Cancel two cards I don't use and get two new ones?

[Anonymous]

My credit score is 785. I currently have 5 credit cards. I've never missed a payment, and I always pay in full. I also only have one loan, an auto loan for about 15k. I had student loans but paid them all off.

My oldest credit card (and history) is from 2006.

With that being said, I have two cards that I don't really use anymore (both from around 2010, one being a Chase BP). My idea is this:

Cancel the two cards from 2010, and get the Sallie Mae card and the Chase Freedom card as my primaries, and use them for the rewards.

Will this hurt my credit score, and is it worth it to make such a big change for just the rewards?

I hope thats enough information. Please let me know and I can provide more, thanks in advance.

[NRB525]

Your scores are strong enough, you should not need to cancel the two cards.

Just app for the two new cards you want, then determine if you want to use the other two cards intermitently to keep them alive. As long as no annual fee, they will keep building your history.

Chase BP means a gas station card? Yeah, just leave that one open, wait to see what they do with it.

[MarineVietVet]

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@Anonymous wrote:

My credit score is 785. I currently have 5 credit cards. I've never missed a payment, and I always pay in full. I also only have one loan, an auto loan for about 15k. I had student loans but paid them all off.

My oldest credit card (and history) is from 2006.

With that being said, I have two cards that I don't really use anymore (both from around 2010, one being a Chase BP). My idea is this:

Cancel the two cards from 2010, and get the Sallie Mae card and the Chase Freedom card as my primaries, and use them for the rewards.

Will this hurt my credit score, and is it worth it to make such a big change for just the rewards?

I hope thats enough information. Please let me know and I can provide more, thanks in advance.

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Welcome to myFICO.

Here is a thread talking about Closing Credit Cards.

[Anonymous]

The Freedom and Sallie Mae are great cards. Grab them now and decide on the closures later. I see fat credit lines in your future.

[Anonymous]

Your credit score is good enough that it wouldn't make a sizeable dent in your profile to close the other cards.  And you'd be replacing a gas card (used at one location) with two cards that have periodic gas rewards, Sallie Mae has 5% cash back on gas all the time, Chase Freedom has 5% in Summer this year on gas.  To me, anytime you can replace a single-store card with something more useful is a good thing. There are people who say don't close anything with no annual fee, but what's the use iin keeping it f you aren't going to monitor it or use it regularly?

[Noctilum]

Have you considered doing a product change instead of canceling, that way to keep your history? Would also stop an inquiry from happening.

[Anonymous]

You score may drop a few points but it will recover after a few months. Just app for the cards that you want.