Does switching creditcards from the same bank wipe out credit history linked to the credit cart bein

I have switched from a Chase Continental Mastercard to a Chase Freedom Mastercard. The rep told me I would get a new credit card but the accounts would be linked so my credit history won%26#039;t be wiped out as I am closing the old one. Is this true or will my credit history / account be wiped out and I will have to start all over again? The transfer is from one credit card to the other offered by the same bank. I would appreciate your response.

Does switching creditcards from the same bank wipe out credit history linked to the credit cart being closed?exchange rate

No, nothing is wiped out. You actually haven%26#039;t closed the old account, you have just changed the account number and reward terms. (Probably changed the apr as well, I am assuming you did this to get rid of the annual fee, or to have a more user friendly reward program). So everything that was on the old account, automatically moves over to the new account, It is actually the same account as far a your credit history is concerned.

Does switching creditcards from the same bank wipe out credit history linked to the credit cart being closed? loan

Either way your credit history is not %26quot;wiped out.%26quot; It will still remain on your credit and be positive. Your credit score is based on length of credit however. If it wasn%26#039;t the credit card you have had for the longest, you will not be affected except for applying for new credit. Even if it did close the old account and start a new it is not that significant of a credit event and might cost less than 10 points.

That said, I have switched American Express cards from one card to a Blue card and the record was the same.|||That is correct. It will report as a transferred account. I seem them often when underwriting loans.|||No, the old credit card history remains.|||You%26#039;re not alone; it%26#039;s remarkable how many people use credit cards and don%26#039;t really know the rules.

Nothing ever %26#039;wipes out%26#039; your credit history, but the last 24 months are really the most important.

You should keep your old credit card open, even if you never use it again, as closing it will decrease your debt:limit ratio, and decrease your credit score. Here are some tips on how to increase your credit score:

(1) always pay on time;

(2) call all of your credit cards and request a limit increase (to decrease your debt:limit ratio);

(3) never use more than 49% of your credit limit. The credit bureaus count the number of cards with debt over 50% of that cards%26#039; limit.

(4) Most people don%26#039;t know that you can call your credit card companies and ask them for a better APR.