I read the Credit101 thread but still not sure about closing an account.

[PCR20]

I worked very hard and raised all my scores over 770.

Most of the information I used came from this site. (Thanks to all !)

From what I gathered, I didn't think that opening up a new card from a bank like Chase would hurt my scores too much, so I applied and received a new card with a 10K limit.

I only have two other CC accounts, WaMu and Juniper.

Wow was I shocked when my scores all dropped over 40 points just because this new card!

I read Credit101, but I'm still not sure if it would be better to just close this account and get a new one later when I don't need my scores to be better.

I'd like to buy another house very soon and qualify for those top tier rates again.

[Anonymous]

what is the diff in rate you are looking at from 770 to 740?

[fused]

---

TCarson wrote:

I worked very hard and raised all my scores over 770.

Most of the information I used came from this site. (Thanks to all !)

From what I gathered, I didn't think that opening up a new card from a bank like Chase would hurt my scores too much, so I applied and received a new card with a 10K limit.

I only have two other CC accounts, WaMu and Juniper.

Wow was I shocked when my scores all dropped over 40 points just because this new card!

I read Credit101, but I'm still not sure if it would be better to just close this account and get a new one later when I don't need my scores to be better.

I'd like to buy another house very soon and qualify for those top tier rates again.

---

The ding to your score was a lot bigger than I would expect.  Are you sure there were no other changes on your CRs?  If nothing changed, your scores should bounce back in 6-12 months.  Also, keep in mind your util on all CCs should be at 1-9%.

[Tuscani]

30 pts is not unheard of. Your scores should bounce back in no time though.

[PCR20]

---

dog wrote:

what is the diff in rate you are looking at from 770 to 740?

---

From what it says here, 6.546% from 6.325%

On a 400K loan, that makes for a payment difference of $58.00 per month....

$20,880.00 over 30 years !!

[PCR20]

I opened up this card and transfered a small balance from another card

because Chase was offering 0% interest.

I only carry about 5 to 8% of the availible credit just to keep the cards active.

I can pay them all off at anytime, but it seems to work better for my scores to have a balance.

But it still begs the question, if I close it will it just go away?

My average credit history is 10+ years, except this dumb card.

(Of course now I'm Free To Do What I Want, Any Old Time.'

[Tuscani]

I wouldn't close it. Don't take what the rate calculator says as 100% true. Prime is prime. And at 740 you should have no issues getting a prime rate.