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Should I close a credit card?

I have three credit cards

$1,500 credit limit, 24% variable interest, $29 annual fee
$1,500 credit limit, 30% fixed interest,. $75 annual fee
$850 credit limit, 30% variable interest $59 annual fee

I was thinking about only keeping two and closing the $850 card. It’s fee is only $16 dollars less than the $75 card whose interest rate can’t go up.

I only have a “Fair” credit score, and cards like these are all that I was approved for. I filled bankruptcy in January 2020.

I don’t know if my credit score will take a hit if I close the $59 card. Maybe I should pay the $59 and keep it.

What do you think?

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I honestly didn’t know it was legal to still charge annual fees.

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I would close the $1500 cards, and keep the lowest one in case of emergencies. That way you can pay it back faster if you have to spend a lot of it. Just my opinion. You can build your credit with it.

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yeah no need for 3 cards, I don’t have any that I pay a fee to have, I had 5 got it down now, only have 2

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Thanks for responding @Mountainman @Oolaloola @ninjastar

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Maybe it’s not legal in California or New York, but is in other states.

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@Blue65

Do you have a balance on the card with the $850 credit limit? If so, even if you close the account you will still be paying interest on the balance and have to pay the annual fee.

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I would keep the first card with the lowest annual fee and interest rate and scrap the rest.

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Your credit score will take a bit if you close an account. But I think it would be more beneficial to close 2 and start using the third for small purchases and paying it off every month. Your credit score will go up pretty quickly if you use a low percentage of your credit limit and pay it off every month.

I was able to get my credit score from 600 to 750 in less than a year just by paying off my credit card every month and keeping zero balance.

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Do you have a balance on any of them currently?

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I got about a $600.00 balance on the $29 card, and a $150.00 on the $75 card.

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Thanks @MentalFloss @Bowens @LED

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If it were me, I would pay off the $75 card and close it. Also close the $59 card. Stop using the remaining card and put as much money toward paying out off as you can.

Your credit score will initially take a hit. They want you to have a lot of open accounts and high credit limits. But the cards you have now are not worth keeping. After you pay off the remaining card your credit score well start going up again. Use less than 10% of your credit limit each month and pay it off every month. Don’t buy anything if you can’t turn around and immediately pay off.

As your credit score goes up, you’ll be offered better credit card options. Only ever get a credit card with no annual fee. Once you have good approval odds for a no annual fee credit card, apply for it. It’ll increase your total credit limit and increase your credit score.

Do you use credit karma? If not, go download it now.

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I agree with @LED . Why keep the cards with higher fees and interest when you have a 1500 limit on the one with lower fees and interest? You’re not using your max credit so get rid of them and build your credit on the one card.

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Have you ever requested an increase in credit limit? If not, once you get that $600 paid off, request an increase in credit limit. That alone will boost your credit score like 30 points of they approve it.

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Thanks @Bowens @LED

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30% @#$%ING INTEREST?!?!!?

Azzholes.

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I don’t even have a credit card. I feel better without it because with one I would spend too much.

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Thanks @MrSquirrel @laetitia

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I live for the last 15 years without a credit card. I use a debit card. In emergencies I get a loan.

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