Closing an account and opening a new one

[Anonymous]

Hello, I have a good credit score and currently have a Bank of America credit card. The credit card I have does not really have any benefits to it and would like to open their cash rewards credit card. I am always on time with my payments and try not to live beyond my means. I asked Bank of America if I can switch my credit card over to their cash rewards credit card and they said that's not an available option right now. I have thought about closing my current account and opening up the cash rewards card but I heard that closing a credit card can affect your credit score. Would opening up a second credit card negatively affect my score as well or would I be safe in opening up the account and just not bothering with the other card? Any input would be appreciated. Thank you.

[RobertEG]

Closing the existing card will remove its credit limit from your % util scoring.  How large is its credit limit?

Opening a new account will lower your average age of accounts, as it will initially have zero age.

It is usually not recommended to close an existing card unless it has an annual fee.

[techiegirl]

I suggest calling a B of A recon # (look up one of the other threads for credit analyst).  I called one of those #'s a few weeks ago and was able to PC a 14 year old B of A card to the cash rewards.  They even allowed me to keep my 9.9% interest.

[Anonymous]

The credit limit is 2,000 dollars. I have had the credit card open for approximately a year and a half and never requested an increase in limit. 

[Anonymous]

I'll keep that option in mind. I'm thinking that I may just end up keeping the existing account open and applying for a new one if I can't switch it over. Here's another question, will switching over a credit card affect my credit score as well?

[techiegirl]

---

@Anonymous wrote:

I'll keep that option in mind. I'm thinking that I may just end up keeping the existing account open and applying for a new one if I can't switch it over. Here's another question, will switching over a credit card affect my credit score as well?

---

Switching to a different card (pc) will not affect your credit score. Applying for new card will.

[Anonymous]

I do this 2x a year on some cards to get the promotion bonuses. I haven't noticed a big difference in my report, so long as I hangon to my oldest couple of cards.

[takeshi74]

---

@Anonymous wrote:

I have thought about closing my current account and opening up the cash rewards card but I heard that closing a credit card can affect your credit score.

---

This thread is linked in the Helpful Threads sticky in the Credit Cards subforum:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

---

@Anonymous wrote:

Would opening up a second credit card negatively affect my score as well or would I be safe in opening up the account and just not bothering with the other card?

---

It's not quite so straightforward.  Read the linked thread above and calculate the impact to your utilization.