02-27-2013 06:04 PM
I was wondering what the effect on your credit age is if you cancel a credit card within the 1st year of opening, but you transfer your credit line to another account before doing so. For example, I close a 8 month old Chase account, but I transfer the 7k credit line to another account before doing so. TIA
02-27-2013 06:11 PM
It will have no effect on the age of accounts.
02-27-2013 06:20 PM
02-27-2013 06:38 PM
right. if you transferred the credit limit then your util will stay the same and the closed account will continue to report for 10 years. The only hit youll take is for opening a new account as it will out an inquiry on your credit and lower your average account age.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.