Had bankruptcy four years ago. I have one major bank credit card with $4500 limit at 14.15% fixed rate(no annual fee) and a second smaller bank card with an $800. limit at 15.9 fixed rate(with a $39 annual fee). I pay off the balances each month and have had major purchases of up to $700 which I paid off quickly.

I've had the higher rate credit card for 1 1/2 years and the lower rate one for 4 months. My credit is building fast and I have got offers on cards for as low as 9% interest rate(no annual fee).

Question: I've heard that switching cards is bad especially when I don't really need these cards in the first place----I just want a higher FICO score. Do I cancel the expensive card I've had longer and replace it with a new one or what???????

I had a bad rating, then I got consumer cards (Walmart, best buy etc.), and pay them on time for at least 6 months ... then you'll have something to work with.

you need cancel the expensive cards.
The Credit Score (also known as your MyFico score) is calculated with the following breakdown:
* 35% - Payment History
* 30% - Credit to Debt Ratio
* 15% - Credit History
* 10% - New Credit
* 10% - Credit Types in Use
A small loan consolidation with low interest for cancel the expensive cards is the best I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.htmlGood luck!

I believe that canceling a card can actually lower your FICO score. Just stop using it after you have paid off the balance, and start using the new one.

Keep the ones you have had longer, it shows creditors that you can maintane credit. Don't take the credit limit to the max, use about 75% of the limit and dont pay it off in full, make a little bit more than the min. payment. Dont open to many cards either because thats to much debt to income ratio. You already sound like you are pretty knowledgable, you will do fine. People often think that by paying off the whole amount builds credit, it doesnt that maintanes credit but doesnt build the score.

Keep or get the lowest interest rate card. Pay off as soon as you can to avoid fees and interest.

I would change to the card with no annual fee, if you pay the card off monthly, the interest rate doesn't matter. I don't think changing cards is bad for your credit...I have never paid a yearly fee or interest and I use my cards exclusively to get cash back and pay total each month.......#######.

Continue using the cards that you have had the longest and continue paying them off. It is more important to have a card that you have had an open account with for a long time. You could try calling them and asking them if they can reduce your interest rate. Some cards are willing to do that. Explain that you have had offers for cards with lower interest rates. You hae been happy with their service in the past and would like to continue the relationship. See if they will reduce it. Worst thing that can happen is that they say no.