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what effect will there be if I close an account by transferring the balace to a new account
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Ultimate7
1 year ago
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My debt to income ratio is poor. I only have one financial obligation so I don't understand this.
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Depends. If you are lowering your available debt, that may hurt your score. If you are closing an older account with a long history, that too can hurt your score. If you don't have to close the account then leave it open and cut up the card (or keep the card, use it once every couple of months to buy a pack of gum then pay it off). In the past, I closed accounts with an issuer but moved the credit limit to another card with the same issuer to avoid hurting my debt/available credit ratio.
robert0380 1 year ago