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Originally posted by ErinBC:
You wanna be careful with that, it can actually make you have bad credit. "If you open a number of credit accounts with retailers just to get the discounts or freebies, these seemingly harmless accounts may linger in your credit file and end up costing you money the next time you get a loan or insurance," warns David Lafleur,

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Originally posted by fireflyfan278:
You can do the same thing through Amazon, only it's free because you get $30 off.

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Originally posted by Rushlock:
Note on credit aspect. As long as you close those accounts you'll be fine. But indeed, leaving them 'open' is a bad idea. Every open line of credit is a negative against you, regardless of it being in 'good-standing' or not.

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Originally posted by Rushlock:
That depends on who'd doing the credit check. No credit scoring system is going to drop points b/c you closed lines of credit, even if they were closed soley to improve credit rating/appearance.

If that were happening, odds are they're trying to deny you and using this as an excuse.

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Think twice before canceling cards.
The more companies you owe money to, the worse it looks for you. But if you close accounts to boost your score, you'll end up making things worse. That's because you gain points if you're tapping only a small percentage of the total credit available on all your credit cards. Eliminating accounts can reduce that ratio. Also, if you bail out of older credit cards, you will reduce the average account age, which makes up a good portion of your credit score.

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