Cancelling a credit card to build credit? (my financial state)

[extrax]

So I have six credit cards and need to cancel one of them so I can sign up for another one with better rewards and wondering if I should just sign up for this credit card or cancel one of my credit cards before signing up for a new one or should I lower my total credit limit. This is my Financial state:

Annual Income: $40K
Total Credit: $51K
Total Debt: $13K
Credit card number #1: -$4000 debt with $18K limit (6 years)
Credit card number #2: $0 debt with $15K limit (5 years)
Credit card number #3: $0 debt with $4K limit (3 years)
Credit card number #4: $0 debt with $4K limit (1 year)
Credit card number #5: $0 debt with $500 limit (1 year)
Credit card number #6: -$9000 debt with $10K limit (3 months) I cannot cancel this one due to it having a 0% balance transfer rate.

Edit: I need a new credit card because the balance transfer promotions are about to expire. I have never missed a single payment and my payments are about 10x more than the minimum payment, so I do not need lecturing on paying off this debt

[Deal Grabber]

I'd cancel 3,4 & 5. Not sure what your TDSR looks like but beware, you won't get a good limit with those high balances, given your income is quite low.

[Mark77]

IMHO, you should stop playing games with 'credit'. Normal people need 1, at worst, 2 credit cards, always paid off, in full, at the end of the month. You obviously have a problem with credit if you're sitting with those kinds of balances. My suggestion would be to shred cards #2-#5, pay off #1 and #6, and aim to never end back up in the same situation again.

The best way to rebuild 'credit' is to establish a base of savings, that you can use as a proper downpayment on whatever you buy in the future, if you choose to use credit.

The best 'credit' rating is one that you don't even need to/want to care about, because you won't be using unsecured credit for your purchases. If you need to use unsecured credit to buy something, then you probably can't afford it anyways.

[Conquistador]

IMHO, you should stop playing games with 'credit'. Normal people need 1, at worst, 2 credit cards, always paid off, in full, at the end of the month. You obviously have a problem with credit if you're sitting with those kinds of balances. My suggestion would be to shred cards #2-#5, pay off #1 and #6, and aim to never end back up in the same situation again.

The best way to rebuild 'credit' is to establish a base of savings, that you can use as a proper downpayment on whatever you buy in the future, if you choose to use credit.

The best 'credit' rating is one that you don't even need to/want to care about, because you won't be using unsecured credit for your purchases. If you need to use unsecured credit to buy something, then you probably can't afford it anyways.

I disagree with an awful lot of what you post, Mark, but this one is absolutely spot on.

OP has no business applying for more credit when it's crystal clear that he can't handle what he already has.

[nyder74]

So I have six credit cards and need to cancel one of them so I can sign up for another one with better rewards and wondering if I should just sign up for this credit card or cancel one of my credit cards before signing up for a new one or should I lower my total credit limit. This is my Financial state:

Annual Income: $40K
Total Credit: $51K
Total Debt: $13K
Credit card number #1: -$4000 debt with $18K limit (6 years)
Credit card number #2: $0 debt with $15K limit (5 years)
Credit card number #3: $0 debt with $4K limit (3 years)
Credit card number #4: $0 debt with $4K limit (1 year)
Credit card number #5: $0 debt with $500 limit (1 year)
Credit card number #6: -$9000 debt with $10K limit (3 months) I cannot cancel this one due to it having a 0% balance transfer rate.

Don't worry about cancelling cards an applying, pay off that debt.
Are you paying annual fees for any of these?

Nyd

[extrax]

No annual fees for any of these cards.
The thing is that I need to build credit to sign up for a new credit card that also offers a balance transfer promotion because my other 2 Credit cards are about to expire on their promotion. So once again, im curious, which credit card should I cancel or should I even cancel any due to the years I had them for, or should I lower my credit limit to get a better credit score in order for me to be approved for another credit card that offers very low balance transfers.

[nyder74]

No annual fees for any of these cards.
The thing is that I need to build credit to sign up for a new credit card that also offers a balance transfer promotion because my other 2 Credit cards are about to expire on their promotion. So once again, im curious, which credit card should I cancel or should I even cancel any due to the years I had them for, or should I lower my credit limit to get a better credit score in order for me to be approved for another credit card that offers very low balance transfers.

Are you under the impression that cancelling a card is going to improve you credit score in order to obtain this new B/T card? If so, you are mistaken.

Nyd

[Jimboski]

Damn, 6 CC's.. No wonder lots of people are In debt..

[cahk]

I smell a troll (or fraudster) - You're 18, with 6 credit cards + 60K income and yet you need to use 0% transfer for the THIRD time in 3 months of time?

I just turned 18 and have never applied for a credit card or loan or mortgage or anything at all, I just have a phone bill and a chequing account, therefore I have no credit at all, so my question is:

If I apply for a no annual fee credit card and not make a single purchase on the credit card and keep applying for a pre-approved credit limit increase for a year, would my credit score be extremely good???

I got 6 credit cards, all at $1000 limit each and all at a $0 balance and I have an annual income of $60K and a household income of over $150K. Would it be a hurt my credit if I signed up for another credit card with a low limit??

[Jimboski]

I smell a troll (or fraudster) - You're 18, with 6 credit cards + 60K income and yet you need to use 0% transfer for the THIRD time in 3 months of time?

On top of that 13k debt at the age of 18.. Hmm! Can't be for school since he makes 40K annually!

[extrax]

Well, I thought cancelling a credit card will hurt your credit temporarily, and then bounce right back up after a few months. I'm doing this because, once again, my balance transfer promotion will end in about 6 months, and I don't have time to waste

[starboy869]

How are you paying off the 13k in debt. Min payments?

[Jimboski]

How are you paying off the 13k in debt. Min payments?

He says "paying 10x more than the minimum payment".... inb4 his debt gets out of control.

[nyder74]

Well, I thought cancelling a credit card will hurt your credit temporarily, and then bounce right back up after a few months. I'm doing this because, once again, my balance transfer promotion will end in about 6 months, and I don't have time to waste

Cancelling cards doesn't help your credit score, it can hurt it, wanna help your score and your financial situation stop spending, start paying off your debt.

Nyd

[extrax]

If cancelling cards doesn't help, what is the best thing other than paying off my debt which I am doing right now, to get approved for another low balance transferring credit card?