Why or why not? Neither credit cards were past due, over the limit, or had late payment. Thanks.
2007-03-09 20:21:05 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
Also, the credit card I used to pay off the other card, has 0% interest for the first year, and my monthly payments will be less. After the first year, the apr will be the same as the credit card I paid off, but by then the balance will be paid off. I did the transfer to avoid interest over the next year. Will the other card close my account? If so, how will that look on my credit report even if I've never been late with payments, but may have made minimum payments?
2007-03-09 21:02:03 · update #1
The balance transfer fee was only $30 for a few thousand, so I didn't mind.
2007-03-09 21:31:58 · update #2
The card I paid off has an annual membership fee, despite how many years I've been with them.
2007-03-11 05:50:06 · update #3
p.s. The credit card I paid off with the balance transfer has not closed the account, but a friend said it's a possibility and I'm curious.
2007-03-11 05:52:16 · update #4
No, I haven't. Be careful of transfer fees. If you're getting hit with a transfer fee every time you transfer a balance, it's a pretty expensive way to go.
I'm not sure why you'd want to do this unless you're getting significantly lower interest.
2007-03-09 21:03:59 · answer #1 · answered by Faye H 6 · 0⤊ 1⤋
KEEP THE ACCOUNT open if there is no annual fee.
Obviously the older account will give you a longer credit history.
Credit is tricky but there is some weight given to how LONG you have had the card open. The account is currently in good standing and has a perfect paid off record. I would not close it and loose that perfect payment history!
If your are planning to buy a house or car, talk to the lender and see what they think.
I doubt that it would do much damage either way and on the off chance that your balance is not paid off by then, apply for another card with another teaser rate and do the same thing over again. Start checking on the new cards in the 10 or so month....the approval and the transfer might take a few weeks....then close the account that you just opened this year...
repeat til your balance is paid in full!
2007-03-10 10:15:58 · answer #2 · answered by lisa s 6 · 0⤊ 0⤋
That is unusual that they closed your account...have you asked them for possibly a correspondence address or contact info to where you can find out why it was closed even if you have to go as far as writing the company a letter...just a suggestion...I am actually very familiar with the cc industry & happen to work in the field...Also, there is a lot of negativity re cc companies...just keep in mind that it depends on the person using the cc...you just have to make sure you are being responsible & making your payments on time & of course making at least the minimum payment most companies have online access where you can check your info pertaining to bills, etc online at no charge...however to boast your credit rating it is always best to pay at least $5 over your minimum payment...also with most credit cards if you pay off your balance every month you have no interest...that is for purchases only!!! I would never recommend someone to use a credit card for cash UNLESS it is a dire EMERGENCY...and if you do make sure you use a card that has no balance & you plan on paying it off immediately!!! And then again, I myself would never recommend it!! That is highway robbery!! Best of luck to you!!
2007-03-17 22:56:26 · answer #3 · answered by titi6374 2 · 0⤊ 0⤋
That was a smart move.Now your options are to call up the card company and ask them to close your account because you are not in need of there service no more.Or go out and use the paid off account and charge maybe ten dollars every month and pay it off every month.If you do this eventually they wil be sending balance transfers to you.If you are looking to get house mortgage it will be better if you close account.Bankers like people that are responable with credit and don't have a lot of open credit lines available.
2007-03-10 09:33:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Have you ever paid off one of your credit cards using balance transfer from another - YES
& company closed account? - I don't know what this is.
2007-03-10 05:02:22 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No I have never try it I guess i,m happy with the card i got good luck
2007-03-14 13:37:12 · answer #6 · answered by pattibcacl 6 · 0⤊ 0⤋
Yes - and in the long run it was harder for me to pay it as it raised my monthy bill by 45.00.
2007-03-10 04:28:34 · answer #7 · answered by Willalee 5 · 0⤊ 0⤋