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HelloKitty | Transfered 2 of my cc balances and want to close the accounts? |
I just got approved for an Amex Blue card for $6000.00. I transfered a couple of my high interest rate credit cards from my Express Fashion account and mu Household Bank account to my new Amex card to take advantage of the intro 0.00% APR for 12 months to pay them off. The total amount that I transfered to my new Amex account is $1,129. My question is should I close both of other accounts, or just close out my Express account and still keep the Household bank account with the $1,100 credit limit? Please give me advice, on what will have the least negative affect on my credit score
Additional Details
The only other major credit card that I have is one with a $10,000 limit, which I do have a balance on. Over all right now the amount of credit available to me is $22,000 and I owe about $8,000 total.. is that bad? I'm working to pay it down. Please let me know if that affects your advice.. Thank you! |
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earth angel
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You are very good in keeping tract of your accounts. It' is good to transfer and consolidate into one account, but it is not very good to keep on opening and applying credit cards to so many companies. If you are not going to apply for any major loans right now or in the next one year, it is best to close all your open credit card accounts and just leave one that is your favorite and you have relationship with already for a long time. Anyway, whether you close or just not use your credit card, they will still show in the credit reports. But for fraud sake - If I were you, I will close some and leave just one that is my favorite. I will pick the one with the 6,000.00 limit but, compare the interest rates and make sure that you pay every month all that you owe. Do not leave any thing to pay or balance to pay from last month to next month - in other words try to pay off every month so you could get away from big interest rate charges. And don't charge unless you really really need to charge. |
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Steveo
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Don't close out the accounts. This will lower your credit score. |
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bdancer222
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Closing credit card accounts will put a small ding in your score. But since you just opened a new card with a larger limit, you wouldn't even see the ding if you closed both of those accounts.
However, if you close them you also close your history. I recommend you keep the major credit card. Just don't carry a balance. If you use it, pay it off in full each month.
Close the Express Fashion if that's a store charge card. It's better to have a manageable number of credit cards. You must monitor and secure those cards.
Oh, work on paying off that balance that you transferred. Carrying balances on credit cards is a bad thing. You pay interest. |
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lepr0kan
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Make sure to keep the one you've had the longest open. History of credit is one of the important factors in the calculation of credit scores. So if you've had the cards for a few years and close them, you're credit history will not seem as long. |
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MS.B
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I really don't understand why....whenever someone asks this question on yahoo, people are always quick to answer close the accounts. PLEASE, PLEASE, PLEASE, do not close the accounts. For starters you transferring the balance to AMEX, raises your score because those balances are considered paid off and are at zero. Now instead of having two cards that are caring balances, now you have one. Also closing the accounts will do nothing but lower your score. Just keep the cards open, and don't use them or get carried away if possible. Save for emergencies or if you do use them, keep the balances low. I also have a household bank card, and I have no problems either. Low interest rate, no annual fee, (they don't give rewards) but when my credit was messed up really bad, they were the first ones to give me a credit card when everyone else denied me. But overall keep the accounts open. |
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just me
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I would close one and keep another one open FOR EMERGENCIES (and I'm not talking about a sale at Blomingdales...LOL LOL.) Don't use the Amex card until the balance is paid in full. |
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siangirl35
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Ok,
It can lower your credit rating to close the accounts. But that will only be TEMPORARY. Also if your credit to debt ratio will remain low, it is no big deal to close off unused accounts and should minimally impact you.
It is important to check your credit report after you close them to ensure that the closure says it was by your request.
If you are not looking for a loan/mortgage in the near future, it's better to close off unwanted accounts.
Check my link below, it is very, very helpful! |
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Craig T
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If you can keep from using them, the BEST thing for your credit score/history is keeping both cards open. |
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stormwarnfm
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Cancel both cards you transferred from, otherwise you will be tempted to use them in the future, which could burden you in the long run.
Household isn't the best company to have a card with anyway. |
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