Should I close credit cards with annual fees?
Okay so a little background. Last year I started rebuilding my credit. I started in the low 500s. I'm at around 675-680 now depending on the bureau. I've had a couple of major things fall off my report, and still have a couple of collections and a car repossession that will be falling off relatively soon.
I did get a new car loan when I was rebuilding my credit at the start since I desperately needed a car. However I got it at 18% interest for a 14k car. I actually just refinanced it down to 6% with my better credit profile now. So aside from that, I have no major purchases or loans I'll need in the next 2 years.
However, while rebuilding my credit, I also got a couple of of credit cards that typically deal with subprime profiles like I was. I have the indigo card which has a 75 dollar annual fee and a monthly fee. I have the destiny card which is 10 dollars a month. I have the revel card which I believe has a 125 dollar annual fee. I don't believe any of these cards have perks or rewards. My current utilization is only 5%, I don't even use them, so I am more or less just paying fees for them to report to the bureaus.
I want to close them, but I don't want to ruin my credit in the process from lowering my accounts and having a bunch of new inquiries from apply for new cards and I already have a year of payment history into each of them. I was considering applying for cards with no annual fees. But then my credit would take a hit since I'm replacing older accounts with new ones thus lowering my credit age? Any advice here? I don't believe these companies have better cards with no annual fees that I may upgrade too either. Thanks everyone.
Edit: also I got the kikoff trade line thing that reports a 3500 dollar credit line. Do i even need that anymore? My utilization will be low regardless since I don't really use my credit cards. That is also costing me 35 dollars a month.