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jenncats2

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opening and closing account
need advice on opening a new credit card with rewards to transfer balance and closing out old cards. will it hurt my current credit score?

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Top Contributor
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If you close cards, yoiu hurt your score as you would have learned if you had read the informative articles on this site to learn how credit works, whichn is the purpose of Credit Karma.

Top Contributor
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Yes it will hurt your credit for the following reasons: Hard Inquiry, Lowering average age of accounts, possibly maxing out new card to cover transfers from other cards, but most of all, closing accounts is what would really hurt. If you can save yourself some money, do the balance transfer, but consider keeping the other cards open. Burn them if you are afraid you will use them. Keep in mind that with some cards, such as Chase, if you do a balance transfer, you lose the zero percent on purchases as well as the grace period on purchases. So be sure to read all the terms.

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