What's best way to close and open a Credit card?

[letozach]

I have a credit card that I use with one bank with a decent credit line. I was interested in opening another credit card with another bank. and eventually closing the first credit card with my descent credit line. What would the best process be?

I've heard that it's not good to close to many accounts as it may affect my credit score.

Advice?

[cajunbulldog]

It is not advisable to close positive account and scores could take a hit. If you want to close an account I would do it by phone unless it was Cap1.In there case they would get a certified return receipt letter closing the account.

[HECTOR]

I found that you actually need a variety of rev. CL such as a store cr and major cr.cards. Back to your question, from what I've read is that it's not a good idea to close an account that has a positive history. This is surely a good way to lower your score. I would personally take into consideration the longivity of the account wich has a positive effect, but on the other end you if this account is costing you a foutune in annual cost and fees then you might consider closing the account. Do not take into consideration the interest rate since 30% of nothing is nothing. closing an account will also negatively impact your balance to limit ratios, since you are getting rid of available credit.

[elyse449]

I wouldn't advise closing cards unless it will truly benefit you. See, the positive credilt line is a benefit to your credit because if it's paid up, it increases your utilization levels to healthy amounts AND it adds "age" to your credit reports.

If you HAVE to close an account, make sure it has a -0- balance. Honestly, I wouldn't do it unless you're extremely concerned you will misuse it.

Elyse