Cancel first?

I wouldn't cancel at all. The Prestige card has no annual fee, so you won't pay a fee just for carrying the card. Plus, adding the second credit line (assuming your approved) could help your credit utilization ratio if you plan on carrying a balance. If nothing else, keeping the Prestige card open improves the average age of your current accounts. Closing it will put a cap on that age, and eventually all the good work you did to build up that account will fall off your report.

I say keep it open.

That said, if you feel as though you MUST cancel the card, I would wait until your approved for the Venture card. That way you know for sure you have the new card. There's no guarantee when it comes to approval, especially for cards like these which are reserved for those with excellent credit, only.

 

Jason, I have a Sears Solutions Mastercard that is now Orchard Bank/ Capital One. I had the card for less than a year before CO took over and they are now asking whether I'd like to turn it into a Venture Card. I asked and was told the SSMC history would follow through to the Venture Card. Just a thought, but instead ahsw6302 do the same with his Prestige Card?

 

Oh interesting. Yeah you could see if you could transfer the account and make it a Venture. I haven't heard of this but worse case scenario they just tell you "No", right?

Thanks mijd.