yes, another credit card question :\ sorry in advance!
I know that there's a similar question a few entries below this one about balance transfers but I'm trying to figure this out before I go in and have some jerk at the bank try to explain it to me. I have two credit cards: one is an AMEX Elite with a 19.43% APR and $1000 on it with a $5300 limit. The other is a Bank of America Platinum Plus card that isn't carrying a balance (it's a "back up card"- it's connected to my account, so that if I accidentally overdraft, the money I need comes off the credit card so that I essentially don't overdraft) but has a 11.74% APR and a $1500 limit. I don't know what my credit score is (I know) but apparently it is pretty good, I am going to get a report as soon as I figure out how to do it on a legit site. I'm an idiot and waited until just now to figure out that my 0% balance transfer thing on the BoA card expires at the end of this month, but whatever, at this point I would just rather have my credit card connected to my account. I've had a credit card with BoA before but canceled it (in good standing) because I left it in Houston when I moved and didn't want to deal with a credit card anymore. Also I don't have any outstanding debts like student loans, etc, and all my bills are either in my mother's or my roommate's name. I've never missed a payment, and every payment I've made on the AMEX has been more than the minimum amount. So now that everyone has backstory, my questions are as follows: 1. How much will it hurt my credit score if I transfer the balance from my AMEX to my BoA card? I know that the credit-to-debt ratio will be higher (I'll pay off at least $200 before I transfer, so it'll be $800/$1500) but the BoA has a better APR and no annual fee, so I'm thinking that even with the balance transfer fees, I'll still end up saving money in the end. Si? 2. How much will it further hurt my score when I cancel my AMEX after the balance has been transfered? 3. Assuming that each of the above will lower my score in one way or another, how *long* would it take to build it back up again? I should mention that I plan on using the Platinum Plus card long-term for situations where credit is safer than using a debit card and that I'm not too worried if my score only lowers a little bit, because I'm not going to be applying for anything in at least the next two years (I've already signed the lease on the new apartment we're moving into, and then in a year I'm moving back in with my parents when I start interning and won't need to worry about bills at that point). UPDATE: I talked to a rep at BoA and the balance transfer fee ended up being only $30 plus my APR for my BoA card is 9.94% so ultimately I'm saving money. he also reccomended that given my credit history and the credit limit on my AMEX, I'm better off leaving it open (I called them and threatened to cancel so they withdrew the fee, thanks for the suggestion!) and just locking it away, since my history with AMEX and the limit is longer/higher it'll just boost my credit rating and won't affect me otherwise. thanks for the help, guys, I really do appreciate it.