Long time Lurker, I finally got an account so I could post this.
I will keep it simple. I am 21, and recently got out of college and am starting the wondrous Adult life. Part of that is financial planning, and a big part of that is my Credit Report. As a matter of fact, I might just be obsessed with it.
Here is the deal, I only had one BofA Visa that I used regularly, along with a few older cards that never carry balances, mostly there because they are so old. Anyways, I started getting slammed with Pre-Approved offers in the mail and I started realizing that I could apply for a new card that would give me 0% APR and better rewards than I get now. I chose the Chase Freedom applied and waited, they denied me. So I applied for a Citi credit card that didn't have 12-month 0% APR. I was instantly approved for that card with a $4,300 limit. That made me wonder why Chase denied me, it was answered the next day when they called me. It turns out I put my monthly income, not my Yearly income.
They approved me instantly for a $4,000 credit line.
Now, I don't plan to carry large balances on either or these cards, I paid off the BofA Visa, and plan to only use the Chase card. I got a similar limit with both the cards, so there is no reason to use the Citi card with 11.99% over the Chase one with 0%. My question is, should I close it? The big issue on my credit is age, and throwing two brand new cards on my report obviously dings that "Average." I haven't even activated the Citi credit card, I like the idea that it ad's a large amount of unused credit, but I hate that is hurts my credit age. I built my score up to the 740ish range, I would hate to see it drop significantly again.