topic Card Question in Credit Cards

Card Question

writerstale — Sat, 09 Jan 2016 14:23:51 GMT

I have a Barclays Rewards card that is coming up on its year of me having this account. I'm going to close the account once it reaches its year mark. I am considering applying for a U.S. Bank Cash+ card. I have an AMEX, Boa, amd Target card as well. Is it more wise to close the Barclays Card first, or apply for the U.S. Bank Cash+ card while my Barclays Card is still active?

Re: Card Question

Anonymous — Sat, 09 Jan 2016 14:25:29 GMT

@writerstale wrote:
I have a Barclays Rewards card that is coming up on its year of me having this account. I'm going to close the account once it reaches its year mark. I am considering applying for a U.S. Bank Cash+ card. I have an AMEX, Boa, amd Target card as well. Is it more wise to close the Barclays Card first, or apply for the U.S. Bank Cash+ card while my Barclays Card is still active?

It doesn't matter either way unless by closing it you substantially increase your utilization

Re: Card Question

writerstale — Sat, 09 Jan 2016 14:26:50 GMT

I'm kind of confused. Should I keep the Barclays card open permanently? If not, how long should I keep it for?

Re: Card Question

Anonymous — Sat, 09 Jan 2016 14:40:53 GMT

@writerstale wrote:
I'm kind of confused. Should I keep the Barclays card open permanently? If not, how long should I keep it for?

That's entirely up to you how long you keep the card open. It really doesn't hurt you either way unless closing the card affects your utilization. If you have balances on your other cards then closing the Barclays card would lower your overall available credit limit and, at least temporarily, raise your overall utilization. If you don't carry balances or if the balances are very low then it won't make a difference. You might want to read this thread about the effect of closing cards:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

Re: Card Question

Irisa — Sat, 09 Jan 2016 17:21:41 GMT

@writerstale wrote:
I'm kind of confused. Should I keep the Barclays card open permanently? If not, how long should I keep it for?

Out of curiosity, why do you want to close it?

Re: Card Question

writerstale — Fri, 15 Jan 2016 00:05:32 GMT

Decided to keep it Irisa