Hey everyone, I’ve got a Chase Freedom Rise Card that I recently upgraded to a Freedom Unlimited. I’m 19 and these are my only two credit cards. The person who helped me with these cards said I should close the first one because I’ve only had it for 7 months, and it won’t affect my credit much. The card doesn’t have an annual fee. Should I keep it or close it? Any advice?
If there’s no annual fee, I’d keep it. It doesn’t hurt to keep it open, but your friend is right that closing it won’t have a big impact either. Keeping it might help you build a stronger credit profile, though.
@Brighterhy
Agreed. Just keep the card. Put it in a drawer and forget about it if you’re not using it. No annual fee means it won’t cost you anything to keep.
@Brighterhy
So should I get another card later to improve my profile, then close this one?
Bliss said:
@Brighterhy
So should I get another card later to improve my profile, then close this one?
If there’s no annual fee, there’s no reason to close it. I have a few cards I don’t use, but I keep them open because they help my credit report. If a lender closes it for non-use, that’s fine, but I wouldn’t close it myself.
Bliss said:
@Brighterhy
So should I get another card later to improve my profile, then close this one?
Lock the card if you’re not going to use it. Keeping it open should help your credit history and might give a slight boost to your score.
Bliss said:
@Brighterhy
So should I get another card later to improve my profile, then close this one?
You could change it to another Freedom card later if you want.
Bliss said:
@Brighterhy
So should I get another card later to improve my profile, then close this one?
You could call Chase and ask if you can switch it to a Freedom Flex or something else.
Bliss said:
@Brighterhy
So should I get another card later to improve my profile, then close this one?
Your friend has a point. Since you’ve only had it for 7 months, it won’t affect your credit much if you close it. But keeping it open helps build credit history and keeps your credit usage lower. If it doesn’t cost you anything, I’d hold onto it for now.
I’d keep it open for at least a year to stay in Chase’s good books. Having two cards now will help your average credit age in the long run. I have two cards from college that are now over 15 years old, and they’ve been really helpful.
It’s best to keep the card open until you have a few more cards. Once you’ve got 4 or more, you can decide if it’s worth keeping.
I thought the Freedom Rise automatically upgrades to an Unlimited after a year. If not, you could keep it and switch to a Freedom Flex. Why do you feel like you need to get rid of your starter card? I kept mine for years, and it helped me get more cards later.
Keep the card. It’s always good to have multiple cards in case of emergencies like losing one or it getting stolen.
Here’s what you can do:
- Keep it open and use it occasionally for small purchases.
- Call Chase and ask if you can switch it to a Freedom Flex for better cashback options.
- Combine its credit limit with your Unlimited card, then close it if you want. This won’t hurt your credit age much since closed accounts still stay on your report for a while.
@Jem
If they close it, they can always get another Freedom card later, but they’ll miss out on the dining rewards.
Keep it open or switch it to a different card. Lock it if you’re worried about using it, but closing it doesn’t really help.