Question about canceling a credit cared and its effect on my credit score?

I have a credit card with a $12000 limit. I did a 0% balance transfer on it in late 2006 and the 0% is valid till june 2008. I will still have some money left to pay off by June 08, can i transfer this to a new card with 0% and cancel my current card? Will this affect my credit score if the new limit is the same as the current limt? my oldest CC is different and I still have that (from 2003). Thanks

Question about canceling a credit cared and its effect on my credit score?

You would be better to continue to pay off the debt on the current card as much as you can until May 2008. Credit bureaus %26#039;get%26#039; balance transfers and they may have a negative impact on your score, because their will be and inquiry. Flipping credit eventually catches up to you. If you have to roll it into another card, wait until April or May when you have paid off more of the debt. Then keep that card open as it shows a good payment history (I guess). You might want to check out options for debt settlement if you are getting to a point where you can%26#039;t pay the monthly plus.

Question about canceling a credit cared and its effect on my credit score?

The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.

1. Re-payment history

This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.

2. Outstanding debt

The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is

30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.

3. Length of your established credit history

The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score.

4. The state of your financial accounts

How much money do you have in your bank account, your income levels, your house, car, your assets etc. comes the next. A healthy bank account reflects a healthy credit score. Experts find that credit reporting agencies give this factor 10% weight while determining your credit score.

5. Different credit types you have

Whether you have taken a secured loan, unsecured loan or applied for a debt consolidation matters. The loan or credit types also reflects on your credit score. Credit rating agencies give it a 10 % weight to determine your credit score. Get more detail from: http://www.credit-card-gallery.com/artic...