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closing out credit cards

New Visitor

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?
Message 1 of 4
3 REPLIES
Moderator Emeritus

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?
Message 2 of 4
New Visitor

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

It has an annual fee of $59.00,........
Message 3 of 4
Moderator Emeritus

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.
Message 4 of 4