Tilted Forum Project Discussion Community - View Single Post - Switching to another credit card... Keep previous account open?

Jimellow · 07-12-2009, 08:44 AM

I've read that one of the factors that helps determine one's credit rating (FICO score) in regards to credit cards is the length of time the account has been open.

If this is true and I found a better card, would it then make sense to leave the old card that I'm replacing open with a balance of $0, or would you recommend closing the old account instead?

I don't carry a balance and instead use the card as a means for getting some cash back every month, so there would be no concerns regarding balance transfers or rates.

07-12-2009, 08:44 AM	#1 (permalink)
Jimellow Junkie	Switching to another credit card... Keep previous account open? I've read that one of the factors that helps determine one's credit rating (FICO score) in regards to credit cards is the length of time the account has been open. If this is true and I found a better card, would it then make sense to leave the old card that I'm replacing open with a balance of $0, or would you recommend closing the old account instead? I don't carry a balance and instead use the card as a means for getting some cash back every month, so there would be no concerns regarding balance transfers or rates. __________________ Desperation is no excuse for lowering one's standards.