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Hello!
Right now I have a Discover It card and that's it. I bought my car with no loan, so my credit history is pretty much just that one card. Thanks to this wonderful forum, your help, and all of your tips, my FICO score is 778 after 16 months of credit.
I was told I should probably get another credit card just to make my credit history and report thicker and look better. I've narrowed it down to a few cards I think I will like.
But I guess my question is, what if I get a card I don't like or just don't use. Do credit card companies cancel credit cards often for non use?
I know it's hard to close out a credit card account and that you typically shouldn't do it either. Does closing your credit card or the credit card issuer closing your account affect your credit score very much?
I'm just worried I'll pick a card I won't use often.
If you do your research and find a card that fits your needs you'll use it.
If you don't find yourself using it regularly, you can always put a tank of gas on it every few months to keep it active... and pay it off right away.
People's needs do change, and people do close cards and switch cards. If you go with an issuer that offers a range of cards you can always request a product change in the future if your needs change as well.
Which cards are you looking at? People here can tell you if they like the cards or not, and they can offer alternatives that you might not have thought of.
As far as keeping cards active, you should always try to charge something at least once every six months. It'd be nice to avoid closing the card as closed accounts will remain on your report and continue to affect your AoYA (age of youngest account) and AAoA (average age of accounts).
@Anonymous wrote:If you do your research and find a card that fits your needs you'll use it. If you don't find yourself using it regularly, you can always put a tank of gas on it every few months to keep it active... and pay it off right away. People's needs do change, and people do close cards and switch cards. If you go with an issuer that offers a range of cards you can always request a product change in the future if your needs change as well.
+1
Oh woah, I hadn't heard of that one before! So sometimes, you can essentially switch accounts to another card with that same credit card company? That's interesting. I'll definitely remember that.
@HeavenOhio Hello again! Thanks for all of your help over the years!
These are the ones I was looking at:
Amex Blue Cash Everyday
Amex Everyday Credit Card. I think the main difference are instead of cash back, it's points. Not sure if the cash back or points are better.
Chase Freedom
https://creditcards.chase.com/freedom-credit-cards?CELL=6D9M
Thanks for your help!
I don't know too much about AMEX or Chase as companies either...
To be honest, you should give everyone an idea of your spending habits and things you like to do. You may get a recommendation that fits your lifestyle that you might not have known existed. For example, my family spends a lot on groceries and eating out, so I'm hoping to get a card that covers that spend in the future. We travel a couple of times a year, but not enough that a travel card or Amex MR points would really benefit me. Plus, I don't want to have to juggle points and add cards to maximize my rewards, so I prefer cash back in general.
They'ra all good cards.
The main thing to know about Chase is that they like to see that one's oldest card is a year old. You have that. They also dislike newly opened accounts. No problem there.
Both AMEX and Chase have reliable pre-qual sites that you should check out. If you see a solid APR (e.g. 15.5%) vs. a wide range (13–22%), your chances are good.
Someone else is going to have to explain the MR points on the Everyday card. I decided that MR points were too complicated for me and opted for the Blue Cash Everyday.
Note that product changes are pretty easy with Chase cards. For example, if you got the Freedom card now and decided that you'd rather it be a Freedom Unlimited, there should be no trouble switching.
AMEX offers product changes, but they're more restrictive. MR cards can be changed to other MR cards, and cash cards can be changed to other cash cards. You wouldn't be able to PC the ED into a BCE or vice versa. But you could PC the ED to an Everyday Preferred. Or you'd be able to PC the BCE into a Blue Cash Preferred or Magnet.
@Brian_Earl_Spilner
Thank you for your response!
I definitely prefer cash back at the moment (rather than airline points or something like that.) I'll be honest, I'm very thrifty. I don't spend a lot of money on anything really. I don't eat out a ton, I don't travel much yet (when I graduate that'll change though), and I don't spend a lot on myself in general.
I'm one of the odd people who finds some pleasure in saving money rather than spending it and feeling good when you pay bills...
I don't think this helped much though.
@HeavenOhio
Thanks so much for your advice and help! And I'll definitely check out the pre-equal sites.
I think I'm with you on the MR points though. And because I can't see their rewards store, it's hard to say which is actually better for cash back.
If I may ask, what's your preferred credit card?