I have 3 cards as stated, but I want to close my newest card and move to something better as I made the mistake of getting it. There is no AF for any of my cards and my credit scores vary between the 3 agencies, ranging from 740 to 770. My oldest card is 3 years old and my newest is 2 months old. I want to close the new one and go for a better card that aligns with my future. The problem is I understand that it is a myth that closing your card will decrease your credit score; however, what should I do then? My card is not 10 years old, so am I doing something incorrect? I’m 22, by the way.
It is ok to close the card, as it will still age on your report for 10 years.
Would you mind listing your three cards?
Kirin said:
It is ok to close the card, as it will still age on your report for 10 years.
Would you mind listing your three cards?
Fizz, Discover, Chase Freedom.
Kirin said:
It is ok to close the card, as it will still age on your report for 10 years.
Would you mind listing your three cards?
Fizz, Discover, Chase Freedom.
I would keep the Discover & CFF (Chase Freedom Flex) open.
I don’t know much about Fizz, but generally, tech startup cards aren’t worth it.
Do you know your Freedom type – Original, Flex, Unlimited, or Rise?
@Kirin
Freedom Flex card. I want to drop Fizz too.
LilyHarper said:
@Kirin
Freedom Flex card. I want to drop Fizz too.
Yeah, Discover + CFF is a great combo. You can safely drop Fizz.
Kirin said:
It is ok to close the card, as it will still age on your report for 10 years.
Would you mind listing your three cards?
I want to get a travel card or BILT as I will be a grad student across the country from my family.
@LilyHarper
Maybe you should look into the Wells Fargo Autograph, which earns 3% on Dining/Gas/Travel/Transit.
Kirin said:
@LilyHarper
Maybe you should look into the Wells Fargo Autograph, which earns 3% on Dining/Gas/Travel/Transit.
I will also be in about $300k debt with grad school if that also plays a role.
@LilyHarper
That’s a very high amount. You should add cards at a leisurely pace, but it’s also important to apply earlier in your schooling before your debt-to-income ratio starts hurting your approval chances.
That amount of debt is high for my field (STEM), so also make sure that you don’t accrue any credit card debt on top of it.
If there is no annual fee, sock drawer it and let them close it for inactivity. There’s no reason to close it any sooner. Ideally, they will let you lock the card so it can’t be used, or set notifications to any purchase over $1 to avoid fraud.