Originally Posted by
FrAAmer
Might I add another consideration?
If you have an established credit line with an issuer (say Chase) it might be prudent when opening another card from them to ask to the old line transferred to the new card before closing. You may end up with a higher overall line of credit and your "available credit" ratio on your credit report will not take a hit.
When I opened new BA Visa, they gave me an unworkable line - but since I was going to cancel my SW Visa with Chase anyway, before I cancelled the SW Visa I moved the entire credit available to the BA Visa thereby not losing a credit line I earned through use.
I'd definitely second that recommendation. I have several Chase cards, have been a longtime customer, but I never flat out cancel before I'm going to apply for a new one. I have, for now, maxed out on the total credit card line Chase will extend to me. So I just wait until applying for a new CHase card, knowing I won't get instant approval but will need to call (actually they usually proactively call me) and move some or all of the credit line, and then cancel if need be.
Whether canceling after a year (or just under) will matter depends on your credit. As noted, it's an average age so whether canceling a couple of "young" accounts will have a material impact on your score depends on the rest of your account history and corresponding ages.
But to the question as stated in the OP's title, aside from the caveats mentioned already, in general no it's not a bad thing...in fact, the old timers
here used to churn heavily in some cards back in the day.