credit cards and credit

[isac]

I have both a spg amex personal and business cards, I don't want to pay an annual fee for both.
I don't want to cancel bec. i'm worried it will affect my very high credit score.
Any ideas what i can do???  Thanks

[Dan]

Threaten to cancel and see if they're willing to waive the annual fee or give you Starpoints to offset the annual fee.
If you spend enough they should do something.

[moish]

dan, are you agreeing then that closing an account does negatively affect one's credit score?

[Dan]

dan, are you agreeing then that closing an account does negatively affect one's credit score?

Closing an account will usually mean your credit utilization ratio will go up, which is a FICO factor.

[moish]

because there is less total credit?

[Dan]

because there is less total credit?

Yes.
Although I've heard that because a card stays on the credit report for years that it still counts the canceled card's credit towards the total available credit.

I'm not positive which is true...

[moish]

so basically if the card has minimal credit lets say 2k, it wouldnt be a big deal to close. also whats generally a good usage to credit limit ratio?

[isac]

how often can i open and close credit cards?

[gozalim]

I have both a spg amex personal and business cards, I don't want to pay an annual fee for both.
I don't want to cancel bec. i'm worried it will affect my very high credit score.
Any ideas what i can do???  Thanks

you can downgrade the SPG to a fee free card (either one)

[elikay]

I was an authorized user on someones cc with a high ut. ratio and when I canceled my card my credit went up.