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Question By
ITnerdFSU

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Ok to close balance transfer accounts?
I have a balance on one account for about $3,700 and have been looking into applying for the chase slate card to transfer the balance and make a payment plan to pay it off within a year. Is there anything wrong with transferring my balance, paying off the balance over time, and then closing the slate account afterward? I don't need the card other than to help pay down my current balance.

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Don't close it!

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When you get a balance transfer, you are adding an additional credit limit to your total and that improves your score.  Any time you close a credit card, you take that card's credit limit away from your total of credit limits, and that reduces the score. When I did a balance transfer, the new card had a lower interest rate than the others, so it is now my primary card, and the others are put to minor use to keep them and their credit limits active parts of my credit score.

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