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Have 815 credit score last time looked, pay above and beyond min payment each month, never missed payments - with recent credit crunch even with this company raising rates , going to close that card when paying balance within next two or three months- applied for new card got approved with 12,500 limit called them and ask them to reduce credit limit due to not needing that high amt and thought was looked at as avail credit as possible debt ( so I called and reduced that) we do not have much debt and no past dues, or high credit balances
Will closing 1 card opening another for better rate affect score?
Closing your card will affect your credit score if the card is an old one and you have a good credit history on the card. However if the card is a new one, you can close the card and open a new card with a higher credit limit. I think it will not affect your credit score.
Mary is right, Closing an account with such good credit history and a good limit will lower your score. Opening a new one is good but it has no credit history on it so you score will go down a bit. And applying for a new cc also adds a hard inquiry on your score which will lower your score a few points.