sites More sharing options...
wacky1980 Posted December 27, 2016 Share Posted December 27, 2016 the annual fee is $95. i'd like to get a different one if you don't ever carry a balance, the interest rate isn't much to concern yourself with. rewards available? Link to comment Share on other sites More sharing options...
Naraku4656 Posted December 27, 2016 Author Share Posted December 27, 2016 if you don't ever carry a balance, the interest rate isn't much to concern yourself with. rewards available? it's one point per dollar. fairly useless for me. 3% cash back would probably be an equivalent Link to comment Share on other sites More sharing options...
wacky1980 Posted December 27, 2016 Share Posted December 27, 2016 Well, I don't care balances so it has always worked well for me, free trip to Philly couple times year. what is it, like 5 hours to drive to philadelphia? you need to hit the road and open that tin can up a little bit before it dies of boredom. and stop wasting miles on puddle jumping. Link to comment Share on other sites More sharing options...
wacky1980 Posted December 27, 2016 Share Posted December 27, 2016 any of the rewards cards feel too much like a gimmick to me. granted, i have one (amazon card), but it's the only one and i only got it because i didn't want them to have my debit card info for paranoid reasons. i have had a bank of america card for like 12 years, with no annual fee and an interest rate of 6.99%. it's the only one i've ever really carried balances on for more than a few months at a time, and only because it's not much more expensive to use than getting a loan at a bank. not sure how i qualified for it back then, but here we are. Link to comment Share on other sites More sharing options...
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