- Centurion Member
- Posts: 179
- Joined: Fri Apr 12, 2013 4:47 pm
- Location: Indianapolis, IN
I agree with flan. If your credit is clear of baddies and you want to maintain/improve your credit, I'd add a card or two before thinking about canceling this one. If you have a few credit cards, it can look better than just having one credit card, regardless of whether you close this one or not.
Just as general advice, it's always good to keep older lines of credit open, as they improve your average age of accounts (AAoA). It's also good to have multiple card accounts with multiple banks through multiple processing networks. Example: have a Chase Visa, an AmEx Charge card, a CapitalOne MasterCard, and maybe even a Discover card. Having more lines of credit with a balance only on one or two will help your score as well as improve chances of credit being extended to you in the future (home loans, car loans, etc).
As flan said, tell us a little more about your credit history and we can help you out from there.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680