How long should I keep these credit cards before closing them?

Question

I have an Amex and a Visa. I want to close them to get two 2 cards with better rewards. I have had the Amex for about 5 -6 months and the visa for a year. What do you think?
Also Does any one know how often Amex and Citi mastercard evaluate and raise your credit limit?

Answer 1

Don't close the Amex. It still looks great on manual credit reviews. What kind of Amex Charge or Credit. Also keep in mind creditors don't like to see excessive cancellations on cards. It costs around $280 to get a customer. If they deem you have an itchy trigger finger they will see you as a bad risk and deny you a card good history notwithstanding. Age of accounts too is part of your credit score. Keep them open even if it means only taking them out for gas every few months. Generally they review credit line increases automatically every 6 - 9 months. Citibank - 6 mos BofA 9 mos Amex will offer new cards after 1 year with good history preapproved with great terms. If you have on line access to your citiaccount check out the credit increase tab. Often there is a pre approved line there that you can click if you approve of the amount. I had $4000 myself as an increase on a 1 1/2 year old card the other day.

Answer 2

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