5 ms·
Ironically I signed up for the store card a few months ago because it seemed like a no brainer to save 5% and I shop often at Amazon. Now this. I wish there w
by 2bluesc 10y ago
Ironically I signed up for the store card a few months ago because it seemed like a no brainer to save 5% and I shop often at Amazon.
Now this. I wish there was a way to upgrade (even forfeit $70 gift card promo bonus). Instead it seems difficult since the store card was Synchrony bank and the new Prime Rewards card uses Chase bank.
Now I have two Amazon cards. Looks like the store card will sit unused since the credit system we live in frowns upon closing credit lines, as I understand it.
- nommm-nommm 10y ago>Looks like the store card will sit unused since the credit system we live in frowns upon closing credit lines, as I understand it. Unless it's your oldest account it's not going to hurt your credit to close it. It will still age for 10 years under the FICO 8 algorithm. I close cards right and left and my score isn't affected by it.
- zzleeper 10y agoMy oldest cc is 6 years old (non-american), and I really want to close it. Do you have any idea of its effect ob my FICO? (You mentioned "age for 10 years", what does that mean?) :)
- nommm-nommm 10y agoIf its non American does it show up on your American credit report? If it doesn't it won't effect your American credit score at all, close it. FICO 8 calculates "average age of accounts" as total months of all accounts on your credit report (both open and closed) from the open dates to the present, divided by the number of all accounts on your report. "Average age of accounts" is what they use in their scoring algorithm. They also factor in "age of oldest account" in their scoring algorithm which is why you shouldn't close your oldest account because it will drop off your credit report after 10 years. Closed accounts only stay on your credit report for 10 years.
- mmanfrin 10y agoWhat do you mean it will still age for 10 years? Closing it won't stop the 'aging' of the card vis-a-vis your credit?
- snuxoll 10y agoClosing a card doesn't affect your average age of accounts, which is what everyone is talking about when they say "closing" a card hurts your credit. FICO08 factors closed cards into your average account age, until they fall off 10 years from closing at which point they are obviously no longer included in the average. Never close your oldest credit line if you can avoid it, because in 10 years that WILL hurt your credit history.
- logician76 10y agoYeah America has a totally irrational credit scoring. It makes no sense whatsoever. If I never needed credit, then I don't have a history thus I have a bad score... go figure.
- nommm-nommm 10y agoIrrational? Hardly. If you were loaning money to someone wouldn't you want them to have a history of paying back loans to others?
- nommm-nommm 10y agoFICO 8 calculates "average age of accounts" as total months of all accounts on your credit report (open or closed) from the open date of the account to the present and divides that by the number of accounts. A closed credit line will drop off your report after 10 years after you closed it (or is it 10 years after open date? I don't know which!)
- msoad 10y agoYou can upgrade https://www.amazon.com/gp/help/customer/display.html/?nodeId=202109400 https://www.amazon.com/gp/help/customer/display.html/?nodeId...
- basch 10y agothats not at all what that link says. you can not convert the Synchrony card to the Chase card. If you previously had the Chase card, you now have the Chase card with the new benefits. this isnt a new rewards card, its the same card with new rewards. (one of which is eliminating foreign transaction fees.)
- dfc 10y agoIronically? What do you think the definition of irony is?