Want to close old CC and open new ones

[Anonymous]

Hi all,

I'm a 26 year-old female who, like many college students, opened up a couple credit cards while in college. Now, several years later - I'm stuck with the same cards. I feel that I've grown out of them - they don't offer me much, I do have decent APRs on each, but I travel a lot and would love to have a card that would reward me for my airline ticket purchases. 

My question is, with three cards, how devastating would it be to my FICO score to close two and open up a different card? I'm looking to reduce the number of credit cards I have and still have one that fits my lifestyle. Your thoughts and opinions are greatly appreciated!

[Anonymous]

IMO, obtain the new card(s) prior to closing old.

[smallfry]

I would keep the oldest account open. When you are 40 years old you will be glad you did. I made the mistake of closing old cards don't be stupid like I was.

[MarineVietVet]

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@smallfry wrote:
I would keep the oldest account open. When you are 40 years old you will be glad you did. I made the mistake of closing old cards don't be stupid like I was.

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I agree. Unless the account has an annual fee leave it open, use it every few months to keep it active, and let it age.

7/09 (myfico)
TU-742
EQ-779

Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

[cobaltnv]

Could you list what cards you have? Their may be options that do not involve closing accounts. Many student cards are locked into low limits etc; however, a simple product change can cure this.

[Anonymous]

CobaltNV -

I've got one Chase with a $1000 limit, an AMEX (blue) with a $4500 limit, and a Bank of America with a $4000 limit. All are visas - none have any remarkable incentives.

I'd love to get a Southwest card and/or a British Airways card, are at least a card the rewards airline ticket purchases. Your thoughts?

-Cat

[Anonymous]

You could do worse with regular cards.  Those issuers and CL's are respectable.

Unless you have AF, as stated above, don't cancel just add a good reward card as your new "main" card and use the others occassionally to keep active and to maintain longevity (10 plus years) down the road.

[jorin]

You've got three good prime cards there; I'd keep them.  However, it looks like your interested in getting a travel rewards card.  I'd first check with AMEX(blue) to see if they can switch you to AMEX(blue) Travel card, or check with Chase and BoA to see if they have any airlines cards that you can switch to.  Otherwise, if a travel rewards card is what you are after, you may have to apply for a forth card...

[Scamp]

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catsmeowz8 wrote:

CobaltNV -

I've got one Chase with a $1000 limit, an AMEX (blue) with a $4500 limit, and a Bank of America with a $4000 limit. All are visas - none have any remarkable incentives.

I'd love to get a Southwest card and/or a British Airways card, are at least a card the rewards airline ticket purchases. Your thoughts?

-Cat

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Cat, the British Airways card is backed by Chase; couldn't hurt to call a backdoor number (see my sig line) and see if it's possible to convert your current Chase card to the British Airways card.  Are you already an Executive Club member with British Airways?

[plasticman]

last I looked the Southwest card is also backed by Chase.

Message Edited by plasticman on 08-08-2009 12:20 PM