Credit question
 

If I open an account, get the bonus, and then close the account (all in theory here), how much is my credit hurt? I realize there is a small impact from the initial hard pull when i apply for the card, but I know that credit agencies look at length of accounts, so would getting rid of accounts that have been open only a short time a positive? Or is the closing just frowned up?

Thanks
Brad

We really need more info on your credit experience to advise you. If you have no credit history it will weigh much more heavily against you than of you have already established a healthy history.

I have a pretty healthy credit history. Mid 700s and have been building credit for over 7 years

As long as you don't open and close quickly several cards in a row, you should be fine. Hard pulls drop you score a few points. Meanwhile closing older accounts hurts your AAOA much more than closing recently opened accounts.

There are always some trade offs, as bottom line - attractive offers are not free.

As you have mentioned, the initial HP will harm you short-term until it can be removed from your report. However, the early closure has a bigger impact to AAoA. Since AAoA is taken as an average, the more frequent and aggressive you are doing this, the more extent of the long-term damage. Don't forget the age of your existing cards will reduce this long-term damage. That's why if you just begin, you should try to convert your accounts instead of closing to preserve the AAoA.

On which scale? Put another way, what service are you using to see a credit score?

Closing does not immediately impact AAoA. However, opening a new account will when the account reports. Closed accounts in good standing will typically continue to show up on reports and factor into your AAoA for 10 years. Closing doesn't make them go away and does not exclude them from factoring into AAoA. There's also an impact from having new accounts on your reports.

A score in the mid 700's doesn't really tell us enough to say whether or not you have a profile that can handle churning. Look at your AAoA and calculate how new accounts would impact it.

I only plan on closing accounts that have been opened for less than a year. I realize that converting an account is the best option, but for Chase it's tough because you can only have 5 accounts.

I use quizzle and credit karma, both on scales of 850.

That's not the policy. If you have opened five new accounts in the past 24 months Chase will decline applications for certain types of card accounts. Closing those accounts does not change anything, Chase can still see that you opened them. I suggest that you read the Wikipost at the top of this thread:

http://www.flyertalk.com/forum/chase...5-present.html