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Borninnyc

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What to do with non reward balance transfer card
Hi everyone! So I just applied for the Chase Sapphire Preferred and was approved for $5,000 limit! I just opened and closed not to long ago a Capital one quick silver visa which I kind of regret but hey it is what it is. My dad thought I only had 2 cards but now I have 4. He feels close one account (i never told him about capital one). I have a BankAmericard Visa with no rewards that I opened last year for a balance transfer which is almost paid off $297/$3500 limit. I'm debating on paying it off and just closing the account since I won't be using it at all. Sounds like a good idea or am I better off waiting 2-6 mths to do so. As of now I have $15,000 in limits in order from oldest to newest that are open/closed:
-Discover IT card $405/$2500
-Chase Freedom $2644/$4000 **used for down payment on New car...paying off in 2 months**
-Chase Amazon $0/3000 closed right away after opened
-Bank Americard- $297/$3500
CapOne Quick silver $0/$10,000 closed right away after open
-Chase Sapphire Preferred $0/$5000

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Top Contributor
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I learned from reading the articles here that closing ANY credit card will hurt your credit score.  Even though I will likely not use 3 of the cards I [have, I haven't clo[sed them and my score has gone up.  Read the articles here and use the financial tools so you can clearly understand how credit works.

Top Contributor
987 Contributions
546 People Helped

Closing a credit card dose not help your scores, so you need to ask yourself, why you want to close it and why you keep on applying and then close credit cards? Those two you closed dosent have annual fees, you already took the hits from inquiries and new accounts, closed them doesn't give back those score hits, it dose you no harm by keep them open, if nothing else? They would've padding your overall utilizations, have couple cards report with 0 balance actually help your scores. You never know if you would be needing those limits down the road.

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