Cut my CC?

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Cut my CC?

Postby b00dha » Tue Feb 09, 2010 9:45 am

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.


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Postby AnthonyBarone » Wed Feb 10, 2010 1:32 pm

Don't you dare cancel that card. You gotta keep em open, that's part of the score.

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Postby Brad » Mon Oct 11, 2010 10:56 pm

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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Mogul of Pineapples
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Postby Mogul of Pineapples » Wed Oct 20, 2010 8:48 pm

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