A. 2 Credit Cards, 10k & 13k. No debt. Close 10k card. Credit line is down by almost 50%. Major hit. Especially if you only have 1 card and the citi is only open recently. That's 6 years credit history gone.
B. 5 Credit Cards, 10k, 13k, 9k, 7k, 5k. No debt. Close 10k card will affect you less than scenario A since credit line down by lower percentage. Close 5k card will affect you less than 10k card by the same reasoning.
IMHO, unless you need to apply for mortgage in a short time, close your chase card and take the hit. Not worth paying $495/year to keep the score. Next time, apply several more cards to strengthen your overall FICO.
Originally Posted by
Ord Liza
Can you downgrade it to a no-fee version? That would enable you to keep the credit line and account age.
This is also a good option