Reply
New Visitor
Posts: 2
Registered: ‎04-07-2007
0

closing out credit cards

If I were to transfer a high interest card to a lower interest card, will it hurt my credit score if I close the card I transfered out of, or is it better to leave open and show the available credit?
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
0

It is never a good idea to close out old cards unless the...

It is never a good idea to close out old cards unless they have an annual fee.  Use it once a quarter for gas or something then pay in full. How much older is this card than the newer one?  Is it you oldest card?
New Visitor
Posts: 2
Registered: ‎04-07-2007
0

It has an annual fee of $59.00,........

It has an annual fee of $59.00,........
Highlighted
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
0

If you have better cards open and its not terribly longer...

If you have better cards open and its not terribly longer in history, I would close it at the anniversary daate.  If they offer to waive the annual fee, keep it open unil the following year and repeat.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.