{ "media_type": "text", "post_content": "How many of you open new cards just for signup bonus and then close them after a year or so and does that affect credit score.", "post_id": "59cba39328c9860017a0fa69", "reply_count": 12, "vote_count": 4, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

How many of you open new cards just for signup bonus and then close them after a year or so and does that affect credit score.

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30 cards in the last 3 years. Score has gone up about 30 points since I started and the rewards / points I've received are probably worth $15-20k. Just gotta make sure you're responsible in paying off your balances and not spending money just to meet the minimum spends

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Lots of articles on this, depends on your overall credit utilization

Better to product change to a free card. Beyond the impact for getting other cards it doesn't really hurt you after 6 months.

I do! It's an addiction now tbh

I do... it's a small inconvenience for free money. Basically each signup bonus is a free vacation.

I am not exaggerating when I say I have been approved for over 1,000 credit cards and raked in insane amounts of sign-up bonuses. I cancel them between the six month and one year mark, after danger of claw back of bonus and before any annual fee hits, if applicable. People who say to convert to different types are giving okay advice, but not if you plan to do it in volume.

No impact to credit after a few months and the dust settles.

What is your credit rating, @M1?

I do. 1-2 cards a year. No impact to my excellent credit score.

I do. Open/close 2 cards per year. Credit score 815 - only cards I've kept open Amex delta platinum (free companion flight every year), chase freedom (age of account) and Marriott rewards (free hotel night every year + 5x points on stays)

What about old cards - do you still keep them open? Like old old when you were in undergrad. I have some old cards that I don’t even use

I keep old cards open for the credit history. Helps increase average age of accounts which boosts your score which increases chances of approval for other cards. I close the ones with annual fees that add no benefit

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