Credit Rating & Credit Card Question?

I currently have three credit cards and was thinking about paying off and getting rid of one (interest rate is too high and the credit limit is too low). I was wondering (as it relates to my credit RATING) : Is it better to payoff the credit card and closing it BEFORE applying for new one OR should I apply for a new one, transfer the balance, and then cancel it? I'd rather do it the 2nd method (transfer) if it doesn't matter credit rating wise. Any thoughts would be appreciated thanks. Btw, my credit rating is currently in the low 700s. Thanks

Public Comments

1. If you apply first, you may get turned down or get hit with a high rate because of having the other 3. When you pay off one and close it, you'll get innumerable offers for a new one.
2. If your credit rating is in the low 700s, it would be better for you to apply for a new one first before closing. Normally having a current credit card is always easier to get approval than no card. Just make sure you make prompt payment for your current credit card and the credit rating should go up slowly.
3. If you current credit rating is in the low 700 hundred the best approach would be to use the balance transfer when you apply for a new card. Always remember to maintain low balances on the credit to be able to maintain a good score. The computer always read scores of over 700 to give you that 30 second approval other than that they tell you that they have to look at it and write back to you.
4. Don't close any accounts. Keep it open. Always transfer your balance to a credit card that has much lower interest rate. It makes a huge difference in paying down the principal. Check the website out. They have a lot of information about what you need to do in order to rebuild your credit. And also their insight as to whether or not to close your account. Closing your account will hurt your credit.
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