I recently switched banks. I had my first credit card with the previous bank for about 5-7 months before I switched to a new bank to join finances with my wife. If I transfer all my money and close out my old bank should I cancel my credit card? Or would that hurt my credit score? I haven’t used the card in a month or so
- Next Homeless in debt suddenly getting major windfall
- Previous Dad passed away with nothing and now the irs is asking for $30k
As long as there is no annual fee, I would put a reoccurring expense on the card and set the card to auto-pay in full. Then you will continue to have a long account tenure and have a high available balance. both will help your score.
If this is your only credit account, then you should keep it open. Use it every 6-12 months so that it stays open. If you’ve opened another credit card, or already have other credit accounts (like a car loan,etc.), then it doesn’t really matter. Opening and closing accounts is normal and has a minimal long-term effect on your credit score. If you’re planning to use your score soon for a major purchase, don’t make any changes to your report until you’ve done that.
You may find these links helpful:
– [Credit Building](/r/personalfinance/wiki/credit_building)
– [Credit Reports](/r/personalfinance/wiki/credit_reports)
– [Credit Scores](/r/personalfinance/wiki/fico)
– [Credit Cards](/r/personalfinance/wiki/creditcards)
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