Credit and Debit Cards
Improving Your Credit Rating
Money Management

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?

User Avatar
Wiki User
2008-06-12 21:25:56

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


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.