Financial Information
Got approve for 2 student credit cards, can i cancel one or keep both credit cards?
Question : Got approve for 2 student credit cards, can i cancel one or keep both credit cards?
Hello, i got approve for 2 student credit cards. One is a Discover and the other is Capital One. I personally like Discover better. So should i cancel one of them or should i keep both!
student credit cards
Best answer:
Answer by dusty_titus
Its great that you were approved for both – but you don’t have to spend or buy with either one. The issuance of a credit card doesn’t mean that you must consume. Put one away for emergencies – and I mean emergencies – not a beer bust or new sports equipment. You never should cancel a credit card, there is no penalty for not using them. From time to time – they’ll even send you new ones with extended expiration dates – doesn’t mean a thing.
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#5 written by Luis 1 year ago
Keep both of them because each time you cancel a credit card that also decreases your score by 15%. Now also remember to not exceed more than 30% of your credit limit, do not apply for credit needlessly, pay on time every month and in full since that also shows a positive impact on your credit score.
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#7 written by Phil 1 year ago
It is really your choice. You may want to use each credit card for a different purpose. It really all depends on you. Personally, I wouldn’t find a point in two credit cards. You have to double check, because some credit card companies are sneaky and may have a clause that if you do not use the card for so how long then you get charged for it, but I believe they made a law to stop that; however you can never be too careful. Make sure there is no cancellation fee or annual fee of any kind, too.
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It’s a good idea to keep both, as long as they don’t have unreasonable fees, because it will improve your credit utilization ratio which affects your credit score. Lenders like to see that you have credit available to you that you do not use, so having two credit cards will give you more available credit. You don’t even have to use one of the cards for it to help your credit score. As long as the account is open and current, you will be reported to the credit bureaus as in good standing.