Should I cancel my high interest credit card?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Should I cancel my high interest credit card?

Postby pzzdog » Thu Aug 09, 2012 12:42 am

I got approved low interest Chase and Citi at 8/7, I am thinking to cancel the high interest credit card:

1 2004 - chase slate, interest rates 25% CL $500 no balances
2 2006 - chase slate, interest rates 27% CL $600 no balances
3 2010 - capital one, interest rates 25%CL $1500 no balances



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Postby nycplayboy78 » Thu Aug 09, 2012 3:01 pm

I wouldn't what I would do is simply keep them at a zero balance and like once a month buy guys with one card a month and pay it off and that will look good on your credit report. I would apply for an American Express Card if I was you just to diversify your credit portfolio....

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Postby MemberSince99 » Thu Aug 09, 2012 3:51 pm

If Cap One has an annual fee, dump it. You don't need that. Otherwise no harm in keeping them around.

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Postby agp » Thu Aug 09, 2012 5:04 pm

If you don't carry balances and won't carry balances, it won't hurt to keep the Slates open. Capital One's gotta go though without a doubt.

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Postby hematino » Thu Aug 09, 2012 10:53 pm

Keep the Slates open definitely, and if you are interested in rewards, email Chase about doing a product conversion to a Freedom. It won't be a hard pull. If you don't have a balance, there isn't much point to a Slate card as your interest rates are high and there are no rewards. These accounts are aged enough that if you apply for a few new accounts in the next couple years, they will offset the damage to your credit score from lowering the average age. Keep the Capital One card only if there is no annual fee. If there is a fee, keep it open until it is time for the fee to be reassessed, THEN dump it.
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