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Argh. Should have signed up for an awards credit card sooner.

G

GoingUp

Lifer
Just signed up last week for a Amazon.com Visa card. I had been charging everything onto my circuit city card to build up some credit. I charged over $5000 to it last year for everything that I could in order to try and build up my credit rating. I never went over my limit or had a late payment or a payment less than the total of my bill, but my stupid self never signed up for an award card. Id have a $50 amazon.com gift certificate if I had by now 🙁

Heres a question for you credit gurus. I have a CC credit card with $1300 limit and my amazon has a $2000 limit. How much will it hurt my score to close the CC card? I have had the CC credit card for 2 years now, but I can't see myself using it very much because I will be putting all my purchases on my amazon card to try and keep building my credit while getting some amazon points.
 
1) In order to have a good credit rating, you pretty much need 2-3 open accounts (loans, credit cards, and similar).
2) Your credit rating depends partly on the length of time you have accounts those open. Thus it hurts to open new accounts and close your long standing accounts.
3) It is always good to leave one CC at home. Thus if your wallet is lost/stolen you can still live your normal life while waiting for a replacement of your CCs that were lost/stolen.

Combine #1 - #3. It is probably in your best interest NOT to close the circuit city account. You don't have to use it, but don't close it either.
 
i dont think it is going to matter

there is a citibank mastercard that offers 1% cashback and 5% cashback on grocery and gas purchases

i think there is a limit of 300 cashback (translates to $6000 on grocery and gas so it should be plenty) a year though but not bad
 
Originally posted by: mchammer187
i dont think it is going to matter

there is a citibank mastercard that offers 1% cashback and 5% cashback on grocery and gas purchases

i think there is a limit of 300 cashback (translates to $6000 on grocery and gas so it should be plenty) a year though but not bad
Click to expand...

yea but you have to wait for the end of the year or hit certain numbers to get the money in check form.

The Chase Perfect card gives you 1% on everything and 3% on gas back applied to your next credit card statement.
 
Don't close it. It is good to keep an old CC account just because it is old. Just don't use it.
It is also good to have a high 'available credit'/'used credit' rate.
 
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