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I am from Canada.
I had a loan of $10,000 and paid in full, now a $18,000.00 car loan about half paid.
I have a Visa credit card (oldest card) and it has a limit of $3000.00 at 9.9% APR, revolving balance $1000.
I have a Master Card with the limit of $4000.00 at 22.99% APR balance $0.
These are the two cards on my 3.5 years old credit history. When I checked my score in April 2009, it was 748.
I want to get a low interest Master Card, if better cancel this high interest Master Card. I am wondering how will this affect my credit score and chance of mortgage approval, because I am planning to buy a house in the next 6 months?
I concur.
The high interest rate on the Master card is meaningless to you if you PIF each month. If you cancel it, you will lose its CL in your %util calculation, and also its age in your AAoA.
There is NO reason to cancel that card.