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Question By
stillWorkingAt69

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25 People Helped
Balance tfr from older card to a second existing card with 0% APR. Shd I keep the old card open?
I want to do a 0% APR balance transfer (less than $900) from a card that I no longer need to use, to one that currently has a small balance and lower APR. I can pay off the the new balance on my existing card within the 21 month period. How, if at all, might closing the original card affect my credit score (currently 738)?

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Top Contributor
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Dont close it

Helpful to 2 out of 2 people

You'll take a double hit on your score for closing an old card.

1. Your Utilization Ratio (Credit limit vs Balances) will take a hit because when you close it, that credit limit goes away.  (High Impact)

2. Your age of credit history will take a hit.  You opened a new card (0 months history)...and closed an old card (XXX months history).  (Med Impact)

I made that mistake after my divorce.  I was in such a dang hurry to eliminate debt and close all those cards...that I didn't think it through before I closed my oldest cards and eliminated my highest credit limits.  My credit score took a major hit, just because I rushed in without knowing the consequences.

Top Contributor

Reply by
jwsister

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Helpful to 1 out of 1 people

Yes, keep the old card open, but locked in a safe place so no one else can get to it.

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