Re: Closing Aged Accounts.. Yes It Is Ok
02-28-2008 03:52 PM
I have 2 open CC from Chase (10+ years old) which hasn't really been used in years. I recently got an offer for a zero percent balance transfer CC from Chase and wanted to consolidate the cards in order to combine and raise the credit limit. From my understanding, when I combine the older cards into this new one, the 2 old CCs will be closed. Based on what I understand so far, I believe that my card utilization percentage would stay the same since my credit limit adds up to the the same amount and I am just shifting the balance from one account to another. I am just worried about closing the aged CC accounts. I wanted to get feedback on if this merging of cards will have a negative impact on my credit score. Thanks in advance.
You will get dinged for a new account. How much your score drops depends on you file.