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New Member
catsmeowz8
Posts: 2
Registered: ‎08-08-2009
0

Want to close old CC and open new ones

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!

 

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Want to close old CC and open new ones

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

 

 

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Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: Want to close old CC and open new ones

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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MarineVietVet
Posts: 14,902
Registered: ‎07-14-2009
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Re: Want to close old CC and open new ones


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.

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.

 

 

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Time can heal all wounds and a low FICO.
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Established Contributor
cobaltnv
Posts: 640
Registered: ‎09-02-2008
0

Re: Want to close old CC and open new ones

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.
TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

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New Member
catsmeowz8
Posts: 2
Registered: ‎08-08-2009
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Re: Want to close old CC and open new ones

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

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Want to close old CC and open new ones

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.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Member
jorin
Posts: 40
Registered: ‎10-16-2008
0

Re: Want to close old CC and open new ones

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...
Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
0

Re: Want to close old CC and open new ones


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


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?

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

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Established Contributor
Posts: 742
Registered: ‎12-19-2008
0

Re: Want to close old CC and open new ones

[ Edited ]
last I looked the Southwest card is also backed by Chase.
Message Edited by plasticman on 08-08-2009 12:20 PM

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