Originally Posted by caGALINDO

If you "downgrade" you are still opening a 'new line' of credit which will decrease your score for a few months. Even if it doesn't need a new credit check your credit would go down because the average # of years you've had credit will go down.

So downgrading is the same thing as just closing the account and opening a new fee-free card.. basically. So just ask yourself if you need another card.

I think having some non-fee cards are good so you can keep them for the long run and in a few years they will help increase your averaged 'credit history length' leading to a better score.

My friend has 40+ cards and his score is 810 and he's like 25. I think thats overkill but there ya go..

Not sure about the sign up bonus but since that is one of your oldest cards (I'm guessing) I wouldn't close it and most churnable deals work regardless if you cancel the old one or not.

Originally Posted by erikt311

That does pose a side-question then. Would I be able to keep this card open just for the heck of it and then still apply for a new US Air "fee" card down the road and take advantage of the bonus sign-up again? Or only if i cancel the free one first?

Originally Posted by jeanie

Datapoint: I just applied for my second US Air MC, and was instantly approved. I had gotten my first card back in April, 2012, and was instantly approved then as well. The first card is still open. I did not have to call the reconsideration line and give them an excuse for the second card.

The online system also allowed me to add the new card to my existing online account instantly. It showed both cards on the existing online account, and even gave me the last 4 digits of the new card to differentiate the accounts.

Now I hope to get a second opportunity at the 15k bonus miles if I spend $750 per month for 3 months!

Thanks!

Originally Posted by caGALINDO

If you "downgrade" you are still opening a 'new line' of credit which will decrease your score for a few months. Even if it doesn't need a new credit check your credit would go down because the average # of years you've had credit will go down.

So downgrading is the same thing as just closing the account and opening a new fee-free card.. basically. So just ask yourself if you need another card.

I think having some non-fee cards are good so you can keep them for the long run and in a few years they will help increase your averaged 'credit history length' leading to a better score.

My friend has 40+ cards and his score is 810 and he's like 25. I think thats overkill but there ya go..

Not sure about the sign up bonus but since that is one of your oldest cards (I'm guessing) I wouldn't close it and most churnable deals work regardless if you cancel the old one or not.

Originally Posted by oneworld82

If I applied for a card somewhere around mid-September, when should I cancel it? BEfore Mid-September 2013 or before the end of Sep 13 to avoid the annual fee?

Thanks!