---------------------------------------------------------------------------------- Yes. If you have too big of debt with high interest rate, (you are only paying minimum?) sometimes is better to take the lower interest, y make (MORE) than minimum payment, to reduce your debt. With the 2 cards closed, you are not adding more, you are paying down. So in time the utilization ratio will be good again, then the FICO is coming up again. Nutmeg, I try to build credit and I have one only card with rewards! So I always pay in full every month. So; no interest/build credit/have rewards points in cash. I do this for one year now, and I redeem the rewards for $429.00 cash.
http://www.creditcards.com/ http://www.cardhub.com/ http://blogs.wsj.com/digits/2010/02/12/sites-that-help-you-fight-the-fees/
Thanks again for the replies. I ran the numbers and the effect on utilization rates and the trade off is basically losing the remaining credit ava vs a lower interest rate. I suppose if I wanted to pursue this further I could look for zero balance transfers, but for the moment I'm going to leave it all as it is.