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sassassa81

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How long should you wait to close your credit card before opening a new one to build credit?
Right now I have a secured card and a BofA card but would like to get a CC for building miles. I am trying to build my credit more than anything. How many credit cards do I need to keep open and when is it good to close one before applying for another?

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DO NOT CANCEL IT!!

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Please stop and take some time to do some reading. You do not want to cancel your card, it would cause significant damage to you in your current situation. Plan on leaving it open for many years until you have a robust credit profile built. Also, I am not sure where your credit is right now, but typically you do not go from a Secured card to a rewards card. You will usually have to go from Secured to Unsecured and then to the good cards with rewards, but as said, it depends on how good your credit is right now. You can have more than one credit card, in fact for a good credit score you want at least three.

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Why do you think there is a need to close a card before you applying for another? Unless it's costing you money with high annual/monthly fees or the issuer is difficult to deal with or the secured card that don't graduate and you have couple other unsecured cards? Leave it open... The BoA's secured card do graduate to unsecured card at some point if it's the 99 dollars for 500 limit card.

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