Coffee Quaffer asked:


I transferred a balance from one card to another with better terms, and now I’d like to close the first account. However, I’ve been told that if I pay off the balance and close the account immediately, it will look as if the company canceled and could hurt my credit score.

How long should I wait before I cancel the old card?

Ella

gizmos_dreamer asked:


My husband has a Sears card that has a horrible APR. The balance was recently paid off, but with this rate, we will always owe something on it. (Like a couple bucks.) We’d rather close the account than keep paying a couples buck every month on a card he will never use again.
People have told me closing accounts hurts your credit. But how bad? And I’d really rather close it than deal with the hassle of it.
Just trying to make an informed decision. Thanks.

Eric