How will cancelling my second credit card affect my score

[Anonymous]

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@Anonymous wrote:

OP, why do you want to get rid of the card in the first place?

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This is a really late reply, but in case you're still around it's because I rarely ever use the card. My first card (after upgrading as the first person had informed me it was possible to do) has a better cashback rate. I still have both cards and will soon merge them into one line after my secondary card matures to it's 1 yr mark in 2-3 months. Moreover, I want to eventually get rid of both of my low-end cards and replace them with good ones. My main card is a cap one platinum turned quicksilver mastercard (1.5% cash back on all purchases, high apr, no fee) and second card is the cap one journey (1-1.25 cash back, high apr, no fee). I've heard that too many open cards hurts chances of approval for other cards and I've also heard of CL's being adjusted on unused cards.

[Ardecko]

As has already been noted, there is a scoring advantage to 3 cards over any less than that. Since they're both no annual fee, you should keep both.

A buddy of mine mentioned a similiar concerned with number of cards, which cause me to create this collage from signatures here(which is by no means complete):

Rest assured, as long as you keep the limits in check(see AZEO, and utililzation bands) it'll be fine.

[Anonymous]

If you only have the 2 cards, do not close either one, instead apply for a 3rd one to help your score.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

OP, why do you want to get rid of the card in the first place?

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This is a really late reply, but in case you're still around it's because I rarely ever use the card. My first card (after upgrading as the first person had informed me it was possible to do) has a better cashback rate. I still have both cards and will soon merge them into one line after my secondary card matures to it's 1 yr CL increase mark in 2-3 months. Moreover, I want to eventually get rid of both of my low-end cards and replace them with good ones. My main card is a cap one platinum turned quicksilver mastercard (1.5% cash back on all purchases, high apr, no fee) and second card is the cap one journey (1-1.25 cash back, high apr, no fee). I've heard that too many open cards hurts chances of approval for other cards and I've also heard of CL's being adjusted on unused cards.

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Too many open cards will not hurt your chances for approval for other cards if you're only talking 2 cards currently opened.  Unless you are talking getting into a double-digit number of cards, there is no worry at all in terms of hurting you chances of approval for other cards.  Total credit limits relative to income can play a role in limiting approval odds, but with just 2 cards with small limits this situation does not pertain to you.  Second, CLs will not be adjusted on unused cards unless they go unused for long periods of time.  The general belief and rule of thumb is to give your cards 1 swipe every 6 months to keep it active and prevent it from receiving a CLD or closure.  This can be for an extremely small purchase of just a few dollars, nothing major.