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TVee1

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Negative impact on credit score when you transfer credit card balances & close credit card accounts?

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Transfer? NO Close? YES!!!

When I consolidated my cards so I could get a lower interest rate, my score went up.  The card I used for the balance transfer happened to have a higher credit limit and lower interest rate and an introductory 0% for 12 months, which helped me to reduce the debt.  I still have the old cards because their credit limit plus the one on the new card shows that I am trusted to charge up to, and repay several thousand dollars more than I originally had so my credit score rose.  If you don't want to use the old cards, just keep them locked in a safe place, but don't cancel. 

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