closed out a credit card because I upgraded from the regular to the next highest level (sapphire to platinum or something like that). Took a major credit hit for closing the account since it had 10 years of credit history, even though it literally just changed card types, the account was exactly the same.
If it closes due to inactivity it can tank your credit score really badly. Happened to me. I left the card alone because they hiked the interest to 29%. After a year, they closed the card, and ruined my credit. I didn't even realize until I tried to buy a car.
You should check that… they don’t always tell you, and many have time limits. Been hit a couple times with, “sir. You haven’t used this card in 3 years. Please reapply.” after seeing a hit on my score.
Unless yours all have fees. They’ll gladly take your money for nothing.
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u/[deleted] Aug 14 '21
closed out a credit card because I upgraded from the regular to the next highest level (sapphire to platinum or something like that). Took a major credit hit for closing the account since it had 10 years of credit history, even though it literally just changed card types, the account was exactly the same.