Hi all, my first post and looking for some advice...
In the past 4 years ive opened up a handful of credits cards for various reasons...
Card 1) Opened around March 2013? -- this is a company card, it is a "charge" card, Im not sure how this works on a credit report. I only use it for company travel. It is a JP Morgan Chase Corporate Card.
Card 2) Slate around End of 2013/beginning 2014?, transferred balance of other credit cards.
Card 3) Sapphire -- around end of 2013/beginning of 2014? I know I did pay the annual fee, so it has been opened at least a year
Card 4) credit union - Transferred balance from slate after promo period expired.
My credit is in general excellent, last I had it run was within the past 3 months for a mortgage pre qual, he told me it was 771 @ the time, and my statements from Discover (and one other card) generally show me in the high 700s/low 800s routinely.
My bills are always paid in full and on time, with exception the balance on the navy fed which is about 10K with 0% interest.
I have a car loan - about 8k left on it.
My current mortgage is about 160k purchased in 2012.
Anyways In addition to that - I have a few other cards that I have had for years and years, thats my credit garden. They are all active with the oldest one dating back probably 15 years when I was 18. My amex is at least 10 years old, and the others are probably about the same 10, 9, 8 years old at least. Probably 4-5 accounts total.
My issue is this, I signed up for the sapphire card to take advantage of the absolutley awesome bonus points deal, and above and beyond that I was taking advantage of the 1:1 points transfer with amtrak. As of DEC-7 amtrak is no longer accepting the points, so no more free tickets for me.
These tickets have saved me a considerable amount of money as I trek back and forth on amtrak about 4 times a month. With the amounts i charge (which is everything) I am usually able to score at least a free ticket, a month, sometimes more depending on purchases about. I value it at round about 125$.
So I can apply for the amtrak card and get those rewards back -- how bad would this ding my score?
Should I cancel the Sapphire card? Is it around 100$ a year annual fee, and I wont be using the points much anymore since I am not able to transfer to amtrak. If I cancel, considering it is a new account, how bad will this ding my score?
Within the coming year I am planning to purchase a second property/residence(hence the reason for the mortgage prequal above), and would like very much not to have my score disqualify me for a great rate.
Thanks in advance for any advice you can give..
