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Question4all | If I close the credit card I've had five years, and open another, how does that look credit wise? |
I've had the same credit card five years, and have never been late with payments. However, I'm planning to pay that card off and have it cosed in exchange for another with lower interest, no annual fee, and a higher balance.
If I appy for a loan next year for any reason, how will that look on my credit report? Is it better for me to keep my current card to show good payment history, or does it not matter?
Also, exactly how does Balance Transfer work? I've never used it before, but the new credit card will offer me that option, and I may use it to pay off my current card. Thanks.
Additional Details
I'm concerned about applying for future college loans or to purchase property. |
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logan
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Ok long story short. Keep the old one open. Transfer the balance if you want to. But your credit scoring formula looks at the age of credit also. So closing it hurts you not helps you. But keep in mind that it also looks at your debt ratio. So if you are near your limits then you will get knocked. Especially if it is a new line of credit. Best bet is to keep everything below half of your limits. Open the new one up but use sparingly. I would take part of what you owe on the old card and transfer it.
check out the link I provided for more help understanding credit and scoring.
www.creditinfocenter.com |
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TaxGurl
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When it comes to your credit score, old credit does a lot more for you than new credit. Personally, I would pay it off but keep it open. You have a long term, good relationship with that creditor. That is a good thing on your credit report. Also, by closing the account, you can hurt your debt to income ratio. You want to make sure your used credit does not exceed 30% of your total available credit. If you close a paid off card, you cut down your available credit significantly which can hurt your score.
A balance transfer is when you shift a balance from one credit card to another. This can be a good thing if the new card offers a better interest rate. Watch out for fees though! The card receiving the balance often charges a transfer fee which can negate any savings on the interest rate. |
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HSK's mama
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I would keep it open, but cut it up when I get a new one. That way, you have a positive open trade line without the temptation of using it in addition to the new credit card.
Balance transfer is really quite painless. The new credit card company will in essence send your old credit card company a check or some other form of transfer then Poof! no more balance with the old creditor, the balance moves to the new credit card under their terms. |
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Amanda H
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DO NOT close your 5 year old card. You can open a new one and do a balance transfer (They'll probably send you some "courtesy" checks-- just use those to pay off your other bill.)
Reasons to keep the other card open:
1) Its an older account. Your average account length is 10% of your score and closing it hurts (ESPECIALLY if its your oldest account.)
2) Utilization ratio. About 30% of your credit score is based on how you use the credit available to you. Having more than a third of the credit line used is bad-- so if you have two cards open and only one with a balance, they think its a good thing!!
If you're worried about the annual fee, consider calling them and asking for a refund or partial refund-- tell them you're considering canceling. usually they'll work with you. Plus if you have no balance, teh APR and limit are of no consequence. |
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Jeremy S
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If you have had a card for 5 years, you really should think abut keeping it. Your credit score is based on history and if you have a solid history of paying on this card then it might hurt your score to cancel this one even though it will show that you had it. The best way to get a high credit score is to keep what you have and pay it on time every time. If you still open the new one don't close the old one leave it open and maybe every so often use it fr a small purchase and then pay it off at the end of the month - that is the key! Then you keep the hisory and you are utilizing a smaller% of you available credit.
One alternative might be to call the card company and explain to them that you are looking at moving to this other card because of the reasons you stated, they might be able to change the plan you are on and make you a better deal. This would get you the best of both worlds.
By the way student loans are pretty easy to get since most are subsidized by the federal government so no biggie there.
Balance transfers are pretty simple the new card sends you a check and you fill it out and send it to your credit card company they cash it and now you are in debt on your other card.
Again the best way to get good credit and keep it is to pay as much of the card a you can and make the payment on time.
Good Luck! |
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Kevin J
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Some credit people have told me that it doesn't look good when you open lots of credit and then close it down.
Your case is different though, as it isn't like your opening a ton of credit cards up and then closing them. You've had this for 5 years, since you mentioned the new one you will get doesn't have an annual fee, I take it the old one does? If so, then yes, cancel it once it's all paid off. If there was no annual fee, I would suggest paying it off, then using some scissors and cutting that sucker up to tiny bits and forgetting about it. Having a long term credit on your profile is good. |
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ROB G
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DO NOT CLOSE THAT CARD!!!! I'm a mortgage broker and you will be closing 5 years of good credit history which is what part of your credit score is made up of, credit history/longevity. Pay it off, keep it open and use it every few (2-3) months to keep it reporting to the credit bureaus. Plus if you have a high credit limit on that card it to makes up part of your score which is your "debt ratio". |
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phoenix
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if your still with the same bank, there should be no problem. live long and prosper. |
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martinlh
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It won't look bad so long as you wait at least a year between these transactions. Basically your score only goes down when you are constantly changing cards etc. The reason for this is that credit card companies check your credit every time you apply for a card. The more checks you have on an account, the worse the scores. One or two a year is okay. Any more than that and to companies and loan agencies, it looks like you don't know how to secure the credit.
As far as transfering the balance, that should mean that you will no longer be in debt to the first credit card, but will now owe that amount to the new one. Double check this in that there may be fees associated (one for each card) for this type of transaction. But if you are paying off the first card there's no reason for a balance transfer. |
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MissWong
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You should try telling your old card you want to close it to get a better rate elsewhere because sometimes they'll match the good rate. Especially if you've had a good record with them. If you close one card and open another it's not a problem for your credit rating. They see it as good management that you aren't simply opening a new card. The old card will often raise your balance if you ask. If you go ahead and get a new card the old history will still be there for them to see you had a good record.
Balance transfers are easy to do but they're usually at a different rate then new purchases. Read everything before you do anything. It's boring but important! LOL |
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nativegurl <!-- START YAH
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As long as you close the account per your request, there is no negative effect. It will just show as long existing account in good credit standing. As far as balance transfers you usually pay a fee of one to three percent as a one time transaction fee. the only draw back about bt's is if you miss a payment, are late on a payment, or if your go over the limit on your account your rate will jump sky high. when they are reading you the disclosure they will quote the rate.Before you do this bal transfer you can call your card company and request a rate adjustment. Banks dont like to lose card holders and nine times out of ten will work with you. I worked in a bank for a few years and this was by kind of work. doing bal transfers and direct dejposits. this is money that is deposited directly into your checking acount and give you the flexiabilty of paying your bills on your own with your own records. good luck...sounds like you hve a good plan in mind. One other thing i will tell you if you want to build up your credit score before the years is up. over pay the account. for exp if min is 20 send 60 it will show three times normal pay and help increase your score..... |
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smile4cobra
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Why do you need to close it? Just pay it off and keep it open.
It really doesnt matter if you do close it as far as showing your payment history. It will still appear on your credit report as a card you had for 5 years and its paid. If you close it it will say "closed by consumer".
But its good to have credit cards that are old. When creditors look at your credit report...its not just what they see. Its what they think. When they see new credit cards more than old ones they think your credit is not that established. When they see old credit cards and good performance they thing this person is responsible and obviously cares about his credit.
Plus to have open account with 0 balance is good. It brings your score up. If you look at the top of your creidt report you will see that your score is based on open accounts, balances, available balances and delinquent accounts. |
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AVATARD
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I would transfer the balance and keep the original one open. Closing an account will actually hurt your credit. Just keep a zero balance on it. |
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khill
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You should be cautious about closing credit cards. Closing them reduces your available credit line. This can reduce your "pay available" ratio (what you owe compared to what you can borrow). The lower your "pay available" ratio, the lower your credit score (assuming that your pay history is clean). |
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clawedlemew
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I advise you to keep the card and don't use it. Age of accounts is a factor in FICO scoring. So is overall percentage of credit in use... lower utilization% is better. So don't close the account even if you do open a new one.
Balance Transfer can be a great thing, but never put purchases on the same card that you BT'ed to.
Maybe another reason to keep your old card.
If you BT look at the fine print for terms and fees. |
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Jennifer
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idk i dont have a credit card |
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