Originally Posted by
woow14610
Hi All....
I see some people applying for 4 credit cards at a time most have annul fees. What do you guys do when the renewal comes? Do you guys close the cards? lets say I open 4 cards now and close 4 cards next year. Don't I have to open few cards to keep my credit score intact? Appreciate the help.
I am thinking of applying for
2 chase cards and
2 Citicards on the same day hence the question.
thanks.
No, you don't have to. If you can benefit from the card despite the annual fee, then keep it. If not, then don't.
You can also try to convince [some of] them to wave annual fee or the part thereof or downgrade it to a no-fee card. It's up to you. If you don't need the card close it but transfer the balance to another card from the same family so your utilization rate doesn't go into the toilet. In the end, you can't churn credit cards (well not many of them) if you always keep them.