My wife and I currently have a few credit cards that we don't use, but there's another that we'd like to get, but I'm not sure if I should close those first and wait a month or so before applying for the other, or just apply for it and close the others at the same time. I'm mostly concerned about limiting the credit limit we get on the new card...
- Local bank credit card - $1000 limit - 1st cc I got several years ago; limited cash back/etc. options; probably the longest credit history I have on my report
- GEMB credit card - $3000 limit - got as part of a 0% finance promotion (paid off in May), haven't used since
- Clothing store loyalty card - $1000 - use $100-300 from time to time and get good deals for having it, so not looking to close this one
- Chase Freedom - $3300 limit - use for everything; alerts set to pay off if we hit $1000 so we don't get above 33% (overall) utilization (and to a certain extent to distribute the bank withdrawals a bit more than pulling $2k+ at one time)
What I'd like:
- REI Visa (US Bank) - I think we'd qualify for the signature version (w/ no set spending limit), but if you apply for it and don't qualify, you're automatically 'considered' for the 'platimum' version, which would be only slightly less ideal
If it matters, we also just got a mortgage in May that was pretty-well below our 'maximum approved amount' - I know it helps to have different credit types to some extent... (though I'm really more focused on the new card than my credit score in this instance)
Is it advisable to just apply for the REI card (since the others are contributing to overall low utilization and longer history), or close the GEMB (and local bank card?) to reduce the total 'credit availability' (to theoretically open up more space for the REI)?