I found a card that does not charge a fee and has better rewards than the rewards card I have that does charge a fee. I've read that canceling a card will lower your credit score. I'd like to do this with the card that charges a fee, but it's my oldest credit card (5 years). Are there other options (i.e., changing from a fee card to no fee card with the same company) that won't affect my credit score? ThanksWill changing my card from a fee to no fee card with the same company affect my credit score?It will unless your credit card company is willing to transfer the same account number, previous payment history and exact same credit limit to the new card.
Your credit score can be affected by how long you've had accounts open (usually 3-5 years or more is best), their credit limits vs. the debt you have on them, your total credit limits combined vs. all debt on all cards (known as the debt to credit ratio), etc.
There are a lot of factors. If I had to give a definite answer, I'd say yes, it will. How much depends on the credit limit of the new card. I can just about guarantee you that they won't transfer the same info from the old card to the new, unless you're %26quot;upgrading%26quot; (e.g. Gold card to Platinum/Signature Series/etc.). For that reason, some banks let you transfer the info.Will changing my card from a fee to no fee card with the same company affect my credit score?Why not see if you can arrange a balance transfer to the new card? That way, you won't have to close the old account and risk taking a hit to your credit score (and it will take a hit due to the account age, if you close it). Just cut up the card from the old company so you aren't tempted to use it.Will changing my card from a fee to no fee card with the same company affect my credit score?First I want you to try this:
Ask the old credit card to waive the fee.
You have been a member for many years - it's time they upgrade you.
If you want to change that card - make absolutely sure that the account number will stay the same.
If it changes, your old account number will show closed on your credit report.
Do you have another credit card that perhaps has been opened for only 4 years?
In that case, you would have nothing to worry about, since the %26quot;length of credit history%26quot; will not be cut by that much.
/Will changing my card from a fee to no fee card with the same company affect my credit score?You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - credit-report-score.10001mb.com
