Cancelling credit cards

[bands]

In general when cancelling credit cards to avoid the annual fee, is it best to transfer the line of credit to another existing card?  Does that do anything to help my credit score?

[JEWDA]

Yes of course its always better to transfer CL. Please search before starting a new topic.

[jimmy1]

i applied for   the AmEX PREMIER REWARDS & GOLD BIZ back in may 2011,  and the CITI AADVANTAGE AMEX & CITI AADVANTAGE VISA. in july 2011

all those cards offer huge sign up bonuses and came with first year fee free but  in coming months, annual fee will come.

I don't have a biz and i rarely ever fly so these cards are not useful for me to keep.

Should call the amex and citi retention now and  threaten to cancel or actually cancel them  so i can get approved for future amex and citi cards?

i dont want to keep them and then be that an obstacle in getting aproved for  another amex or citi  cards.

thanks

[AsherO]

i applied for   the AmEX PREMIER REWARDS & GOLD BIZ back in may 2011,  and the CITI AADVANTAGE AMEX & CITI AADVANTAGE VISA. in july 2011

all those cards offer huge sign up bonuses and came with first year fee free but  in coming months, annual fee will come.

I don't have a biz and i rarely ever fly so these cards are not useful for me to keep.

Should call the amex and citi retention now and  threaten to cancel or actually cancel them  so i can get approved for future amex and citi cards?

i dont want to keep them and then be that an obstacle in getting aproved for  another amex or citi  cards.

thanks

I don't think it'll be an obstacle. Besides, you can always offer to close them later on if they say you have too much credit.

[aryeh1]

When cancelling citi cards, does it pay to ask them to move over the credit line? When applying in the future , it may be hard to get instantly approved with a high credit line

[HelpMe]

Yes of course its always better to transfer CL. Please search before starting a new topic.

Actually it is not always better to transfer your CL before cancelling. I prime example is Citi cards. You will hit a wall with the max credit they will give you. It is getting extremely hard to have them move a CL on recon. Also they are taking a firm stance on not moving CL around for a new card for at least a month and sometimes longer.

[smart brit]

Yes of course its always better to transfer CL. Please search before starting a new topic.

Does it make a difference for the credit score?

[HelpMe]

Does it make a difference for the credit score?

It depends on the individuals credit file. For me it would make no or little difference one way or the other.

[smart brit]

It depends on the individuals credit file. For me it would make no or little difference one way or the other.

There are some who argue that closing cc accounts would lower the credit score but IME it didn't budge