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
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.