Does transfering balance on a credit card ( with a high rate) to an other one with lower rate mean closeing that accompt?example a card with a balance of $1250 with a rate of 14% that I want to transfer to a one with a $2000 avaible credit (0% rate) mean closeing the first one after that transfer ?
2006-10-03 01:30:13 · 4 answers · asked by Tanoum A 1 in Business & Finance ➔ Credit
do the balance transfer and don't close the other card. keep the other card at a zero balance if you want but keep it open. you want to show established credit on your credit report and if you close you cards, you won't build any established credit.
2006-10-03 03:52:22 · answer #1 · answered by bella_4624_19 4 · 0⤊ 0⤋
No it will not close the other account. That account will remain opened with an available balance for you.... but it would not be wise to keep it opened because it will lower your credit score and make you a higher risk to lenders. Call the other company and close it out after the transfer is made. Be careful about this new account and be sure to read all the small print because you can easily go from bad to worse. If the rate is better after the introductory offer to transfer than do it and save yourself some money. Just remember to close the one you transferred. The more open accounts you have, the lower your credit score will be even if you pay all of them on time.
2006-10-03 01:57:39 · answer #2 · answered by Gussyellis41 2 · 0⤊ 0⤋
No, you dont have to but you should. If you dont all you are going to do is charge it back up again and then whats the point of transferring it in the first place.
I was able to raise my score 101 points in a year by making smart decisions and closing accounts that I did not need. PLease close it out as soon as you transfer your balance.
2006-10-03 01:33:29 · answer #3 · answered by Amy >'.'< 5 · 0⤊ 0⤋
You can close it if you want, but they do not make you close it.
2006-10-03 01:34:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋