When I was a teen, my mom opened a credit card with Capital One and added me as an authorized user. I used this credit card for pretty much everything, but when I went to get a loan for a home years later, the mortgage company told me I have pretty much no established credit. So while I was the only user of this card and paid it off in full every month, it did not seem to affect my credit much, if at all.
After that I opened a new credit card myself (again with Capital One), but it only had a limit of $1000. This was fine for most of my needs. But I started having periodic purchases that were close to or exceeded the limit, and the limit actually prevented my purchase of some items. I contacted Capital One and they refused to increase my limit (even though my credit is excellent I can more than afford a higher limit) but they declined because my past spending history indicated I don't need it.
My Dad then informed me he has a Costco membership. We talked and he added me as a secondary user. I applied for a credit card and was approved for a $9800 limit which was great! Now its time to renew the Costco membership but my dad doesn't really go to Costco anymore and is considering canceling the membership, which will also cancel my credit card.
I've had the Costco credit card for almost 9 months, the 1k capital one card for a year or two, and the join capital one card for about 10 years. All of them are currently open and in good standing.
I kind of agree with my dad that there is no reason to be paying $60 a month for the costco card when the benefits it provides aren't really used (only real benefit for me is the gas, but that involves going out of my way and waiting in long lines to get, and isn't really worth it to me.)
If we close the Costco credit card (or either of the other two cards that are never used), will it negatively affect my credit?
Will it cause problems applying for additional credit cards in the immediate future? (I will need a new card to replace the costco one with high enough limits)