Capn Stabby
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There's just so much differing info out there regarding credit and credit cards and I'm not sure what to believe, so here's hoping there will be some sort of consensus:
Here's my situation:
1) My Main Card = Citi Card with $9800 limit
2) My secondary card = Amazon Visa card with $2500 limit
3) My useless third card = Bank of America - $15k limit
I almost never use the BoA card because the rewards just aren't worth it. $15k was its starting limit, I didn't request to increase it that high.
Now, I want to grab a better third card so I can more effectively rotate my credit. (I was thinking an AMEX or Chase Freedom, for those who are interested) so I want to cancel the third card.
I've read that closing it will hit your credit hard because part of your score depends on your current spending to total credit limit ratio, but I'm really not sure what to believe.
Any ideas?
Here's my situation:
1) My Main Card = Citi Card with $9800 limit
2) My secondary card = Amazon Visa card with $2500 limit
3) My useless third card = Bank of America - $15k limit
I almost never use the BoA card because the rewards just aren't worth it. $15k was its starting limit, I didn't request to increase it that high.
Now, I want to grab a better third card so I can more effectively rotate my credit. (I was thinking an AMEX or Chase Freedom, for those who are interested) so I want to cancel the third card.
I've read that closing it will hit your credit hard because part of your score depends on your current spending to total credit limit ratio, but I'm really not sure what to believe.
Any ideas?