Do I need to close a card before applying/opening a new one?

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Do I need to close a card before applying/opening a new one?

Postby ericm83 » Thu May 30, 2013 10:59 pm

Guys, I have 3 store cards (Macys, JCPenney and BELK with less than a $1000 credit limit on each of them) and one Wells Fargo card with $2400 CL.

I recently became a member at Costco. So, I want to get an American Express to pay by credit card. I have a short credit history (about 2 & half year) and recently checked my credit score for free and it was 730 by VantageScore (I always pay on time and in full, sometimes even more).

I heard that closing credit card can hurt credit history. My goal is to close the Belk card and apply for AMEX. What would you suggest in which consequence to do that to have minimal bad impact on credit history? Thank you.

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Postby Robrus1 » Fri May 31, 2013 9:56 pm

Apply for the card(s) you want, then cancel what you don't want, or better yet, put them somewhere safe if they are your oldest accounts and leave them open, just don't use them. It'll help your average age of accounts.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

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Postby AMEXPlatino86 » Sat Jun 01, 2013 2:49 am

Yes typically every time you close a credit card account, your score takes a hit. So like Robrus1 said just apply for the card since your score is high and keep the oldest one just don't use it. If you feel like you don't want the other ones then you can shut them down.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 776
TU: 774

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