I kind of remember reading somewhere on here that a closed credit card with a balance is still factored into your total util but once you pay it off it stops being factored in.
I have a closed credit card with a horrible interest rate that I was thinking about BT to a low interest card. The credit limit on the closed card is 3380. I would be transferring the remaining balance of 2000 to a card with CL of 2500. So if I transfer this would this end up being bad for my credit score? I don't want to keep paying mega bucks in interest but I also really really don't want to hurt my score.
Thanks for the info HappyDays. It shows on my CR as having a credit limit of 3380. So I don't know if that means it's being calculated or not.
I think I'll do the transfer anyway just to save the money and get it paid off faster. I'll let you guys know if there is any change in the score after it all gets posted and such.
Absolutely transfer it.....you definitely don't want to risk them jacking up the interest rate on you because it's closed and you have a balance on it. ( I had that happen once or twice and it was no fun because I didn't have anywhere to transfer mine)
Mine is still showing as OPEN with a cl of 10,000, but I closed it. It does have a balance. The numbers are correct that it's being used toward my util.
