Please Help! Should I close a CL or Open a new one and transfer a balance.

[garci349]

Hi!

So this is a brief summar.

C1- $500 limit  since 08

BoFa-$500 limit since 08

^These credit cards do not have rewards and they have never increased my limit.

US Bank Platinum-$2000 limit, opened 2012

American Express Green-Charge Card approved 2012

So my problem is that since C1 is not increasing anything. Should I attain my offer for a chase freedom card and transfer the balance of C1 (500) and close C1?

Will closing C1 affect my credit score? ITs one of the oldest but a low limit.

I was also wondering if I close my Amex Green Card, would it drop my score? Its new but I do not want a fee

Im just confused!!!!

[webhopper]

Hello and welcome to MyFico Forums!

First of all, I would contact the CAP 1 Executive Office and ask for a CLI before you decide on whether to close your Cap1 card. The Executive Office direct phone number is 800-955-1455.

Second of all, I would keep your Amex Green open at this point, so that you can improve your internal score with Amex, and open the door to higher quality cards later on. 

Third, I would call BOA and ask them to upgrade your existing card to the BOA 123 rewards card, and ask for a CLI.   

Although closing credit cards is sometimes the right thing to do, especially if they have annual fees, its not something to be done lightly. The good news is that closing credit cards has no long term negative effects on your FICO score.

Closing a CC (credit cards) does not lower your FICO scores in and of itself. When deciding to close a CC there are two important things to consider. In the short-term, closing a CC can have an adverse affect on your UTIL percentage calculations and this in itself can definitely lower your scores. In the long-term, a closed CC in good standing (nothing derogatory reporting) with a $0 balance will generally be deleted from your CRs (credit reports) after 10 years. Once this account is deleted, you lose the history and age and this might lower your scores.

For More information on how closing credit cards can impact your FICO score, please check out the following link: Closing Credit Cards.

[garci349]

Thank you for replying. I can tell that I am going to be on this forum a lot Since I recieved the Chase freedom invitation, I was thinking of taking advantage of the offer. I wanted to replace one of my cards with the Freedom. But we are similiar. We both have 3 credit cards and 1 charge card. Also, I want to have one "primary card" Im a little new to credit but now am interested in moving around or raising my score.