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Tom was smart to transfer the higher credit card balance to one with a lower rate. However, he erred when he CLOSED the established account. "Average Age of Credit" makes up 15% of your overall score. Closing an old account and opening a brand new one delivered a "double whammy" to the average age of Tom's credit and dinged his score.
So, the lesson here is important - if you're ever faced with a similar decision, even if you pay a credit card off in full, it is recommended that you do not close the account.
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