I am pretty new to all things credit, but I was hoping to get a little advice on credit card usage.
I currently have 2 credit cards, an Intrust Bank Visa (no rewards) I opened in 2000 w/ a 6200 CL, and an HSBC GM card (won't be buying a GM car now) I opened in 2004 with a 3500 CL. I also have a mortgage, and I pay off my credit cards in full almost every month. On the rare occasion I don't I always make the payment on time. So I have two cards that aren't doing anything for me rewards wise, and I just applied for a Discover card to take advantage of its 5% cash back opportunities.
I understand I should probably keep the other two open and just charge a few things to them on occasion, but I was wondering if it would be good/bad/neutral to apply for another rewards card? (To use where Discover is not accepted) Would that be too many cards? If I quit using the other two as much are they likely to get closed on me? My credit score is good (770-790) and I won't need to be applying for any new loans in the near future, so I guess I wonder if I should apply for another card now, wait awhile, or just make due with my new card and my two old ones. Thanks for the help and apologies for the long question.
Hi Amy...there's nothing wrong with applying for another card...and, there's nothing wrong with waiting a while.
Take some time and read here and elsewhere about various reward cards that are out there. Do you want cash back? Do you want airline miles?
Just be careful that when you do app again that you are apping for the card that will fit your needs the best.