Closing/Converting Credit Cards

Discussion in 'Newbies' started by jazzmanfl, Mar 26, 2013.  |  Print Topic

  1. jazzmanfl

    jazzmanfl Member

    Messages:
    16
    Likes Received:
    15
    Status Points:
    45
    Hello everyone. I'm wondering if anyone can offer some perspective on my situation. I currently have two credit cards (one with no rewards and one with very limited rewards). I'm planning on applying for at least one new rewards card (possibly two) to start using as my primary card(s) to earn more rewards, but I want to be sure I don't hurt my credit score because I'm happy with where it currently stands.

    Here are my two active credit cards:
    • Chase Slate card that earns no rewards (opened in 2007, $6,500 credit limit)
    • Fifth Third Bank Platinum card with minimal rewards that have continually been devalued since I received it (opened in 2008, $2,000 credit limit)
    I also have one inactive credit card that I closed a few years ago:
    • Bank of America credit card (opened in 2001, closed in 2009)
    I'm thinking about closing one or both of my active cards after I apply for a new card because I don't like to carry credit cards that I don't intend to use. My understanding is that even when you close a credit card, it continues to show up for another 7-10 years on your credit report and factor in to your average account age.
    Here are specific questions I'm wondering about:
    • Would it hurt my credit score much to apply for two new credit cards and and then close either one or both of my active credit cards? If so, how much would it likely hurt my score?
    • Is there a way to convert my Chase Slate to a different Chase credit card so that the date opened remains 2007? (I'm assuming not, but I'm just curious.)
    Thank you for any advice or insight you can share. (I'm not sure if this is the best place to post this question or if there's another forum or website where this would be more appropriate, so if there's a better place to ask this, please let me know.)
     
  2. edekba

    edekba Gold Member

    Messages:
    3,462
    Likes Received:
    3,783
    Status Points:
    2,145
    are there AF associated with the Fifth Third Bank? If not ... just keep it open and locked away.

    Call chase to convert your slate to a Freedom. I had a Washington Mutual card that I converted. So it is doable.
     
    NYCUA1K likes this.
  3. bigx0

    bigx0 Gold Member

    Messages:
    1,274
    Likes Received:
    2,287
    Status Points:
    1,270
    My understanding is yes, it will continue to show up, but no, it will no longer factor into the average account age. I'm no expert, but simulators on sites like CreditKarma seem to support my understanding, FWIW.
     
  4. jazzmanfl

    jazzmanfl Member

    Messages:
    16
    Likes Received:
    15
    Status Points:
    45
    No, the Fifth Third card doesn't have an annual fee. So that sounds like a plan.

    I'll check with Chase about converting to a Freedom.
     
  5. jazzmanfl

    jazzmanfl Member

    Messages:
    16
    Likes Received:
    15
    Status Points:
    45
    Thanks!
     
  6. jazzmanfl

    jazzmanfl Member

    Messages:
    16
    Likes Received:
    15
    Status Points:
    45
    I just spoke with Chase and converted it to a Freedom card. It was a piece of cake! Thanks a lot for the suggestion.
     
    NYCUA1K and edekba like this.

Share This Page