Changing Credit Cards

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Greg Hokanson

• September 11, 2022 09:50

I have a card that no longer works for me - I've had it over 10 years. I'd like to cancel the card and apply for a different card offered by the same issuer (they won't simply transfer accounts; I've asked) that better suits my needs. 

Should I expect a hit to my credit score, and if so, how much?

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• Official comment

  

  Victor D

  • September 11, 2022 16:36

  Hi Greg,
  
  Thanks for reaching out to NerdWallet! I'm happy to share some information about closing credit card accounts.

  In this case, there may be a change in your credit utilization ratio (how much of your available credit you're using). While we're not able to offer personalized financial advice via email, here are some resources that should help point you in the right direction:

  • When Is It a Good Idea to Cancel a Credit Card? - NerdWallet
  • Does Closing a Credit Card Hurt Your Credit Score? - this article discusses credit utilization
  • How Long Should I Keep a Credit Card? - NerdWallet

  
  One more option is to have your question answered on the NerdWallet SmartMoney podcast. Call or text 901-730-6373 or email podcast@nerdwallet.com to submit your question.
  
  Cheers,

  Victor

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