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Question By
BrownsFan13

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1 Person Helped
Transfer 2card balances new card n cancel 2 oldest cards Is it true my credit score will increase?
I was told to cancel my oldest cards dating from year 2000 after I transfer my balances totaling 580 to my new card.

My two oldest cards also have an annual fee of $59 and $79. My new discover and bank credit card have no annual fee and a higher credit line.

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Don't close just yet.

Helpful to 2 out of 2 people

I think closing your 2 oldest cards could hurt your credit... Length of credit history is a pretty big factor in determining your score. Also, if you close your cards, your available credit decreases, increasing your percentage of available credit used which could cause a lower score as well. Keeping those cards open will keep your available credit high, keeping your credit usage low. Also, if you have a zero balance on those cards that charge an annal fee, they might let you slide by that if you call. In a few years, maybe close the oldest cards, but you don't want your history to start fresh from zero when you've built credit for a few years now.

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Helpful to 1 out of 1 people

Thanks, the credit simulator show scenario's in my score increasing when I close. I'll go with the community advise. Thanks again.

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