I have had a Capital One credit card for about a year?

The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!

Cash Central. Loan with Confidence Again.

Cash Central Payday Loans: Quick, Friendly, Secure

I just recently applied for and got a Chase credit card with a better interst rate. I no longer use my Capital One card. My question is this...do I cancel my Capital One card or is it better to keep it active but not use it. Another question...aside from my two credit cards I only have a student loan for $1000 on my credit and I want to get a credit card that I can earn air miles with because I like to travel...is this a wise idea or not? I am 22 and am trying to build my credit.

Thanks in advance for your answers.

I have had a Capital One credit card for about a year?

Do not cancel you Capitol One card, just use it a couple of times a year to keep it active and pay it off in full.

Credit to debt makes up a full 30% of your score. Use them for every day things, never exceed 30% of your credit limit in any given month and pay in full before the due date and your score will shoot up.

Credit scores are made up based on the following;

1. Payment history 35%

2. Time in bureau 15%

3. Types of credit 10%

4. New credit 10%

5. Debt to credit ratio 30%

Being so young and having so few trade lines on your credit canceling this card now would have a negative affect on your credit.

I have had a Capital One credit card for about a year?

It would be best to have one and only one card. Cancel the Cap One, as you won't use it.

Use the new card judiciously. Do not carry a balance.

FirstPrevious12 Next End

I have had a Capital One credit card for about a year?

Topic