deleting cards !!!!

[Anonymous]

Is it better to put a credit card with a high interest rate to another card with a low one and delete the one that was transfered  .....Didnt know if deleting it would hurt my score or not

                                                             Thanks

[Anonymous]

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txrebel wrote:

Is it better to put a credit card with a high interest rate to another card with a low one and delete the one that was transferred.....Didnt know if deleting it would hurt my score or not

                                                             Thanks

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The answer depends on your overall credit picture.   Is there also an annual fee on that card that you want to get rid of?  Or just the interest rate?

Overall credit availability is a factor, is closing going to effect that?  Less avail credit could lower your score.

  And Utilization, is it going to help your over all utilization? 

If it's just the interest rate, I would just pay it down and stick it in the sock drawer (or stocking drawer, whatever the case may be )

Your "length of credit history" is also a factor on your score.  The longer you have had avail credit the better for your credit scores.  Although I think that when you close a card it still stays on your report for 10 years. 

Are there any late payments on the card?  If there are I would leave it open and get as many "good" payments on your history as possible.  Rather then closing a card and having it sit there with bad history.  My opinion. 

Maybe post a little more about whats on your reports, how many cards you have, scores, and may get some other opinions....

ctRob

Message Edited by ctrob on 08-25-2007 05:30 AM

[Anonymous]

I would transfer the balance with out thinking. I would also not cancel a card unless it is costing you money in fees. Even then, if you have a newer credit file with 1-3 accounts I might even pay an annual fee if small to keep the card. I'd use all of them, but pay in full to avoid the high interest rate.