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
It will have no effect on the age of accounts.
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.