Dockside Chat - New Credit Card and Credit Score Question

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03-21-2012, 05:03 AM
I have two credit cards, an American Express Blue and a Chase Orvis Visa.

I got notification a week or so ago that Chase and Orvis were parting ways and that I would be "rolled over" to a regular Chase Visa Card. The Am Ex is fine, but to be honest the points system sucks.

I use them for work 99% of the time. Hotels, travel, misc. purchases, ect.... I do not carry a balance on either one of them.

I have had both of them for a number of years and have well established credit. My current credit score is well over 800.

I'd like to get a couple of cards that offer better rewards, but I don't want to screw with my credit score by cancelling two accounts and opening two more.

I'm honestly not sure what affect it will have, but am looking for opinions.

03-21-2012, 05:12 AM
Guys in black suits won't come if you credit score drops a few points...What's your concern if your score drops a bit? To have a score greater than 800 seems that you really dont need/use much credit to begin with. Are you planning any big deals that may be affected if you drop down to a 750 or so for a few months?

03-21-2012, 05:13 AM
IMO, if you're planning a large financing in the near future (home, business, etc) then you might want to wait on the CC search.

Any card company will pull your credit and that does lower your score. Given your current score, it's not likely that the lowering will affect your ability to get good borrowing rates, but don't go hog wild on searching for cards because those hits add up.

03-21-2012, 05:16 AM
Don't cancel either card, unless you want to avoid an annul fee.

Just open the new accounts.

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