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[quote=Anonymous][quote=Anonymous]I did a search and this thread popped up. I was going to cancel an American Airlines visa because of the annual fee. I've had this card for over ten years, have excellent credit and payment history, but can no longer justify the $100 fee. I used to justify the fee because I flew AA, used the card for everything, and accrued miles. Now I fly Southwest with my kids and have a SW visa (which also has a fee). I use the SW visa all the time and am accruing miles on that. Should I cancel the AA visa? I do use it, but don't really need it. I own my home and have no credit card debt. Thanks.[/quote]
It's foolish to pay $100/year for a service that you no longer use. That's a really high fee considering most cards don't charge a fee at all. The drop in credit score because of a closed account is insignificant. It won't ever stop anyone from obtaining a loan or change the interest rate of your new mortgage. Your credit score is not like your GPA going into college where every tenth of a point makes a difference. The credit companies do use the score but they are not going to differentiate between 750 and 800. So, yes, you should cancel the cards you know you'll never use, especially if you're paying a fee.[/quote]

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