Should i cancel my current credit card after doing a balance transfer?

Answer 1

I wouldn't because a portion of your credit score is based on the length of time you've had the account. Closing it could reduce the credit score a little.

Answer 2

If you do you may not be able to get it back, if you want it later... you could lock it up in a safety deposit box. However if you know you're not going to be using it if you do cancel it then you would up your credit score due to the fact of eleminating potential available debt. Plus if you have a credit card that you are not using you are at risk of some of these con artist who steal identities using it. So, it would be best to cancel the card and up your current credit limit on the card you have now. Here's the thing on that card though if you got a promo rate on the balance transfer and you continue to charge on your credit card when you make those payments on it if you roll a balance over then your payments will ALL PAY THE LOWER BALANCE OFF FIRST< there is no way for you to direct where a payment goes, you cannot send in 2 seperate payments, you cannot send in a payment to pay off your charges then a payment to go towards your balance transfer they will all pay on the lower interests rate balance first. The credit reporting agencies do not look at the more credit cards the better credit you have because you have all this available credit, to the credit reporting agencies its available debt the more you have the WORSE IT IS> the old saying less is more. Its not available credit it is available debt.

Answer 3

in case you have neglected money on you credit checklist and/or not an rather stable credit, it quite is not likely which you would be authorized for between the 0% or low interest credit enjoying cards. employing for a sort of enjoying cards and being disapproved will basically harm your credit. Many banks have rather issuing any unsecured credit enjoying cards to those with credit scores decrease than approximately seven hundred.

Answer 4

No! It's best NOT to cancel a credit card, because it has a negative effect on your FICO score should you ever wish to get more credit or buy a house or car. However, you may want to "put it away" awhile so you don't use it. go to www.suzyorman.com She is very wise (writes books, speaks publicly) about credit, investments, and making wise decisions. Good Luck to you

Answer 5

I firmly believe a person needs 2 credit cards, both of them bank cards, not gas cards and DEFINITELY not store specific cards, such as Macy's, Sears, etc.

One card is your everyday, everything card, that you hopefully pay off every month.

The second card is the emergency card, that you do not carry with you, for larger EMERGENCY purchases that you absolutely must have. And I don't mean the latest music or video releases.

Answer 6

destroy the card and forget about it. when you receive offers for credit line increases, convenience checks, etc, do not use them. it is OK to leave the account open until it is cancelled for dormancy. cancelling the card sometimes negatively affects your credit score as your credit/debt ratio may decrease.

Answer 7

I have heard that is not a good idea. To make your credit look better, they see how long you have had the card..so keep it, and buy a pack of gum on it once in a while, to keep it moving.

Answer 8

Most likely, most credit cards have an annual fee or a no activity fee.

Answer 9

No, why would you want to do that? You'll be fine. I've done many balance transfers.

Answer 10

I heard some people put their cards in the freezer so they won't use them, or cut it up....!!!!