What are your recommendations for applying for and then cancelling credit cards just for thier promotions? I know your credit score is affected by applying for too many CCs at once, but how long should one wait before cancelling a credit card after the promotion, or for applying for another credit card (to then cancel that one too)? Also, do the CC companies ever catch on to abuse, such that if they see you applying for and canceling CCs all at once, does this flag you as a CC promotion abuser? Last question, I am not in debt at all, but I have about 30,000 dollars worth of credit, and I only make about 32K a year. Does this have a negative effect on my credit? As a background, I have never paid any CC bills or utility bills late.

NEVER EVER cancel a credit card! It keeps your overall income to credit limit ratio lower, so your credit score is higher. I have almost 50 credit cards and score around 700. How much you make has no impact on your credit score, only the way you use your credit cards.

Your income can help you get higher credit limits (either by just stating it and they take your word, or by proving to credit companies based on your pay stub, account balance, etc). In turn, that could help raise your score. But your income isn't figured directly into your score.

I agree with LukFilm, except one caveat - if you signed up for a promo offer and at the end of the trial the card has an annual fee, that's a legitimate reason to cancel. But never cancel a no-fee card.

Depending on your age, I'd semi-disagre with LukFilm. LukFilm is correct that an important component of your credit score is your % utilization, that is, the amount you have "borrowed" on CCs vs. your overall credit limit.

However, more important for younger folks as a component of credit score is the average age of your credit cards. If you are under 30, you probably have one or 2 CCs that you've had since college. As soon as you open and close a bunch of CCs, that average length of time holding a card goes WAY down. At least personally, this is the only remaining negative factor in my credit score, and unfortunately I can't really do anything about it. My score is in the high 700's and I also have at least 20-30 open CCs, and probably 20 or so opened and closed in the past 2 years.

Still, the most important factor is using them smartly, always paying the balance in full, etc. as LukFilm also rightfully advised

I heard though, that if you have too much credit, it has a negative impact when your trying to get a loan for your first property. In other words, they frown upon people with too high of credit.

That is no longer true. This was true mainly in the past - in present, they look at this as a good thing.

Good good, well then I won't cancel the cards that have no annual fee.