Is it worth is for me to get another credit card to get a discount on product? Then canceling it?

Hal Mark asked:


So, in a nutshell. Having a good credit rating is very important to me. The quandary im in is that i want to get a ps3. And if you sign up for a Sony CC you get a $150 credit. So, that would seem like a good deal to me on a ps3. But i don’t want to add a bad credit to dept ratio to my credit profile and i think i read that canceling a CC too quickly is bad. But im not sure if that really matters if Ive had, and still have, a couple other ones that are years and years old. My credit score right now is 770 or something. What i would do in this case was to sign up for the card. Charge the ps3 to it. Pay it off, in full, the first billing cycle. Then cancel the card whenever i reached the card stipulations to qualify for that $150 rebate/credit (if there is any stipulation, not sure). But if increasing my dept/credit ratio or canceling a card quickly is going to hurt my credit rating. its not worth it to me. What do you think I should do? ok, so, what if i dont cancel the card and just put it away for a year like the second responder said? Would that effect my credit/debit/open accounts… in a bad away? Answering som questions from one of the posters… I think i only opened one account this year it was a ‘store’ CC not a major CC. “Do you have depth of credit, meaning, how many accounts have you had open in the last 10 years.” CC accounts? Maybe 10? But the current status on my CC profile says: Accounts: 15+ Open Accounts: 5 And i own a house if that helps any. Ok, thanks to everyone who took the time answer. Think im going to go ahead and get the card. Thanks! Ok, thanks to everyone who took the time answer. Think im going to go ahead and get the card. Thanks!

Claire
Be Sociable, Share!

3 thoughts on “Is it worth is for me to get another credit card to get a discount on product? Then canceling it?”

  1. You have a great credit score, so applying for another card will only drop your score about 5 points. You can just go ahead and buy the PS3 with the rebate and then pay off the balance and close the account if you want. Initially closing the account will drop your credit score for a few months but if you’re good about your other payments (credit, bills, mortgage, etc…) it will bounce back.

    Just read the fine print about account fees, closing fees etc…on the Sony terms and conditions.

  2. The last 10 but when ever you add more than 250 your score will drop dont ask me 150 bucks is what will really drop again cant give.

Comments are closed.