About three years ago, after I finally paid off my cc debt, I got my First Premier credit card (First Premier Bank Visa card) with a $350 limit to help kick start my credit history again.
The monthly fee is $7 and there's a yearly fee of about $49, and my limit has increased to $500. Should I keep it open, or should I close it? I'm nervous my credit score would take a dive because it's literally the longest open account I have right now.
In addition to my first premier credit card, I have a chase card open for about 2 years and an amex green card that I got three or four months ago. Clearly my options are limited, but it's getting better!!
I call it the "Fee Card" !!
I would cancel that account without any doubt. I opened my First Premier credit card in 2003 just to start my credit history, I kept it for one year and closed it, I paid all the fees fo a year in order to start my credit history and get better options, there was no way I would keep paying $130+ a year just on fees. They charge you a fee even if they give you a CL increase! I saw it like my cost to start my credit history.
For the length of credit, just let your newer accounts get older, but don't let the CC companies take your hard earned money!
I have now Elite and premium cards, my credit age is less than seven years and FICO's in the mid 700's