Credit Card and Loan Rates

[Twerpzilla]

If you close your old card, it still shows on your credit report, showing a credit history. Your new credit card will pick up your history from where you transfered your balance. Closing your old card should not hurt your credit, at least not in the long term, as you will have a smaller percentage of your income tied up in available credit.

 

[woowoo]

From creditnet.com

Length of credit history, and the ratio of your balance to credit limits on open accounts are two big factors in scores. So keeping them open gives you length of history and not using them much helps your ratios.

 

[Mayfriday0529]

Originally posted by: PingSpike

Originally posted by: Jnetty99
I agree that i should look to transfer the balance pay it off and keep my 6 old card open still for history and just in case of emergency.

now to find a new CC 😎

Check your mailbox. Providean or whatever sends me 3 identical offers every couple days. I'm getting tired of tearing them up.

What do you guys do with all those offers? I open the envelop and take a quick glance at them, then I tear everything in there up and throw it away.

I probably get like 20 a week, lots of from Capital One "whats in your wallet" i pretty much put them through my paper shredder all the time.

I think there is a website out there that discuss the best CC deals out there.

 

[Mayfriday0529]

one more questions. Is it wise to get a CC with another Bank instead of the same bank that you have your CC with?

 

[Eli]

Originally posted by: Jnetty99
one more questions. Is it wise to get a CC with another Bank instead of the same bank that you have your CC with?

Why would it matter?

I don't think the name of the issuing bank effects your credit score. 😛

 

[Mayfriday0529]

Originally posted by: Eli

Originally posted by: Jnetty99
one more questions. Is it wise to get a CC with another Bank instead of the same bank that you have your CC with?

Why would it matter?

I don't think the name of the issuing bank effects your credit score. 😛

oh not about credit score but about getting i guess the best deal. would it be better to pick a different back or company instead of getting MBNA again.