I signed up for an American Express preferred Blue card and got approved for a limit of $25,000. I have a 830 credit score. I realized that the places I shop don’t accept that card and you have to pay for it yearly so I canceled it.
Then I decided I was going to get a Costco Visa. Once I signed up the credit limit was only $5,000. So I canceled that one. So I stupidly signed up for a Wells Fargo Visa and that was $4,000.
Don’t leave yet and please don’t make fun of me but I’m not done being stupid. I decided I wanted a different American Express card and when I signed up for it the credit limit was $2,000 so I canceled that one.
Again I know I’m fucking stupid but how bad did I just fuck up my credit?
You did more damage by canceling the cards than getting them and keeping them. In the end, had you kept the cards, it would have improved your score (even if you never put any charges on them because having the space counts positively toward your debt-to-credit ratio in FICO).
Yeah and average age of credit is a positive factor too. Basically reset that with every one they cancelled.
Oof didn’t even think about that but yeah. I have a very old retail credit card I got when I was 19 that I keep open just to keep my average high. Put some on it once a year just to keep it open
Using old cards is important - if you don’t use them the issuer might close them. I had that happen with my very first credit card. My next oldest account was something like 5 years newer, which at the time was a pretty big gap because I hadn’t yet reached quasi-old-far status.