Background: the credit card I want to cancel is a basic one (it used to be a college student CC but the bank changed it semi-recently as I graduated over a year ago now). I opened it as my first CC but don’t really use it and it doesn’t have a big limit or any good perks. I’ve had it for about four years now. It’s through Wells Fargo if that helps (WF is terrible, I know). I currently have another CC I like for the perks too. However, I’d like to apply for another CC for the rewards. Additionally, I don’t owe anything on the WF CC or my other one, and don’t rack up debt on my CCs as I just use them to pay to get rewards/points and immediately pay them off. Lastly, my credit score is around 750 and I’m 24 with no missed CC payments ever. Thanks for any help in advance!
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Keep it open. You’re credit score will go down if you close it because it uses total available credit. It doesn’t hurt you to have another card open.
The only reason we’ve deliberately closed a credit card was because it charged an annual fee. No annual fee? Then keeping the card open, it doesn’t hurt…. unless you start abusing the card. Or lose the card and don’t report losing it.
If you keep the card open and never use it, eventually WF will get sick of you and cancel the card for you.
Is there another card you can upgrade to? I think it’s WF that has a 2% card I’ve seen on TV. No idea of annual fees or specific terms.
I still have my first college line open from almost 15 years ago. It didn’t meet my wants for a while and did a product change to something I did want. It was a win-win for me. Got to keep my oldest line open and move into something I would use.
Part of your credit score is based on how old your lines of credit are. You should keep it open just for the sake of having an old line of credit. You don’t have to use it. I have a Citibank line of credit I just simply never used but it makes my credit utilization look better so I leave it open.
Keep it open. If it’s a annual fee credit card see if you can get it downgraded to a no annual fee credit card. I had a Chase Sapphire Reserve card but had it downgraded to the Chase Freedom Flex since I stopped traveling for now.
If there is no annual fee, keep it open. Use it once every few years so they don’t try and close it.
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