New credit card offers tempt a lot of customers when touting a lower interest rate or more attractive rewards as compared to what is in your wallet. But make sure you'd be better off financially before closing out any of the cards you already have and signing up for yet another card or not.

Closing out a credit card account that you've had for a number of years can hurt your credit score temporarily.

Many consumers generally hang on to older accounts, no matter the terms on those cards are carrying a higher interest on balances or an annual fee.

Rod Griffin, director of public education for Experian, one of the big three credit bureaus, said, you should not let concerns about a credit score cause you making a bad financial decision.

There are many factors that determine your credit-worthiness, no matter it's the FICO score or a similar benchmark.

Credit scoring systems basically consider how borrowers are handling credit, from auto and student loans to credit cards and mortgage payments.

In the case of credit cards, the borrowers having the highest credit scores will generally have made payments on time for many years. These borrowers also have kept any balances, lower than the limits of their available credit. This last piece of the credit scoring puzzle is also called credit utilization. It is one of the factors that can hurt you while closing out a credit card account.

The principal scientist at FICO, Ethan Dornhelm, said, "If everything else in a person's credit report remains the same, then increasing their credit utilization may result in a lower FICO score".

The length of your credit history is another factor at play. Closure of a very old credit card account will also temporarily ding your score.