My credit union has offered to give me 2.9 % interest for a year if I transfer balances from 5 high interest cards to their card. I have worked hard to rebuild my credit and need to know if my score will take a dive if I close these cards (because of the amount of time the cards have been open versus the brand new card) Thanks
You can pay them off with the BT but not close them. That's what I'd do. Closing them may well lower your score. Use each one for a tank of gas or something every few months and pay it off, just so it stays active.
And possibly keep on making small charges, a tank of gas (is getting to be a major purchase with the gas prices going up on a daily basis), a pizza, etc. and pay them off immediately so your credit reports reflect positive activity.
Closed accounts don't vanish from your credit report. If they are good accounts, they will continue to be reported for ten years after you close them.
