How my credit score will be affected if I do the followings?

1. If I apply for a new credit card (visa signature) but cancel my old visa card? If my current credit score is 750, what will be my score after doing so?

Public Comments

1. Your credit score will be affected each time you apply for credit cards.
2. # 1, Don't cancel your CC, just shredded # 2. Each time some body run your credit, you are loosing 2pt, after 3 month you will get this pt back.
3. The longer you've had an established credit card account the better it looks on your report, even if you have a zero balance. So canceling an old card for a new card could actually lower your score.
4. I don't know exactly what it will do to your credit score, but if you have had the old Visa for a while and it doesn't have any annual fees, I would suggest keeping it. Your credit score is based on the debt to available credit ratio.
5. Not knowing your entire history, perhaps some reality might be needed. The VISA Signature card is a top level card. You not only have to have a good score, but superior income, and a LONG credit history. If you have this you probably have more than 1 other credit card. If you only have one other credit card, the chances of you getting approved for the Signature card will be slim. Now, if you are able to get the Signature card, your score will drop a bit because of the inquiry. But if you are at a 750 credit score it would be minimal and nothing you would really have to worry about. However, I would not close out your other card. Not sure how the utilization would be effected, but your length of credit history would be shortened. This too could lower your score a bit.
6. The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one. 1. Re-payment history This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score. 2. Outstanding debt The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is 30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum. 3. Length of your established credit history The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score. 4. The state of your financial accounts How much money do you have in your bank account, your income levels, your house, car, your assets etc. comes the next. A healthy bank account reflects a healthy credit score. Experts find that credit reporting agencies give this factor 10% weight while determining your credit score. Read more from: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score