Should you close your cards? NO Unless the cards have annual fee's you gain nothing from closing them and get hurt with any balance resulting in higher utliization than you would have had otherwise. Instead of me getting long winded, read this. Click me!
@maryellis1981 wrote:I didn't think closing accounts would be a good idea, none of the cards have annual fees I'm just worried that maybe is would look bad that I have 6 different credit cards? The link that you posted didn't work would you mind posting it again? Thanks!
To many? Your just getting started! Seriously though, six cards isn't a lot. If you apply for credit no one is going to give it a second thought becuase of the amount of cards. Credit available isn't an issue, it's how you use. Take a look at the top of the forum and read the "Closing Credit Cards" sticky, that's what I was trying to link.
@maryellis1981 wrote:Hi Everyone,
I am interested in applying for the Fidelity Amex credit card since I have a retirement plan with them and I would like the cash back advantage of depositing the rewards into my retirement plan. However I currently carry the following cards:
Amex Blue balance: $400
Amex corporate card balance: $60
Chase visa balance: $0
Citibank mc balance: $0
Discover balance: $0
I do use the chase and citbank but pay it off every month. I plan on paying off both Amex in the next couple of months. If I add the Fidelity card to this list I feel like I would have too many cards. Should I close any of these accounts (excluding the corp card)? Ideally I would like to just keep the Fideilty card and put all monthly charges on that card but I don't want to ruin my credit either by closing all of these accounts. I am looking to buy a home in a year and half so I know I will need the credit when applying for a mortgage. Thoughts?
Thanks!
The Corp AMEX doesnt factor into your personal credit (unless you're the business owner). Most likely it doesnt show up on your credit file. So technically, you have 5 credit cards.
