Cancel or Don't Cancel?

Anonymous · ‎08-14-2007

Simple question: I have an Amazon Chase Visa card that I shouldn't have signed up for with a $1,500 limit. I do not want this card. I want to sign up for an airline miles card. I have 1 other card through my bank with a $2,500 limit. In keeping my credit score as high as possible, should I keep or cancel the Amazon Chase Visa card?

Anonymous · ‎08-14-2007

@Anonymous wrote:
Simple question: I have an Amazon Chase Visa card that I shouldn't have signed up for with a $1,500 limit. I do not want this card. I want to sign up for an airline miles card. I have 1 other card through my bank with a $2,500 limit. In keeping my credit score as high as possible, should I keep or cancel the Amazon Chase Visa card?

The Amazon Chase Visa card will help your score. If you cancel it you loose the assistance you are getting from the credit line offsetting your UTL. You also get those nice little green squares showing history each month. Canceling it will not remove it from your credit report until 10 years. Unless it costs money to keep, it should help to keep it.

smallfry · ‎08-14-2007

Keep it. Like pizza said you bought it for ten years whether you close it or not now. $1500 isn't too bad. Be happy its not a $400 Orchard card.

Anonymous · ‎08-14-2007

@Anonymous wrote:
Simple question: I have an Amazon Chase Visa card that I shouldn't have signed up for with a $1,500 limit. I do not want this card. I want to sign up for an airline miles card. I have 1 other card through my bank with a $2,500 limit. In keeping my credit score as high as possible, should I keep or cancel the Amazon Chase Visa card?

It sounds like you only have 2 credit cards, Chase and the other card through your bank. My opinion, you are better off keeping both cards and if you want another add it as your third credit card. 3 credit cards in my opinion build higher credit scores than just 2.

Anonymous · ‎08-15-2007

Chase does conversions and combining on accounts 6+ months old

1)convert the current card

2) I you think your able to get another card from chase , apply for a miles card, keep both til each are 6 months+ old and combine them

Anonymous · ‎08-15-2007

@Anonymous wrote:

@Anonymous wrote:
Simple question: I have an Amazon Chase Visa card that I shouldn't have signed up for with a $1,500 limit. I do not want this card. I want to sign up for an airline miles card. I have 1 other card through my bank with a $2,500 limit. In keeping my credit score as high as possible, should I keep or cancel the Amazon Chase Visa card?

It sounds like you only have 2 credit cards, Chase and the other card through your bank. My opinion, you are better off keeping both cards and if you want another add it as your third credit card. 3 credit cards in my opinion build higher credit scores than just 2.

Yeah, CreditSecure said that you should have at least 2 credit cards to successfully raise your scores. I regret cancelling all the cards I did in the past years. They were all such good cards (except for Chase).

Anonymous · ‎08-15-2007

boygenius07 wrote:
Simple question: I have an Amazon Chase Visa card that I shouldn't have signed up for with a $1,500 limit. I do not want this card. I want to sign up for an airline miles card. I have 1 other card through my bank with a $2,500 limit. In keeping my credit score as high as possible, should I keep or cancel the Amazon Chase Visa card?

Well you have the card so you took the Inquiry hit, if it is older you want the aged tradeline

but I would keep it or convert it to help with utilization factors with other cards and it is a

decent card to have..

Message Edited by Tmleverage on 08-15-2007 04:09 AM

Anonymous · ‎08-15-2007

You've already taken whatever score hit you are going to get for the first app. Don't close it. Go ahead and apply for the second one and only use the one you don't want enough to keep it active. Unless of course you feel that you would overspend by keepgin the card

Anonymous · ‎08-21-2007

Hello Everyone -- Thanks for your responses. I will definately keep the card open. What I would like to do now is open a Chase United Mileage+ Card. My questions now are: 1) Do both cards need to be open for 6 months before this is possible? 2) Does combining the 2 cards hurt my credit? (Chase says no) 3) Is the card I don't want (Chase Amazon) completely irradicated?

Anonymous · ‎08-21-2007

What they'll do is combine the cl of the cards and keep the age of the older account , sure sure it the remove the trade line of the newer account that's been combine , but that shouldn't be a bad thing if it's not.