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About LinkBacksHere is my situation:
I am 26. I have only 1 credit card that I opened in 2001 (the oldest active thing on my credit report) that was one of those student $500 cards that now is up to a $17,500 credit limit.
I never keep a balance and always pay it off every month. I never thought about changing credit cards because I heard that its good to show a long credit history on your report.
But heres the thing.. the interest rate is super high, no rewards, and they are implementing new rules that in 2010 I will get an annual fee. Normally I don't care about the interest rate because I never carry a balance, but I am tired of them and their b.s. ways.
Question:
I want to open a new card to earn points and etc. I don't know if I should apply for a card and then cancel my first CC. Or cancel my CC first and then go looking for a card.
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Green Member
- Join Date
- Dec 2009
- Location
- florida
- Posts
- 1
Want to.. cancel CC and open a new one. which do i do first?
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Centurion Member
- Join Date
- Sep 2009
- Location
- Arizona
- Posts
- 411
Apply first then cancel.
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Centurion Member & Moderator
- Join Date
- Jun 2008
- Location
- Smogland
- Posts
- 1,400
How much is the annual fee going to be? It may be worth keeping simply because you have such a good history with them and it sounds like you don't have many other lines of established credit.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.
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