November 23rd

Thanks for your question. Congratulations on your excellent credit management. I like the idea of having 2 no-fee credit cards from separate issuing banks. Having two offers you the protection of continuing to have credit if a problem occurs with one of the cards. Use both occasionally, always paying off your balance in full. Check Clark Howard's, consumer guru, website for his recommendations on the best no fee cards.

November 24th

Hi Chad - depending upon your overall credit profile - closing a card - line of credit with a long and positive record - will result in a ding to your credit - plus opening a new line of credit will be an additional ding. If this current card was your primary input to your credit score the ding will be more substantial - but if you have an active mortgage - other active lines of credit - then not nearly so much. In any event - if your score stays above 750 - nothing to worry about - and in a year or so it will recover gradually a bit each month. I like Bob's idea of having two cards - since as happened to me - there was a bogus charge on my primary card - and the issuer closed the card and sent me a new one - but I was on vacation 100's of miles away - but was using my backup - secondary card. -:)

November 24th

Wow those are some great answers. Thank you two so much. I do have a mortgage, but I agree having a “back up” Incase emergency sounds like a great idea. Obviously paying them both off when I make charges and keeping them current.
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