Should I close out one of my credit cards?

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3 posts
rbai76
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Should I close out one of my credit cards?

Postby rbai76 » Thu May 16, 2013 11:34 am

I currently have:

PNC secured card $250 for a year
Citi Platinum Dividend card $500 7 months
BestBuy card $800 for 6 months

I don't really need credit cards at all but have been using them to maximize my credit score, and in the event of an emergency.

I only use around 20-25% of the credit on each card and always pay everything off, the only ding I noticed on my credit report was from when I opened up the PNC card a year ago, I did get declined for the BestBuy card like 8-9 months ago but I didn't notice anything on my credit report about that.

I am thinking about opening a khols credit card because I need to buy some clothes and khols seems to be a great place to buy because they already have pretty good prices and with their card they give you like 15-30% off on top of that.

Should I close out a card and then apply for khols or just leave everything as it is.

I would sort of like to replace my PNC card with a non secured PNC credit card or even another type of card that gets my points/cash back.

I am 19 y/o work full time and take a few college students, I make around 20k a year.

What would you suggest I do?


MemberSince99
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Postby MemberSince99 » Fri May 17, 2013 4:52 pm

I suggest that you do NOT close any of right now. Your 1 year old card is helping your score and you don't have that much in it. It is a stepping stone towards better cards down the line.

Kohls is a possibility for you. I would suggest it but it is Cap One now they do hard pulls on all 3 bureaus and are not known for giving a lot of CLIs but if it serves you it may be worth your time.

But I would not close anything you have, not until you have better cards. Then once that happens you can dump your starters. It's like a set of wheels, you start with a beater that gets you to work and only dump it when you get something better to get to work in.

rbai76
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Posts: 15
Joined: Sun Apr 07, 2013 7:42 am
Location: MD

Postby rbai76 » Fri May 17, 2013 5:16 pm

Well I actually ended up asking for a credit limit increase of $500 on my citi card so now the limit on that is 1k, I also applied for a chase freedom card yesterday and was approved for that as well.

My credit score is still at 730 though.

My question is will too many dings on your credit in a short period of time hurt you much? Would it be okay for me to open a few cards now so when I want to close out a few cards later I will still have good history on the ones I open now.



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