So you’re out of bankruptcy for a few years now and you’re ready to take your credit restoration efforts to another level. You already have a few low-credit, high interest rate credit cards; but you just qualified for new credit card with low interest and a high limit. Should you transfer the debt from your old credit cards to the new one?

Below are a few things you should consider first:

What does the credit card deal really cost you?

Does the new credit card have an annual fee? If so, is it comparable to your old credit card’s annual fee? Annual fees can add up over time and if you have multiple credit cards with annual fees, it can become downright costly. Even if the new credit card has an annual fee, it might make sense to transfer the balance of your old cards (who also have an annual fee) to the new card. Does the new credit card offer other perks and rewards? If so, how do those perks and rewards compare to those offered by the old credit cards? Make sure you compare all the benefits and drawbacks of the new and old credit cards.

Don’t rush to sever your relationships with your old credit card companies

Even if you decide to transfer your existing credit card balance to a new credit card with a lower interest rate, don’t rush to close out your old credit cards. FICO takes into account the age of your credit accounts when calculating your score. If you get rid of the older credit card accounts, you will negatively impact your credit score by making it appear that you don’t have much old credit history.