I wanna sign up for my 4th credit card, should I cancel one?

[Kenny]

I'm in my third year of college, and my oldest card is an MBNA card I've had since senior year of high school. My FICO is currently ~700. I have a total of 3.5k of credit, with one card providing me 2k.

I just signed up for a Chase card (two weeks ago) because of a good promotion (3% back on gas). I'd like to sign up for an Amazon card because of their $30 off first purchase, and Amazon points to earn me certificates. Should I cancel one of my cards?

Or would it be better to just use all the cards lightly?

 

[AlienCraft]

Originally posted by: Kenny
I'm in my third year of college, and my oldest card is an MBNA card I've had since senior year of high school. My FICO is currently ~700. I have a total of 3.5k of credit, with one card providing me 2k.

I just signed up for a Chase card (two weeks ago) because of a good promotion (3% back on gas). I'd like to sign up for an Amazon card because of their $30 off first purchase, and Amazon points to earn me certificates. Should I cancel one of my cards?

Or would it be better to just use all the cards lightly?

Never cancel a card. Just do not use it.

 

[kyparrish]

Originally posted by: Kenny
I'm in my third year of college, and my oldest card is an MBNA card I've had since senior year of high school. My FICO is currently ~700. I have a total of 3.5k of credit, with one card providing me 2k.

I just signed up for a Chase card (two weeks ago) because of a good promotion (3% back on gas). I'd like to sign up for an Amazon card because of their $30 off first purchase, and Amazon points to earn me certificates. Should I cancel one of my cards?

Or would it be better to just use all the cards lightly?

I wouldn't. I wish I hadn't opened up as many CC's as I did in college. I'm still paying them off 2 years later...

 

[Raincity]

Having too much credit hurts your score. Canceling hurts your score. Maybee you should stick with what you already have.

 

[Kenny]

Originally posted by: Raincity
Having too much credit hurts your score. Canceling hurts your score. Maybee you should stick with what you already have.

Sounds good. I have no problem paying off my balances, I just have too many cards. I guess I won't be signing up for anymore for a while.

 

[Raincity]

The FICO score will come into play when you need a morgage. The 700 score is borderline for sub and prime rates.

 

[machintos]

Originally posted by: Raincity
The FICO score will come into play when you need a morgage. The 700 score is borderline for sub and prime rates.

When I worked as a mortgage consultant, the borderline was set at 650. We worked with banks such as abn amro and bofa.

 

[RossMAN]

CitiBank 5% > Chase 3%

 

[zixxer]

stupid BOA. I had to cancel a credit card I had with them (secured...) hopefully it doesn't hurt my score too bad.

 

[Gibson486]

not a credit guru, but i remember reading this. Maybe it will help.

 

[Kenny]

Originally posted by: Gibson486
not a credit guru, but i remember reading this. Maybe it will help.

Thanks. It looks like it will only damage my credit if I go about it the wrong way.