Closing CCs and its impact on Credit Score

[dollhouse]

I have a CC that has around 25K credit limit. This is by far the largest credit limit I have out of the 5 credit cards that I hold.

Sadly this card has $80 a year fee. I called to get the card demoted to a no fee card but the rep said they don’t do that anymore and that I have to close the card.

Does anyone have experience with this and it’s impact on Credit Score? I am trying to figure out if the hit to credit score is worth the $80 savings.

Thanks.

[puppylove64]

Can you call another credit card and ask them to up your limit? If you close the one and up another limit, it might be somewhat of a wash and only nick your credit for a very short time.

[agnes]

do you plan on making any large purchases, like a house, with in the next year? If not, I'd just take the hit.

[sadlebred]

Dec 23, 2020 8:05:29 GMT -5 puppylove64 said:

Can you call another credit card and ask them to up your limit? If you close the one and up another limit, it might be somewhat of a wash and only nick your credit for a very short time.

Yep! This. Since you have more than one card, call the other four to raise your limit. Most will do it once/year as a courtesy if you have good credit.

Is it your oldest card? I wouldn't close this and the oldest card at the same time.

[dollhouse]

Dec 23, 2020 20:46:26 GMT -5 sadlebred said:

Dec 23, 2020 8:05:29 GMT -5 puppylove64 said:

Can you call another credit card and ask them to up your limit? If you close the one and up another limit, it might be somewhat of a wash and only nick your credit for a very short time.

Yep! This. Since you have more than one card, call the other four to raise your limit. Most will do it once/year as a courtesy if you have good credit.

Is it your oldest card? I wouldn't close this and the oldest card at the same time.

Thank you every time for chiming in! It’s not mg oldest card so I’ll call the other cards now. Thank you!