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Hi all,
I'm a 26 year-old female who, like many college students, opened up a couple credit cards while in college. Now, several years later - I'm stuck with the same cards. I feel that I've grown out of them - they don't offer me much, I do have decent APRs on each, but I travel a lot and would love to have a card that would reward me for my airline ticket purchases.
My question is, with three cards, how devastating would it be to my FICO score to close two and open up a different card? I'm looking to reduce the number of credit cards I have and still have one that fits my lifestyle. Your thoughts and opinions are greatly appreciated!
IMO, obtain the new card(s) prior to closing old.
@smallfry wrote:
I would keep the oldest account open. When you are 40 years old you will be glad you did. I made the mistake of closing old cards don't be stupid like I was.
I agree. Unless the account has an annual fee leave it open, use it every few months to keep it active, and let it age.
7/09 (myfico)
TU-742
EQ-779
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".
CobaltNV -
I've got one Chase with a $1000 limit, an AMEX (blue) with a $4500 limit, and a Bank of America with a $4000 limit. All are visas - none have any remarkable incentives.
I'd love to get a Southwest card and/or a British Airways card, are at least a card the rewards airline ticket purchases. Your thoughts?
-Cat
You could do worse with regular cards. Those issuers and CL's are respectable.
Unless you have AF, as stated above, don't cancel just add a good reward card as your new "main" card and use the others occassionally to keep active and to maintain longevity (10 plus years) down the road.
catsmeowz8 wrote:CobaltNV -
I've got one Chase with a $1000 limit, an AMEX (blue) with a $4500 limit, and a Bank of America with a $4000 limit. All are visas - none have any remarkable incentives.
I'd love to get a Southwest card and/or a British Airways card, are at least a card the rewards airline ticket purchases. Your thoughts?
-Cat
Cat, the British Airways card is backed by Chase; couldn't hurt to call a backdoor number (see my sig line) and see if it's possible to convert your current Chase card to the British Airways card. Are you already an Executive Club member with British Airways?