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Old 10-20-2006, 03:38 PM   #1
Bottom Feeder
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Question Got a new credit card to pay off the old card- what to do with the old one?

As the title says, what's the best thing to do with the old one? I've heard that keeping it open can hurt your ability to get a 'real' loan (among other things), but that it may increase your credit score since your debt-to-limit ratio for all your cards is now much lower. This card has a $10k+ limit on it, so I don't know if that makes it better or even worse. Someone's telling me to keep it open since I have an established a credit history with this company, if that's an issue.

Yes, this has been discussed here before, but even reading through the threads I could find gave me two answers.
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Old 10-20-2006, 03:40 PM   #2
02BlueSuperRoo
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Did you do a balance transfer or actually pay one card with the next? If it's the latter, the credit company may not be too impressed.
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Old 10-20-2006, 03:43 PM   #3
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Feed it to the Capital One vikings!

<insert OT viking photo here>
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Old 10-20-2006, 03:43 PM   #4
MattDell
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Unless you have 50 credit cards, it's not going to hurt you to leave it open. If anything, it will help you for the reasons you already mentioned.


I think over 15 credit cards is when it starts to get tricky.

-Matt
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Old 10-20-2006, 03:45 PM   #5
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Send me the numbers and I'll take care of it for you.
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Old 10-20-2006, 03:45 PM   #6
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Quote:
Originally Posted by 02BlueSuperRoo View Post
Did you do a balance transfer...?
Yes, sorry. I figured that was obvious.
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Old 10-20-2006, 03:46 PM   #7
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Keep it for emergencies and to help out your credit.
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