11-26-2012 08:39 AM
Hi!, this is my first post and I'm very new to this (this may be a little long). I have been working very hard on rebuilding my credit. October 2010, my credit was ~570, so I got one of those Capitol One secured cards. Threw down like $400 and just used it when I needed it. After using awhile ( I don't recall how long) they threw me a bone and gave me $100 in credit on that card. My limit is now up to $500. Last year around this time I applied for a Discover card (I was pre-approved and took the letter hook-line-sinker.) I was denied the Discover but approved for HSBC Discover Rewards ($400 limit, ok fine). I checked my credit score this month and I'm at 730 (EQ). I applied for an Amazon Chase Visa because Amazon is my drug and the points wouldbe welcome, and an Amex green charge card. I was approved for both (Amazon has a limit of 400 and they said my credit score was 630 **bleep**, amex is a no limit charge). Now to get to my question, I would LOVE to cancel that HSBC card and the Capitol One card (to get back my $400 in deposit and get rid of that horrible "Discover" card). Is this a smart decision? I'm not sure how Amex reports with their charge card, but it seems that if I cancel those 2 cards, the 900 in revolving credit would disappear and all I would have left reporting would be the Amazon Visa (400) and however Amex reports. Plus I'm sure my credit score would take a nice hit. I am content with having the Amazon and Amex cards, but eventually I want to up the limit for the Amazon card and get revolving credit thru Amex with one of their Blue cards. Any suggestions would be amazing, thanks!