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Upgrading my credit card

Jun
New Member

Upgrading my credit card

Hi, I had a question regarding my current credit card. I was offered by my bank to upgrade my card to a platinum card. I have had my current card for over 5 years now. My question is, if I decide to upgrade it, does that mean I'm canceling my current card for the new platinum card, hence hurting my credit history? My understanding is that if I upgrade, I'll be getting a new card number with it. I talked to the bank, and they told me that it shouldn't affect my credit score. I would like to upgrade it to the platinum card. The platinum card definitely provides more benefits than my current card, but if it's going to affect my credit history (which is the weakest part of my credit report), I rather hold on to my current card. They are both cash reward cards, but the platinum card provides travel insurance, rental car insurance, etc. Thank you. Jun
Message 1 of 5
4 REPLIES
Contributor

I have upgraded before

  Jun
 
     My Wells Fargo and Capital One's both upgraded to Platinum status, and it didn't hurt my credit score.  In fact, it helped my fico score because I was then able to see my credit lines increase from $3000 to now $7,500 on both cards over a 3 year period.
Message 2 of 5
Jun
New Member

Thank you for the reply...

but my main concern is, will upgrading the card report my current card being "canceled by consumer", and show up as opening a new credit card? I'm just worried because one of my weakest part of my credit history is not having a long history of opened cards. Therefore, I'm forced to hold onto my credit cards not to damage my score. Thank you. Jun
Message 3 of 5
Moderator Emeritus

Check with your bank to make sure that they will ereport...

Check with your bank to make sure that they will ereport your entire history on the new card.  Mine upgraded to platinum but in my case, the account number did not change.  If they actally close the account and open a new one with a new start date instead of merging the new account into your past reporting history, I personally wouldn't do it.  Ask if they would issue you a sepearate plat if that is going to be the case then you'll have both lines reporting.
 
There are a lot of good platinum cards out there.
Message 4 of 5
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Jun
New Member

Thank you.

I will call my bank and make sure. Thank you all for you insight! Jun
Message 5 of 5