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What to do with older accounts<\/h3>
So, you\u2019ve transferred your balances to your new credit card. Should you close your old accounts?<\/p>
There is an argument that you should keep the account open, because this keeps your debt-to-credit-limit ratio (also known as your credit utilisation ratio) lower, which is generally looked upon favourably by lenders. Keeping your old accounts open may even help your credit score in another way \u2013 by increasing the average age of your credit accounts.<\/p>
However, there are also several good reasons to close the old accounts: If an old card has an annual or monthly fee, you\u2019ll probably want to close it; if it has a low credit limit, then it\u2019s not helping your debt-to-credit-limit ratio anyway; additionally, fewer cards are much easier to keep track of; and perhaps most importantly, there\u2019s a chance you could be tempted to use the old cards, and end up with a dangerously-high level of debt.<\/p>
It\u2019s often best to just close the old accounts and be done with it, but you can weigh up the points above and how they apply to your specific situation.<\/p>
Bottom line<\/h3>
You may feel apprehensive about transferring multiple balances. That\u2019s perfectly normal. Take the process step by step, asking your prospective card issuer if you\u2019re unsure about the rules.<\/p>
While making your balance transfers, keep records of what transactions you\u2019ve initiated. Also, record important details about your intro offers and when you should pay off your debt \u2013 setting calendar reminders can work particularly well.<\/p>