Which is better? Balance on Closed CC or accept new CC for balance transfer?

[turninganewleaf]

I received a WaMu offer for a BT of 0% until January 2009.  I was considering transferring a $995 balance on a CLOSEd BofA account but would like to know, which is better?

1.  leaving the balance as is and continue making regular payments until payoff  - OR -

2.  open the new account as to not have a balance on a closed CC but taking an inquiry hit and reaging my accounts?

Which option is better?

FYI  I am not being charged interest on the balance on the closed CC, if that matters

Message Edited by turninganewleaf on 11-26-2007 11:05 AM

[Eric958]

I can't see anything good about a balance on a CLOSED card unless I'm misinformed. I would transfer. Some of the pro's should be responding shortly be patient.

E!

[fused]

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turninganewleaf wrote:

I received a WaMu offer for a BT of 0% until January 2009.  I was considering transferring a $995 balance on a CLOSEd BofA account but would like to know, which is better?

1.  leaving the balance as is and continue making regular payments until payoff  - OR -

2.  open the new account as to not have a balance on a closed CC but taking an inquiry hit and reaging my accounts?

Which option is better?

FYI  I am not being charged interest on the balance on the closed CC, if that matters

Message Edited by turninganewleaf on 11-26-2007 11:05 AM

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What are your FICO scores or at the very least, what is your TU FICO score? What's the CL on the closed BoA card? Are you going to be apping for anything else in the near future? A car, a mortgage, etc.? 

[turninganewleaf]

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fused wrote:

What are your FICO scores or at the very least, what is your TU FICO score? What's the CL on the closed BoA card? Are you going to be apping for anything else in the near future? A car, a mortgage, etc.? 

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My FICO's as of 11/13 are 658 TU, 632 EQ, and 640 EX.  I am considering applying for a home loan sometime around April - Mayish of next year....

My original CL on the BofA card was 5500

Message Edited by turninganewleaf on 11-26-2007 12:41 PM

[fused]

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turninganewleaf wrote:

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fused wrote:

What are your FICO scores or at the very least, what is your TU FICO score? What's the CL on the closed BoA card? Are you going to be apping for anything else in the near future? A car, a mortgage, etc.? 

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My FICO's as of 11/13 are 658 TU, 632 EQ, and 640 EX.  I am considering applying for a home loan sometime around April - Mayish of next year....

My original CL on the BofA card was 5500

Message Edited by turninganewleaf on 11-26-2007 12:41 PM

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Yes, the closed CC is hurting your scores and will remain doing so until the balance reports $0.
If you can pay it off a few months before you start apping for a mortgage, I say no need to apply for the WAMU card because you're not going to save money, it's one inq and you will re-age your credit files. Once it reports $0, you should see your scores improve a little.

[turninganewleaf]

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fused wrote:

Yes, the closed CC is hurting your scores and will remain doing so until the balance reports $0.
If you can pay it off a few months before you start apping for a mortgage, I say no need to apply for the WAMU card because you're not going to save money, it's one inq and you will re-age your credit files. Once it reports $0, you should see your scores improve a little.

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Ok, thanks for the response Fuse (and others).  I won't open the WaMu account - I was afraid to alert AMEX as I have a fairly new account with them.  I haven't even asked for a CLI...I was going to wait at least 6 mos....

I expect to have the BofA acct paid off no later than March though I'll try to shoot for earlier.  Hoping Santa brings me some cash for Christmas!

[fused]

Just give yourself ample time for the $0 balance to report before any lenders start yanking your credit.