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Thread: Cut my CC?

  1. #1
    b00dha
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    Default Cut my CC?

    CC Pros,

    So I'm a college student with pretty good credit (760ish) but have alot of questions still...

    I've had a CC for 2 years, and other for 5 months, and I just got approved for a third (Discover w/ $100 bonus).
    I don't need my first CC as I hardly use it anymore (much prefer my Chase Freedom Visa Signature)

    So my question... I know that cancelling my first CC isn't the best thing, but I have no use for it(no rewards etc); I've never even asked for a credit increase because my Visa Signature is ownage. Should I go ahead and kill my first card or should I ask for a credit increase and just continue to use it periodically?

    Additionally, is it safe to apply/receive CC for their bonuses and then cancel them? I'll be in college for 2 more years so I'm not afraid of cutting my credit score to 700-assuming I can rebuild.

    TIA
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    Reply With Quote Reply With Quote     Feb 9, 10, 7:45 am
  2. #2
    AnthonyBarone
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    Don't you dare cancel that card. You gotta keep em open, that's part of the score.
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    Reply With Quote Reply With Quote     Feb 10, 10, 11:32 am
  3. #3
    Brad
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    I highly discourage you from cancaling yours oldest credit card account. This will cut your credit length on your credit report down. Why mess with a score of 760? Unless that card is charging a $450+ annual fee, Don't cancel it!
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    Reply With Quote Reply With Quote     Oct 11, 10, 8:56 pm
  4. #4
    Mogul of Pineapples
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    Default

    Agree with Brad, especially since you are relatively new to credit and don't have a long history.
    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.

    Current Cards:     American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
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    Reply With Quote Reply With Quote     Oct 20, 10, 6:48 pm
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