I know Dan once had a great post about whether or not closing down your credit cards hurts your credit. Obviously saving ones credit line and paying your balance a few times a month will stabilize ones credit, and in the long run help your score. However, i understand that with Chase, you can constantly open up new cards, close your old ones and save their credit by transfering over to the new cards to get them approved, but how does it work with cit bank and especially amex cards. Unless i am missing something, with citibank they dont allow you to transfer over like chase to get new credit cards approved, so if you want to avoid the annual fee after your year is up, do you have to close down the card, is that the only option? Also with Amex, to avoid the annual fee, do you have to close them down as well? Basically how do you salvage your credit lines with Citi and Amex, if they dont allow you to tranfer credit to open up new cards??? Wont these type of cards hurt your credit? please someone educate me.
