I want to cancel one credit card that has a $650 limit and replace it with a larger card that has airmiles for AA and ALSO transfer a US Airways balance to that. I use AA a lot for international travel and getting the US Airways was a mistake. I assume the cancelling of one and replacing by another will be a wash and/or help BUT how does a transfer hurt my credit?
Thanks
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I don’t know about how the transfer will effect your credit but I have heard canceling is not helpful. If anything I would transfer and cut up the old credit card and leave it open. This is just what advice was given to me. Hope it helps!
I don’t know about how the transfer will effect your credit but I have heard canceling is not helpful. If anything I would transfer and cut up the old credit card and leave it open. This is just what advice was given to me. Hope it helps!
References :
http://whalehookloans.com/2007/11/13/does-transferring-credit-card-balances-affect-your-credit-score/
if this web site doesnt work, then go to yahoo.com and then search Does Transferring Credit Card Balances Affect Your Credit Score?
it will explain!
References :
I’m just a plan person, but I listen to a lot of different "financial" shows on the radio and TV and I also read quite a bit. To transfer a balance from one card to another is not a problem. Cancelling a card can be problematic. Keep the card open, use it once every couple of months for gas for your car or an order of groceries and then pay it off at the end of that month before it is due.
References :
You just transfer the balance. Do not cancel it because when you do that creditors think it was the bank who did it like when a person is forced to resign. If you leave it, they will close the account when it is inactive and that’s OK. Never but the word CANCEL on it.
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