Quote:
Originally Posted by brownratwoman
I have only 1 card, credit is "good." All paid off. The customer service is progressively worse, to the point that I want to get rid of it.
Smart thing to do would be to get another card first, then cancel this one.
In case I do that first, and in the case that I don't, how much would it hurt my credit to close this card?
I have 0 total balances across everything, so my utilization rate doesn't actually get worse if I just close this first (0/x still = 0).
My available credit would go to zero, I guess that's very bad? Just couldn't quite wrap my head around that fact (it's more "I'm not a good investment, because I barely use credit, thus score goes down," more than it is, "risky/too high balances/utilization, thus score goes down).
If you indeed do have good credit you should get a different card. Consider looking for one with a decent cash back program and running your monthly expenses through it. Free money is nice.
I think having 0 balances will be pretty bad for you if you want to acquire more credit. It's kind of silly but having access to money and not using it looks good, not having access to money and not using it is a lot less impressive.
Also a major component of credit is avg account age. Keep that in mind as you close your only account. Honestly you should probably just keep it and get a second account somewhere else.