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Member
Posts: 18
Registered: ‎07-08-2008
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Closing CC accounts need help

I have four credit cards with high interest rates and monthly and annual fees, the combined limit on all four cards is around $1700. I recently opend a revolving line of credit with BB&T for $2200 and another new credit card with them for $2500 with 0% for 6 months. So I was thinking about getting the other four cards closed and having the balances transfered to my new BB&T CC to get rid of all the fees. My question is will doing so hurt my fico score other than having a higher ratio of used to available credit? Im not really worried about that since I will be paying 90% of that debt down over the next 2 to 3 months. Im thinking that my score should rebound pretty fast once I pay that down unless there are some other factors about closing CC accounts that could hurt my score that I dont know about.

 

Thanks

Valued Contributor
Posts: 1,734
Registered: ‎08-18-2007
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Re: Closing CC accounts need help

Member
Posts: 16
Registered: ‎08-30-2008
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Re: Closing CC accounts need help

Depends how long your other cards have been open.  A large part of FICO score is length of credit history and average age of accounts.
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Established Member
Posts: 62
Registered: ‎01-13-2009
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Re: Closing CC accounts need help

i would prob keep at least one or two of the cards after paid off at least until your new cards are not so new especially if one or two only has an annual fee where you can wait at least until its going to be billed for next year
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