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Message
Closing credit cards/opening new ones
Posted on 5/8/17 at 2:26 pm
Posted on 5/8/17 at 2:26 pm
I know it gets brought up a good bit, but wanting to get a new card that has better incentives since I've started traveling a good bit. Planning a trip to France this fall and want to put it on a card make points instead of just paying it out right. I have a Barclaycard which is my oldest credit line from my laptop purchase in hs, and then a discover and capitol one card. Will it negatively impact my credit score that much if I close the discover and capital one, and open up the chase sapphire or other travel rewards card. Lengthy post I know TIA
5
Posted on 5/8/17 at 2:34 pm to CornDog4Life
I believe the two aspects of credit cards that affect your credit score is length of longest credit line (why you would 100% keep your oldest card) and % of line of credit utilized.
I believe you want to stay under 30% utilization of your lines of credit, so getting rid of two cards may negatively affect your score due to lowering your total line of credit; especially if you keep a balance.
Personally I'd probably just keep the cards open and not use them unless having the three cards keeps you from qualifying for the new one.
I believe you want to stay under 30% utilization of your lines of credit, so getting rid of two cards may negatively affect your score due to lowering your total line of credit; especially if you keep a balance.
Personally I'd probably just keep the cards open and not use them unless having the three cards keeps you from qualifying for the new one.
Posted on 5/8/17 at 3:11 pm to CornDog4Life
Keep them. Just buy a pack of gum or something on them each month. I have 1 I only use for Dollar Shave Club bc it's the oldest I have. Another I'll buy gas for the lawnmower? only. I use my Amex and Barclay for everything else
Posted on 5/8/17 at 3:38 pm to CornDog4Life
it's always bad practice to close a credit card because of the potential negatives it comes with on your report. keep it and auto draft it to something small
i have my oldest card that i never use anymore besides an auto draft of $5 a month to a charity i support.
i have my oldest card that i never use anymore besides an auto draft of $5 a month to a charity i support.
Posted on 5/8/17 at 4:27 pm to CornDog4Life
If there is no annual fee attached there is absolutely no reason to close a credit card.
Posted on 5/8/17 at 4:31 pm to VABuckeye
Thanks everyone appreciate the advice
Posted on 5/8/17 at 5:06 pm to CornDog4Life
quote:
it's always bad practice to close a credit card because of the potential negatives it comes with on your report.
Lot of misinformation in the answers but this is probably the one that is most wrong. Apart from not closing your oldest CL, it hardly affects your credit when you close other cards. That said, since there is no cost of keeping your accounts open, you might as well. The net positive effect that will have on your credit though is not even worth thinking about those accounts twice. Leave alone needing to put spend on it every month. If you are really worried, do a 50c amazon reload every year.
This post was edited on 5/8/17 at 5:08 pm
Posted on 5/8/17 at 5:15 pm to CornDog4Life
I'd keep them. I Called cap one and they upgraded mine to a better card without pulling my score. Credit history counts for more than dings for applying for new cards as well.
Posted on 5/8/17 at 9:09 pm to AmeriKop45
quote:
it hardly affects your credit when you close other cards
Ok, go ahead and close your oldest account then. Report back to me in a month when your history, length of revolving accounts, score, and utilization take a hit. Jackass.
Posted on 5/8/17 at 10:53 pm to Tres7139
Did you read what I wrote? Why would you try to act like an expert on something you're clearly less informed about?
This post was edited on 5/8/17 at 10:54 pm
Posted on 5/9/17 at 9:37 pm to Tres7139
quote:
Ok, go ahead and close your oldest account then. Report back to me in a month when your history, length of revolving accounts, score, and utilization take a hit. Jackass.
If you're going to be an arse and take what he said out of context, at least capitalize the "i" in "it" so it's not immediately obvious
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