Will closing a 16 year old credit card account with an excellent payment history and a 18500.00 credit limit in order to get a card with a much better interest rate affect your credit rating?
Closing a 16 year old seasoned credit card account with an
excellent payment history will NEVER improve your credit. As a
matter of fact, opening a new credit account will also temporarily
reduce your score. If you need a lower rate, call your current
credit card company and request it. It is a much better solution
that can save you money on interest. The following link can show
how to request a lower interest rate on your current credit card