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Established Contributor
plasticguy
Posts: 556
Registered: ‎02-21-2008
0

How Much Damage did I do if any

Last week I recently closed My BOFA Signature Card and Moved the remaining Credit limit over to Merrill Lynch. The Card was open in 03 and the limit was never reported. I moved 20k from the Sig, to the World Card and 10.4K to Merrill Lynch. So at closing the limit was $10,400. I'm Just wondering how much my score may have dropped. I realize that the history remains for 10 years. I think The only helpful thing is I increased my utilization, which really didn't need to be increased. The limit is now $30,400 at Merrill which I opened in June 2007 and I have $67,500 at BOFA on The World MC which opened in 04. The purpose was, I was tried of having a card that didn't report. Any Thoughts would be appreciated
Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
0

Re: How Much Damage did I do if any

IMHO If you have a long credit history and many accounts, you may not get a hit on average age.  As long as you dont max out a card, you might get a score increase with fewer accounts reporting a balance.  if your util is high, geting it to 1% to 9% will increase your score beyond what any loss due to history.
09/12/2013 FICO: EQ: 772 EX:813 TU:752
Established Contributor
plasticguy
Posts: 556
Registered: ‎02-21-2008
0

Re: How Much Damage did I do if any

I have 13 accounts and I only carry 3 balances all under 25% usage. Total credit available is over 300K
Established Contributor
plasticguy
Posts: 556
Registered: ‎02-21-2008
0

Re: How Much Damage did I do if any

Also, 14 years of history
Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
0

Re: How Much Damage did I do if any

I would be suprised then if you did take a score hit then.
09/12/2013 FICO: EQ: 772 EX:813 TU:752
Established Contributor
plasticguy
Posts: 556
Registered: ‎02-21-2008
0

Re: How Much Damage did I do if any

Thanks for your input, really appreciate it. Before I made that move, BOFA informed me that they didn't see it hurting my score, but I wanted an outsiders opinion

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