Upgraded and then closed by creditor?

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Upgraded and then closed by creditor?

Postby im_mr_awesome » Fri May 31, 2013 6:18 pm

I recently upgraded my American Eagle Outfitters store card (with a $720 CL) to the AE Visa card with a $2000 CL. That part was awesome. They also lowered my APR by 1%, which is minimal but kinda nice.

Now for the confusion. After upgrading to the Visa card and being told my store card would be closed and the balance transferred to the new Visa account, I received a CLI from $720 to $900. That seems weird for an account they intended on closing. I logged in to my AE credit account today and it shows that account as having closed. I expected that.

Now is the part that annoys me. I asked if the Visa card would be backdated to match the store card, since the store card was my oldest account. They told me no and that having closed the store card wouldn't negatively affect my credit.

Am I missing something here? The CLI and then close was weird but I can ignore that. How does closing my oldest account NOT negatively affect my credit? Does noting the account was upgraded to a new account make up for the lower AAoA? Or does having a closed account (by the creditor due to upgrade) not negatively affect my credit like some other ways of account closure? I'm a bit concerned about this because I only have a credit history about 3.5 years old--closing my oldest accounts is not my goal here.

Staying calm for now.

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Postby tanyasf » Fri May 31, 2013 11:27 pm

Sorry to heard that.Man ,BOA did the same to me ,They closed my Oldest account and other Fidelity card .At beginning was very hard for me to accept ,Then you will like me get over it .Remember:This bank doesn't want you business ,just take your money go somewhere else .Welcome to the forum BTW ;)

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Postby kqwqk27 » Fri May 31, 2013 11:55 pm

I could be mistaken, but I don't think this will really affect you much. The account will drop off in 10 years now because it's not 'open', but you don't all of a sudden lose the account or it's age because the creditor closed it. It'll still be factored into the age of your accounts for the next decade.

If I'm mistaken, please someone feel free to correct me.
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Postby Bksuper » Sat Jun 01, 2013 3:57 am

^It will stay on your credit report for a certain very high number of years and lenders will be able to see its history when credit is pulled. It will be labeled as closed and I think it is factored into the score a different way into your credit than when it was open. You might see a ding in your AAOA, but you will also see the higher limit and lower Debt Utilization Ratio from the new card. You'll have to pull your credit when it reports to see what the change in score is.
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