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transferring balances

Established Member

transferring balances

I have a question about transferring balances/closing accounts. . I've been working on rebuilding my credit and went on a little CC application spree BEFORE finding this board and learning about the impact of inquiries on your score. Now I know better....

In the last two months, I received a First Premiere with a $300 CL, an Orchard Bank also with a $300 CL, a Capital One with a $1k CL, and a BOA with a $3000 CL. The BOA is a prime card with 0% APR on transferred balances until Jan. 2008. I haven't used the BOA card yet and have about $330 combined (which includes the big intro fees) on the other three cards ($149 on FP, $200 on Orchard, $70 on Cap1). I plan on paying the combined charges off by the end of August and wondered if I should transfer all balances to the BOA so I'm not so close to my CL on the First Premiere and the Orchard. Also, would it hurt me to close the First Premiere and the Orchard, or should I let them age a bit?

Thanks in advance.
Message 1 of 4
3 REPLIES
Super Contributor

Re: transferring balances

If you are payoing off at the end of August that should bump your scores.
 
Are there annual fees on the small CL cards?
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 2 of 4
Established Member

Re: transferring balances

thanks for responding so quickly!

There is a $48 annual fee on the First Premiere and a $59 on the Orchard.
Message 3 of 4
Highlighted
Member

Re: transferring balances

I would close the ones with the fees and keep the ones with the biggest CL.
Message 4 of 4