Closing CC AND TRANFER BALANCE.

[Anonymous]

I am a new user please bare with me as I am trying to learned my way to comunicate. I just get approved for Barclays Ring Marstercard with a CL $2500, 8% APR. I am wondering if I tranfer the balance $280 CL $900 from Credit One and close the account. Do  this move will affect my Fico scare or my utilization (which I am trying to keep it under the 15%) or  pay it off then close it. Your advise will be well appreciated.  

[Anonymous]

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@Anonymous wrote:

I am a new user please bare with me as I am trying to learned my way to comunicate. I just get approved for Barclays Ring Marstercard with a CL $2500, 8% APR. I am wondering if I tranfer the balance $280 CL $900 from Credit One and close the account. Do  this move will affect my Fico scare or my utilization (which I am trying to keep it under the 15%) or  pay it off then close it. Your advise will be well appreciated.  

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Your utilization would not change by transferring the balance to your Barclay card, so it should not impact your Fico score. But, when you close the Credit One card, your util would go up. Best course of action is to just pay it off and shut it down.

[Anonymous]

Thank you Captool, this is what I was leaning toward. :-)

[takeshi74]

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@Anonymous wrote:

Do  this move will affect my Fico scare or my utilization (which I am trying to keep it under the 15%) or  pay it off then close it. 

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You can always do the math to determine impact to your utilization.  As stated above, your overall utilization doesn't change with a BT though individual utilization will change which also matters.  Closing a card does have an impact on utilization.  Don't overlook the sitckies.  This thread is linked in the Helpful Threads sticky in the Credit Cards subforum:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true

Utilization is a factor in scoring, however, we can't tell you that you will see a point change of X.  The best you can do is calculate the change to utilization and see if the change seems significant.

[Anonymous]

Hi, takeshi74

I read the "How to CC thread," and I keep an open eye in that rule but I treat this rule different in that I keep my self in a save spot. I take the tatol 15% of CCL divided into the amount of CC and that be my maximum utilization in this way I maintain my utilization in the lowest. 

[Anonymous]

" Best course of action is to just pay it off and shut it down.

OP what is your CL on your CC with the bal?

If you close it (instead of leaving it) your UTI would go up as someone said but
also I read on here that want you want to have 3 cards on your profile for the
best fico.. and only have a balance on 1 of them. Thought I would mention since
no one else did. PS after you start using the ring , I woudl call Cap1 to see if they
would reduce your APR w/out a HP. Idk .. just thinking..

[Anonymous]

CL $900 account balance $230 APR 21%
2 Quicksilver total CL $3900 BAL & $230 APR 12%
Discover IT CL & $2500 BL 0.00 APR 0.0 for 12 month
Barclays CL $2500 BL .0.0 APR 8%

[Anonymous]

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@Anonymous wrote:
CL $900 account balance $230 APR 21%
2 Quicksilver total CL $3900 BAL & $230 APR 12%
Discover IT CL & $2500 BL 0.00 APR 0.0 for 12 month
Barclays CL $2500 BL .0.0 APR 8%

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Yeah 900 is chincy. but ...IDK in my opinion I wouldnt close it after PIF.

but in case you want a better card to see good activity, I might do the BT
and start prepping for CLI/good history with the better card.

Mind you I'm no forum master...

[jamesdwi]

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@Anonymous wrote:

I am a new user please bare with me as I am trying to learned my way to comunicate. I just get approved for Barclays Ring Marstercard with a CL $2500, 8% APR. I am wondering if I tranfer the balance $280 CL $900 from Credit One and close the account. Do  this move will affect my Fico scare or my utilization (which I am trying to keep it under the 15%) or  pay it off then close it. Your advise will be well appreciated.  

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take the hit,  BT off of credit one, close it, pay down the blance ASAP, keeping credit one open will help very little. Getting rid of the AF will help, and some people have mentioned that having an open Credit One card on your report will affect future approvals, you have the ring card use it, you have earned it, Since the Ring card is new, you really shouldn't be AP'ing for new cards for at least 6 months anyway. Barclays hates new accounts during the first 6 months, and may even like you closing down a competor card anyway.