What are the benefits of closing your other credit card(s) and loans after a Balance Transfer?
What are the benefits of closing your other credit card(s) and loans after a Balance Transfer?
Some of the benefits from closing your other credit cards and loans are:
- It will help reduce the total amount of annual fees you pay
- Simplifying your finances and decreasing the number of cards you hold
- Reducing your ability to accrue additional debt, by decreasing the available credit options
- Potentially increasing your credit rating by reducing the amount of unsecured debt recorded against your credit bureau record