Closing a current credit card account or LOC remains on your credit history for 6 years from the last date of activity. If you have used it and made timely payments/paid it off, then the status on your report for the LOC should indicate comments such as "Paid as agreed and up to date". That said, if you can get a better rate from elsewhere, then why not close the original LOC and go with the new one?Credit Scores.
It is my understanding that if you close a VISA or Line of Credit. That this will hurt your credit score because it shows that you show less time having your debts in place.
Having said that I have a general question for the forum. I just opened a new line of credit with BMO. And I no longer need the one that I had at TD Canada Trust. I went in and tried to get them to match was BMO was offering, but they wouldn't budge. Anyways, I now have to make a choice, if I should close the TD Canada Trust Line of Credit or just ask for a reduction in the amount of money available to me. I also, have a VISA with TD Canada Trust that I never use anymore. So same question for that.
I have had my Line of Credit for just about 10 years and my VISA for just over 6 years.