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I’m big into credit cards, typically get a new one every 3 or so months. Currently have 19 cards. It’s not too good to be true lol.
To answer your question, Ask Sebby and Credit Shifu are some good channels on YouTube to learn about the credit card game.
Also, assuming the card doesn’t have an annual fee, it’s best to keep the card open. No reason to close it - doing so will just hurt your credit score. Even if the card has a fee, a lot of cards have downgrade options to no annual fee cards.
SA 1, good point. Depends on the issuer/card.
Alright OP, credit newbie I see. I recommend the myFICO.com forums. You don’t wanna open then close a bunch of cards. The more cards you open, the less your AAoA becomes (average age of account) which is a significant factor into your credit score. You’ll learn all this by lurking the forum I mentioned. I’ve been a lurking member since I was 17
I would suggest having one card that you keep long term. One factor in your credit score is how long you’ve held onto your accounts. Flipping them over every few years will lower your score.
This. Especially since there’s really no downside to keeping an account open, assuming it’s a no annual fee card.
You should look into getting rewards from opening checking accounts. Don't really have to worry much about the credit side of it unless you go pretty crazy with it. I've gotten a few decent bonuses ($200 - $400) just for things like maintaining a minimum balance or sending my direct deposits to the account for a month or two. I use the site EveryBankBonus to find the better ones. I'm sure there are other similar sites.
This is a good method. Also, brokerage account bonuses. Between these type of bonuses, I can add at least an extra $1K to my wallet a year.
I'm a big fan of doctorofcredit.com they have an updated list of best bonuses
Rising Star
Just be careful when applying for mortgages later in life. I have over 20 credit cards with over $150k of outstanding credit issued to me over the past 5 years.
Unfortunately - as I discovered with this tighter post COVID credit market - mortgage lenders don’t like my average account age and the number of hard inquires and accounts opened the past 2 years is really high. I’m taking it easy with no new cards/accounts for the next 12 months to let my score grow a bit.