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Iwannahumpyou

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Should I close my current line of credit for a better account?
So here's the lowdown about my quandary. I'm 21, have had a credit card for just over a year now, no other lines of credit or credit history, never missed a payment, and always paid my card off in full each month. There is another version of my card with better benefits that I want, but to get that card I would have to apply for a new one, and IF I were to get approved I wouldn't want 2 credit cards from the same lender ( I already have enough on my mind, let alone two cards). So if i got approved, it would be, out with the old and in with the new. None of spending habits would change. I have a steady job and don't plan on changing that anytime soon, within the 10 years or sooner I would prefer to buy a house or acquire decent sized loan for another venture. I'm quite certain though that if I did follow through, my current credit history would disappear and the application for my new card would ding my credit score... Current Transunion score is 734 and Equifax score is 747 (according to this site). New card is for better benefits and kind of a status/pride thing (stupid, I know, but i can't help it). Also, I wouldn't plan on closing this account for years to come.

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Cut up the old card

but leave it open.Then apply for the new one.It will give you a larger line of credit. 

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Here's a great article about closing old accounts: http://www.creditcards.com/credit-card-news/help/cancel-credit-card-6000.php

My general feeling is that if you can open the new account with the welcome offer and new reward program while keeping your current card open, then do that. If you're worried about spending on the old card by accident, just take the card out of your purse/wallet, and don't use it. 

I don't think you'll have an issue if you close it or keep it open with regards to your credit score if you do it the right way. But you're going to change the average age of your credit which does matter. Good luck!

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