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Will my credit score drop after switching to no-fee credit card?

Date: Fri, 09/13/2013 - 03:25
Submitted by on Fri, 09/13/2013 - 03:25
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I have a credit card with a major bank. I have been using this card for a long period of time. I have been paying a good amount on the fee for many years. I'm feeling that the fee is too much and so I'm planning to switch to a no-fee credit card with the same bank. My credit score is excellent and I'm planning to buy a condo in Union Springs. Will there be any significant impact upon my credit score because of this move?


Yes, closing an old credit account does have an impact on your credit score since it shortens your credit history which is in itself one of the major factors to derive a credit score.

If you can, then contact your existing creditor and tell him that you are thinking of closing down the account with his company, unless he reduces interest rate on his card or drops some of extra charges levied on it.


Submitted by adamsarthur87 on Fri, 09/13/2013 - 05:35

adamsarthur87

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the OP stated the the cards were with the same bank.do you even read threads?first off they have to quailfy for the no-fee card which would be a benefit to their credit score if they switched cards,but they if they have a balance will have to transfer that to the no-fee card.


Submitted by paulmergel on Fri, 09/13/2013 - 07:30

paulmergel

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I am planning in paying off all credit cards (7,488.81) My credit score right now is 548 since I am behind on all cc paymeents by paying it off will it hurt my score? Should I keep one pay down but keep open? or should I pay balances and keep them open (not using them after clearing balances) Pls help


Submitted by mollie on Sun, 12/07/2014 - 16:34

mollie

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having the cards and not using them is almost as bad as being behind on them.yes keep the card that benefits you the most(like cash back,or no fee,or others rewards like airline miles)but pay off all but two(if you have that many).it will not hurt to payoff and keep one,or two.


Submitted by paulmergel on Sun, 12/07/2014 - 17:00

paulmergel

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