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K227

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Should I cancel my current credit card for a new card who's plan I like better?
I currently have the Capital One platium master card. I got it about 2 years ago when I was in a bind. Now I'm doing better financially, & I want a card that better fits my needs: no annual fees & a good rewards program; I was thinking chase freedom unlimited. I have few accounts making my score look bad; 4 open & 3 closed(soon to be 3 opened & 4 closed, as I am a few months away from paying off 1 account). Either way I'm at 7 accounts & nun of them are older then 4 years. So is it worth it to cancel my cap 1 card & get the chase? How badly would adding an 8th new account affect my credit?

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Adding that new account would reduce your score initially, although you will recover after about 6 months.  (Age of accounts and hard inquiry)   If you are in the 700 rate, it would probably hit your for about 20 points.   You should avoid closing the Capitol One card.  That is your oldest with a two year age.  When you open the new one, your average agent of accounts would cut in half.   A one year average age sure beats a 0 month average age in any calculation.  If Capital one has an annual fee, call them and ask them to waive it.  You indicated you had accounts making your score look bad.   Be forward, Chase may forgive one old account which is negative and pretty old although 3 is not likely.  While I love my Chase card, had you considered asking Capital one to convert you to one of their rewards cards and maintaining the same original date?

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You did not read the articles on this site, or you would already know the answer to this question.  To build credit, you need to acquire more credit.

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