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Powe0503

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Will a balance transfer of my oldest credit card affect my score negatively?
I am in the middle of paying off my credit cards and helping my credit score to get ready to buy a house next year. My oldest credit card is also my card with the highest interest rate and balance and longest history. It is also through Wells Fargo. I have read multiple places that a balance transfer can help with paying off your credit cards. I would like to see if i could transfer my balance to help me pay off my card and I would like the money I am paying in interest to go to another financial instiution that is not Wells Fargo. I pay about five times the minimum payment each month and should have it paid off within the next 7 months. Every little bit helps though! My question is if i decide to do a balance transfer with this card, will my current card close and affect my score? I know that the length of your credit history plays a role in your credit score and it will not be worth it if i close my oldest credit card account. (it is significantly older than my other cards/accounts). Thanks!

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Hopefully I read your post right... You can transfer balances without have to close that very credit card and it doesn't need to have balance on it to show the length of credit history. Of course it make sense if you transfer balance from high interest card to lower ones but read the fine prints, most of credit cards requires a fee (3%~ish) to do a balance transfer.

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I did a balance transfer so I could get those nearly 20% cards taken care of.  Oh, I still have the cards (no annual fee, so keeping them is good) and I might use them occasionally for small purchases that are paid in full as soon as the statement comes in.  My credit union did not have a fee for this consolidation so you might want to see what cards may do a consolidation without charging a balance transfer fee. I need all the help I can get in having the age of credit increase, so I'm hanging on to as many good cards as I can for as long as I can.

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