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Member
Acct15
Posts: 9
Registered: ‎05-06-2008

Transferring to a different card with the same bank - impact on score?

I've had one of my credit cards for a number of years, and the bank recently told me about a card with them that has travel rewards that I'd like to have.  I am interested in the card, but I'm wondering how the switch will impact my score.  Specifically I am wondering whether it will pull down my average years for which accounts have been opened.....if I switch to another card will it start the clock over again at zero?  Or can banks specify that the new account is an extension of a current relationship, just under a new account number / type of card?

 

Also, does a credit run for a new card with the same bank have less of an impact than applying for a totally new credit relationship with a bank?  Would love to hear from anyone that has had experience with this stuff.  Thanks!

Valued Contributor
jsucool76
Posts: 2,770
Registered: ‎12-11-2011

Re: Transferring to a different card with the same bank - impact on score?


Acct15 wrote:

I've had one of my credit cards for a number of years, and the bank recently told me about a card with them that has travel rewards that I'd like to have.  I am interested in the card, but I'm wondering how the switch will impact my score.  Specifically I am wondering whether it will pull down my average years for which accounts have been opened.....if I switch to another card will it start the clock over again at zero?  Or can banks specify that the new account is an extension of a current relationship, just under a new account number / type of card?

 

Also, does a credit run for a new card with the same bank have less of an impact than applying for a totally new credit relationship with a bank?  Would love to hear from anyone that has had experience with this stuff.  Thanks!


Depending on who the bank is it depends. I know when I PCd my cap1 card, it didn't affect anything. All they did was change my account internally and add rewards to it. Some other lenders though (like GECRB) will close and open a new account for you when you upgrade from the store version of a card to the major version (visa/mc/amex/discover)

 

Most likely all they will do is give you a new card and change your rewards, and not change anything on your report. 

 

What bank is it with? 

Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 2000CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL
Member
Acct15
Posts: 9
Registered: ‎05-06-2008

Re: Transferring to a different card with the same bank - impact on score?

It is with Bank of America. I plan on asking their customer service dept as well, but I like to get my information from multiple sources since some sources are not the most reliable.....

Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011

Re: Transferring to a different card with the same bank - impact on score?

If you request a product change, the new card will not affect your account age. You will simply have a new card and probably the same account number. However, not entirely sure if BofA offers product changes. I've never had a card with BofA.

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Regular Contributor
alboto
Posts: 211
Registered: ‎08-23-2012

Re: Transferring to a different card with the same bank - impact on score?

Well my wife had a regular BofA platinum card for students since 2007, and 2 months ago I called and Pc'd it to the 1-2-3 americard. it shows the new card as the original opened date from 2007.

Senior Contributor
youngandcreditwrthy
Posts: 6,154
Registered: ‎08-16-2012

Re: Transferring to a different card with the same bank - impact on score?

I'd be careful. They might be trying to get you to open a whole new account...either way, your aaoa shouldn't be affected too much assuming it's a few years long... Are they wanting to hp you?!

Just be careful!!! Lol due diligence could mean 10-20 pts off or on your fico :-0
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Member
Acct15
Posts: 9
Registered: ‎05-06-2008

Re: Transferring to a different card with the same bank - impact on score?

Thanks for the tip!  I will go to the customer service department with that terminology and see what they can do.

Member
Acct15
Posts: 9
Registered: ‎05-06-2008

Re: Transferring to a different card with the same bank - impact on score?

My average years for accounts open is currently 9 years. While the card I want to switch out is not the oldest card, I've had it for a while. So I think even if it did start the clock again for the replacement card, I may still have some wiggle room in terms of having a decent time for average years.  My current Equifax score is 780, and I would like to keep it up there if I can!  I do plan on traveling internationally next year and beyond though, and the card I would like to switch to has good travel rewards (including no foreign transaction fees).  The current card doesn't have any rewards at all.


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