Million Mile Secrets reader Phil commented:
Should I cancel a card to “free up” credit with a given bank to increase my chances of getting a new card? Or should I hold onto the card to keep my relationship with the bank strong?
1. I have had the US Bank Lifemiles Visa for almost a year now. I don’t use it much, but they recently increased my limit from $6,000 to $8,000. Now I am considering applying for the US Bank Club Carlson Visa this month. I have 16 credit cards, and a relatively short credit history (I only had 1 credit card until 2 years ago, and got that first 1 in 2009), and an income that is not particularly impressive.
And if I cancel it, should I wait a few weeks until after I pay the $75 and get 6,000 renewal points?
I would like to apply for 1 of the AMEX Hilton cards soon. Should I cancel 1 of my other AMEX cards first?
Excellent question, Phil! You have some decisions to make.
Let’s look at each bank separately to find Phil’s best strategy.