Originally Posted by
MarcusBWI
Why do you want to cancel the card? There are a few reasons to keep the card active:
1. Having a larger credit limit and low utilization improves your FICO score.
2. Having a longer credit history (canceling old cards will eventually decrease the average length of credit accounts) also improves your FICO score.
3. Can't hurt to have the flexibility of another credit card, in case of emergency, or if you lose another card or it gets stolen. Generally a minor concern unless something really bad happens, but I'll list it here anyway.
If you are concerned about the annual fee, contact Chase and tell them you are considering canceling the card. You should get two additional options:
1. They might give you a mileage bonus or annual fee waiver to keep you around.
2. They could change your account to a non-annual fee card.
Either way, you're a winner!
Have similar dilemma. Although I don't have a UA CC like the OP, just my DH does. Thanks for your post.
Problem is DH is overseas and won't be home in time to chat with Chase retention around the anniversary date. Not sure the same clout will be applied in June after the AF has billed.
The card is only a year old so it actually drags down the FICO senior averaging. It does have a $6k CL so that is important. Except that I would love to see my DH apply for a CSP instead. He has a Freedom, already.