Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
sanchezjjose

0 Contributions
0 People Helped
I have 2 chase freedom cards (7 and 9 years old). Should I transfer the balance and cancel one?
I realized I had 2 Chase Freedom cards. 1 I have rarely ever used. Both are pretty old (7 and 9 years). I want to cancel one and transfer the balance from that one to the other. Will this negatively affect me in any way? I have other sources of credit line such as a mortgage and other credit cards.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7377 Contributions
3814 People Helped

DO NOT CANCEL!!

Never cancel any credit cards unless you want your credit score to drop, which will happen.  Part of the credit score is based on how much credit you have been allowed to have and the more available, the better.  And the cards you have show a long time usage, which is another plus on your credit score.  So, keep the cards.  The one you seldom use you could turn into your bill-pasy card.  Just put regularly recurring bills (cell phone, Satellite TV, Netflix----your choice) on that card to be charged automatically and pay the bill in full when it comes in.  You'll keep that card active and keep the credit score happy.

Top Contributor

Reply by
FirmAndSteady

51 Contributions
146 People Helped

Not cancelling either is the best answer in my option.  Say you have 4 credit cards total.  One is 3 years, one is 5 years, and the two Chase cards are 7 and 9, for a total of 24 years, divided by 4 equals an average age of 6 years.  If you cancel the Chase cards, you will have an average of 4 years on your credit with those two newer cards.  So, the older credit combined with 6 years versus 4 years will definitely compute to a much higher score. 

Top Contributor
5038 Contributions
1136 People Helped

If you have enough other cards and credit lines the damage of closing on of these cards should not be too bad. Even if your score does get a ding for closing one of these it will rebound and if you are not immediately needing to apply for anything I would say do it, if it is what you want to do. But always expect a decrease in scores when closing a positive line of credit. Now if you only had 2 or 3 cards and you closed one, the damage would be significant, but if you have 6 or 7, then expect minimal damage.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.