Will switching credit cards affect/hurt my credit score?

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Will switching credit cards affect/hurt my credit score?

Postby thxbest » Mon Aug 27, 2012 1:17 pm


I applied for a secured Mastercard from Bank of America in 2008 to built up my credit history. Since that time I never had late payment and after a while they automatically converted the card to unsecured master card and even increased my credit line.

Unfortunately this card has an annual fee and I don't want to pay that fee anymore. I would like to apply for another credit card from Bank of America that has no annual fee and after that I would like to close my current mastercard account to avoid the annual fee.

My question is: Would the closing of my old mastercard account and switching to a new credit card hurt my credit history / score or it doesn't matter in this case?


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Postby djrez4 » Mon Aug 27, 2012 3:11 pm

Now that you have an unsecured card, you may be able to do what's called a "product change." You should call BoA customer service (the number on the back of your card) and see if they would be willing to transition your account to a card that doesn't have an annual fee. Your history will remain unchanged.

If they are unwilling to change your card for you, there's no need to stick with BoA for your new product. Search around and find the best (obtainable) card for your needs, regardless of provider. You may take a small hit to your score because the average age of your accounts will decrease, but if you're just graduating from a secured card, it won't be significant.
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Postby Crashem » Tue Aug 28, 2012 1:14 am

Canceling card has immediate effect of reducing your total available credit which could increase your utilization. However if you have low reported balances, it should not matter or if you get increase elsewhere. Your aaoa will not take a hit as fico counts both closed and open accounts into aaoa calculation. However closed accounts will fall off credit report in 10 years or so after they stop reporting.
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Postby ReadyTuna25209 » Wed Aug 29, 2012 4:44 pm

Just went through the same agonizing process with BoA. (I hate their customer service). We did a product change to the Cash Rewards card. Seems okay for now.
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