Y'all are definitely more patient people than me. I get the "bonus itch" and I go for it. Maybe not calling would have been better for me, but I am still happy to have gotten one card approved.
Originally Posted by
shoreline
Adrienne, a few post up from yours, canceled one and reapplied getting approved for 1st (not same type), but not 2nd (applying same day as cancellation).
With the 10 year history, sounds like your happy with the card.
I'm no pro at the CC game for sure, but I do try to keep up with the threads daily.
It sounds like the business route would be better. But, of course, this probably depends on credit score, credit history, etc. so, that's why ymmv.
If she closes that card I think she loses the 10 year history in her average, correct? (a CC pro will surely verify this soon)
She will not lose her history, as someone else pointed out, but her average age of card will go down. It really will depend on what other cards she has and how old they are whether closing this card will have much of an impact. I recommend going to creditkarma.com on this site it pulls in your credit information and it estimates your credit score. Then you can do a simulator to what would happen to your score if you cancel your oldest card. Its free so I highly recommend this site.
The reason I have had the business card for so long is about 6 or 7 years ago they did away with my annual fee (i.e. no fee forever, and I don't know why I am so special to not have a fee - they simply stopped charging it and I remember calling them to find out why I didn't get charged the fee and they said "oh, we are waiving that fee for you from now on". I didn't even ask for it!). I have a $43,000 credit limit on this card, which I think is pretty valuable in case of some kind of crazy and remote emergency...I always take this card when I travel across the world in case I find myself in a hospital in the middle of rural Indonesia needing to pay for some kind of emergency hospital service) also this card is a business card so none of the transactions show up on my credit report. So that means when I get close to refinancing my house, I start using this card exclusively for about 4-6 months so there is no balance owing on my credit report. (Even though I pay off my balance every month, because I travel so much for work I usually show $5K - $10K per month owing on my personal credit report when I use my personal cards...and they use the minimum payments on your outstanding balances to determine how much money you qualify for.) I am sorry this is such a long story.