2006-10-24 03:51:14 · 4 answers · asked by sk 1 in Business & Finance ➔ Credit
Thank you everyone.
2006-10-24 05:44:59 · update #1
The longer the history and the less inquiries you have on your credit report, the better your score will be.
If you open up a new account this will be an inquiry on your credit which will cause it to fall slightly. If you close a long-standing account, it will also fall slightly. A balance transfer won't have an effect because it will still show up on your credit report, just under a different card.
If you want to do this to take advantage of a lower rate, go for it. You're credit score won't be affected that much and you can always build it right back up with your new card. In the long run, having a lower rate will be much better for you than one with a higher rate.
If the rates are the same, it's probably better if you stick with the card you currently have.
2006-10-24 04:05:15 · answer #1 · answered by Brandon G 2 · 0⤊ 0⤋
If you have had this account for some years and you close to the account it will take away your credit history
2006-10-24 03:53:11 · answer #2 · answered by Luckys Charm 4 · 0⤊ 0⤋
Can be....especially if you tend to do it more than 3 times a year....it doesn't lower your score....but lenders think you can't handle the payments and keep switching.
2006-10-24 03:59:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No not at all
2006-10-24 03:58:57 · answer #4 · answered by king 4 · 0⤊ 0⤋