I just got approved for the "Barclay's Ring Card" 8% APR & would like to get rid of the higher APR cards. I have 2 accounts I really wouldn't mind closing or letting them close it for inactivity. They are the (1) GAP VISA the APR on both these cards are 24+%, the GAP VISA says that's a set APR rate for their cards & Freedom says they "monitor" our credit daily & in my experience they don't (its how they make their "rewards" money back). I think I can transfer my "Freedom" credit line to my "Sapphire 15% APR" acct. I have more accts than I need & just added 1 more. The GAP acct I opened in 2008 & Freedom 2012. Which way will it least damage my credit score/report, closing it my self or letting them close it for inactivity? I just know that somewhere along the line of trying to keep all these accts open, I will slip & miss a payment on one eventually. My current score is 761, Barclay application hasn't impacted my score yet
. Thank You all for your time & help.
@Anonymous wrote:I just got approved for the "Barclay's Ring Card" 8% APR & would like to get rid of the higher APR cards. I have 2 accounts I really wouldn't mind closing or letting them close it for inactivity. They are the (1) GAP VISA the APR on both these cards are 24+%, the GAP VISA says that's a set APR rate for their cards & Freedom says they "monitor" our credit daily & in my experience they don't (its how they make their "rewards" money back). I think I can transfer my "Freedom" credit line to my "Sapphire 15% APR" acct. I have more accts than I need & just added 1 more. The GAP acct I opened in 2008 & Freedom 2012. Which way will it least damage my credit score/report, closing it my self or letting them close it for inactivity? I just know that somewhere along the line of trying to keep all these accts open, I will slip & miss a payment on one eventually. My current score is 761, Barclay application hasn't impacted my score yet
Your AAoA will not be affected they will stay around for up to 10 yrs post close, the only immediate consideration is utilization, if the loss of their CLs doesnt present a problem then close. I would close the GAP, and re-consider the freedom as its a good card for 5% rotating categories. The APR matters not if you PIF every month. You could contact Chase and ask for an APR reduction.
