You’re right, keeping those old cards open (as long as they’re not costing you) can be a smart move for your score. I’ve seen folks lose 30+ points overnight just from closing a high-limit card before a mortgage app—brutal.
Curious—has anyone here ever tried negotiating an annual fee down or getting it waived? Sometimes lenders will cut you a deal if you mention you’re thinking of closing the account.
I’ve actually called a couple times to ask about annual fees, and once they offered me some bonus points instead of waiving it, which was… fine, I guess? But never a full waiver. Has anyone had luck getting the fee dropped completely? I always wonder if it depends on how much you use the card or if you threaten to cancel. Also, does keeping a card open with a fee still make sense if you’re barely using it? Sometimes I feel like the math just doesn’t add up.
Also, does keeping a card open with a fee still make sense if you’re barely using it? Sometimes I feel like the math just doesn’t add up.
I’ve wondered about this too, especially since I’m trying to keep my credit in good shape for a mortgage. I’ve heard closing a card can ding your score, but paying $95 a year for something I barely touch feels silly. Has anyone ever talked to a housing counselor about this kind of thing? Do they actually give advice on credit cards or is it more about loans and stuff?
Honestly, I wrestled with this exact thing last year when I was getting ready to refinance. Here’s what worked for me: I made a quick spreadsheet to see if the annual fee was worth the “credit age” boost, but $95 felt like a lot just for a few points. Ended up calling a housing counselor (they’re actually pretty chill) and they did look at my whole credit mix—including cards. They didn’t tell me what to do, but helped me see how closing it might nudge my score, especially right before applying for a loan. In the end, I downgraded the card to a no-fee version and kept the history. Not every lender cares about tiny score changes, but I figured better safe than sorry... plus, no more guilt about that useless rewards program.
Yeah, housing counselors are a seriously underrated resource for this stuff. I’ve seen clients get tripped up by closing old cards right before a mortgage app—sometimes it’s just a few points, but that can bump you into a higher rate bracket. Keeping the account open (or downgrading to no-fee) is usually the safest bet if you’re close to applying. Lenders do look at your overall credit mix, not just the score, so it’s smart to keep things stable until after closing. That annual fee guilt is real though... I’ve had folks hang onto cards for years just because of the credit history, even if the perks are useless.
