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What happens to TL during a transfer?

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longtimelurker
Epic Contributor

Re: What happens to TL during a transfer?


@UncleB wrote:

 

 


@FireMedic1 wrote:


It would help if you name the banks. It will lets us to see if its worth keeping the card with the CL and AF.


This. ^^^  Otherwise all we can do is speculate.


Although, to be honest, with that info all we can do is speculate too!   Every takeover is different so even if we are very familiar with Bank X, it doesn't mean that history applies now. 

 

While asking for data can often help, we should remember that it will often not be determinative.

Message 11 of 17
UncleB
Credit Mentor

Re: What happens to TL during a transfer?


@longtimelurker wrote:

@UncleB wrote:

 

 


@FireMedic1 wrote:


It would help if you name the banks. It will lets us to see if its worth keeping the card with the CL and AF.


This. ^^^  Otherwise all we can do is speculate.


Although, to be honest, with that info all we can do is speculate too!   Every takeover is different so even if we are very familiar with Bank X, it doesn't mean that history applies now. 

 

While asking for data can often help, we should remember that it will often not be determinative.


Yeah, but we could at least dig around for a FAQ page, assuming the OP hasn't already done that (stranger things have happened).

Message 12 of 17
FireMedic1
Community Leader
Mega Contributor

Re: What happens to TL during a transfer?

Were not assumming. We know what that means. Smiley Very Happy But it would be nice to see who the OP is talking about.


Message 13 of 17
SUPERSQUID
Valued Contributor

Re: What happens to TL during a transfer?


@UncleB wrote:

When BBVA/Compass accounts migrated over to PNC it was just a name change on my credit reports.  Same when the HSBC portfolio moved to Capital One years ago... everything stayed the same with the credit reporting, just the bank info on the credit report was updated.

 

The only time I've had to 'start over' was after a Synchrony upgrade on my CareCredit to the CareCredit Mastercard, but from what I understand even that's changed.  (???) 

 

Usually the new bank will send out a letter/email explaining what's going to happen, if for no other reason so their customer service lines aren't tied up.  Also in the cases of PNC and Capital One both had websites with a FAQ on the transition which answered this question.

 

Just my 2¢.

 


@FireMedic1 wrote:


It would help if you name the banks. It will lets us to see if its worth keeping the card with the CL and AF.


This. ^^^  Otherwise all we can do is speculate.


Also another one which reset the credit line was Fingerhut Fetti. Fingerhut changed to Fingerhut Fetti and restarted your account right then no matter how long your account was in good standing. Suddenly a new account from Fingerhut Fetti showed up on your reports putting a ding on your scores.

{ BK7 DC 12/2019 } target 1600/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
closed-- reflex, applied bank, first digital, mission lane, ikea, fingerhut, big lots, valero gasoline, ollo, more to come
Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 14 of 17
RealEstateGuy89
Frequent Contributor

Re: What happens to TL during a transfer?


@SUPERSQUID wrote:

@UncleB wrote:

When BBVA/Compass accounts migrated over to PNC it was just a name change on my credit reports.  Same when the HSBC portfolio moved to Capital One years ago... everything stayed the same with the credit reporting, just the bank info on the credit report was updated.

 

The only time I've had to 'start over' was after a Synchrony upgrade on my CareCredit to the CareCredit Mastercard, but from what I understand even that's changed.  (???) 

 

Usually the new bank will send out a letter/email explaining what's going to happen, if for no other reason so their customer service lines aren't tied up.  Also in the cases of PNC and Capital One both had websites with a FAQ on the transition which answered this question.

 

Just my 2¢.

 


@FireMedic1 wrote:


It would help if you name the banks. It will lets us to see if its worth keeping the card with the CL and AF.


This. ^^^  Otherwise all we can do is speculate.


Also another one which reset the credit line was Fingerhut Fetti. Fingerhut changed to Fingerhut Fetti and restarted your account right then no matter how long your account was in good standing. Suddenly a new account from Fingerhut Fetti showed up on your reports putting a ding on your scores.


Yasss, I remember all to well that slick trick they tried to pull last year!  I canceled my Fingerhut account quickly before the new Fingerhut Fetti was set to be issued, thinking I had surely saved myself much trouble.  

 

Well, I STILL ended up with the new account reporting on my all bureaus with a MUCH lower credit line...  I think my original account was somewhere around 11 years old with a $4700 credit limit and the new Fetti was 0 months old with a $1500 credit limit.  I was completely livid 😮 when I started getting all the new account notifications as Fetti was hitting my credit reports.  Fingerhut nor Fetti was interested in the least in helping me.  They even suggested that I might as well be stuck with them for awhile because even if I closed the new Fetti account, it would still stay on my reports for quite some time, meaning the score hit and damage was already done. 

I ended up making an online complaint to the federal website that handles credit complaints and it took about 2 months but they ended up taking it off of all my credit reports!  I considered myself very lucky 🍀 and also felt for my fellow MyFico people that were just reporting fresh hits to their reports by Fetti too. 

Do you still have your Fingerhut Fetti account @SUPERSQUID or how did that work out for you? 

Message 15 of 17
SUPERSQUID
Valued Contributor

Re: What happens to TL during a transfer?


@RealEstateGuy89 wrote:

@SUPERSQUID wrote:

@UncleB wrote:

When BBVA/Compass accounts migrated over to PNC it was just a name change on my credit reports.  Same when the HSBC portfolio moved to Capital One years ago... everything stayed the same with the credit reporting, just the bank info on the credit report was updated.

 

The only time I've had to 'start over' was after a Synchrony upgrade on my CareCredit to the CareCredit Mastercard, but from what I understand even that's changed.  (???) 

 

Usually the new bank will send out a letter/email explaining what's going to happen, if for no other reason so their customer service lines aren't tied up.  Also in the cases of PNC and Capital One both had websites with a FAQ on the transition which answered this question.

 

Just my 2¢.

 


@FireMedic1 wrote:


It would help if you name the banks. It will lets us to see if its worth keeping the card with the CL and AF.


This. ^^^  Otherwise all we can do is speculate.


Also another one which reset the credit line was Fingerhut Fetti. Fingerhut changed to Fingerhut Fetti and restarted your account right then no matter how long your account was in good standing. Suddenly a new account from Fingerhut Fetti showed up on your reports putting a ding on your scores.


Yasss, I remember all to well that slick trick they tried to pull last year!  I canceled my Fingerhut account quickly before the new Fingerhut Fetti was set to be issued, thinking I had surely saved myself much trouble.  

 

Well, I STILL ended up with the new account reporting on my all bureaus with a MUCH lower credit line...  I think my original account was somewhere around 11 years old with a $4700 credit limit and the new Fetti was 0 months old with a $1500 credit limit.  I was completely livid 😮 when I started getting all the new account notifications as Fetti was hitting my credit reports.  Fingerhut nor Fetti was interested in the least in helping me.  They even suggested that I might as well be stuck with them for awhile because even if I closed the new Fetti account, it would still stay on my reports for quite some time, meaning the score hit and damage was already done. 

I ended up making an online complaint to the federal website that handles credit complaints and it took about 2 months but they ended up taking it off of all my credit reports!  I considered myself very lucky 🍀 and also felt for my fellow MyFico people that were just reporting fresh hits to their reports by Fetti too. 

Do you still have your Fingerhut Fetti account @SUPERSQUID or how did that work out for you? 


Not meaning to sidetrack this thread, the same exact thing happened to me with fingerhut. i closed my account but they still reported that new fetti account. to tell you the truth all i remember is calling them to make sure they closed the fetti as well, i never followed up. they lost me as a customer and i had an excellent payment record with them and often bought things

{ BK7 DC 12/2019 } target 1600/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
closed-- reflex, applied bank, first digital, mission lane, ikea, fingerhut, big lots, valero gasoline, ollo, more to come
Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 16 of 17
SouthJamaica
Mega Contributor

Re: What happens to TL during a transfer?


@Empires wrote:

My local small bank was recently acquired by a bigger regional bank. I have a secured card with the small bank. I was told that the account number will remain the same but I will receive a new card in the near future with the new Bank name on it. My question, what happens to the TL on the credit report?

 

Does the tradeline simply get updated? Or do they close the previous tradeline and open a new one causing a reaging of the account. Because if it is the latter, I am ready to close this $500 account. It is charging me a $30 annual fee which I don't really like. No other benefit for the account as I have other accounts with the same age. 


Usually the account just gets updated, rather than causing a reaging of the account.  But there is no guarantee that it will play out that way.  So you have a decision to make.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 17 of 17
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