Reply
Member
Maro99
Posts: 18
Registered: ‎07-08-2008

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
oracles
Posts: 1,699
Registered: ‎08-18-2007

Re: Closing CC accounts need help

Member
FICOjunkie23
Posts: 16
Registered: ‎08-30-2008

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.
Established Member
hotsaka
Posts: 62
Registered: ‎01-13-2009

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

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+