@Ej wrote:
So ive been seeing lately that many credit card companies will allow you to bring over a credit line on one card and transfer to another (within the same company of course) and then they close that card. Can someone confirm this, and if it's true, I would imagine it would hurt your credit, especially if that card you close has been on your credit for a long period of time. Is it even worth it?
Because closed cards will usually (but not always) report for many years, there isn't an immediate impact on your credit score.
Is it even worth it? That depends on why you are doing it! If you just want to simplify your cards, and would otherwise just close the card, this is a way of keeping most of the CL, which could be useful, either in buying power or in keeping the score at a higher level (keeping utiliziation in check). If you are heavily using card B, and hardly using card A, and card B has annoyingly low CL, then transferring (and closing) can obviously be useful.
If you have some other goal, such as "balancing the CL" on your major cards because you like it that way, then possibly not, unless the gratification from getting this done is large!
