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Answer:
No way. If you are transferring the debt from one card to another, closing an account in good standing will hurt your credit score. The credit score depends on the debt-to-limit ratio (credit utilization), so when you close the account, your available limit goes down and the debt stays the same. In this case, your credit utilization increases, which is a bad thing for the score. If you're looking for a balance transfer card, just move the debt and leave the old card open. You may never use it, just don't cancel it. You'll reduce your debt with the help of a balance transfer, while preserving the available credit limit. On our part, we can offer you some of the most popular balance transfer card deals available with major card companies today. If your credit history is good or excellent, if you haven't been late on any of the recent payments, consider applying for More Card - Clear from Discover Card Company, a 0%intro APR, no annual fee card with cash back rewards. A good alternative would be Platinum Visa® of Chase Bank, also a 0% intro APR balance transfer card with no annual fee. If your credit is limited because you're only building credit history, you also can find a card with a balance transfer option but its APRs and fees might not be as beneficial as on good cards. Take a look at Capital One Platinum, a card for average credit history. It offers a reasonable ongoing APR on balance transfers but charges an annual fee. When applying for a balance transfer card, make sure it offers a reasonable limit. Because if you move a $5,000 debt onto a $6,000 limit card, it may hurt your credit score. |
