Pep up your card without depressing credit


	Pep up your card without depressing credit

sam.reckoner

12-11-2007 12:47 PM

267 views

tags:

credit, consumer

sam.reckoner says:

beware "upgrading" old cards to new with same company since you might lose the historical benefit of the older card.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/c983846a-0317-4f5f-917c-c57edff4c990/AA146376-8226-49E5-B833-3474800FAA2A/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.bankrate.com/brm/news/cc/20071127_upgrade_credit_card_a1.asp" href="http://www.bankrate.com/brm/news/cc/20071127_upgrade_credit_card_a1.asp" style="font-size: 11px;">www.bankrate.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bankrate.com/brm/news/cc/20071127_upgrade_credit_card_a1.asp"><H1 class="headN">Pep up your  card without depressing credit</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bankrate.com/brm/news/cc/20071127_upgrade_credit_card_a1.asp"><P class="body">"Your FICO scores are based on your full credit history, including the length of that history," says Craig Watts, public affairs manager at Fair Isaac. "Each account in your credit report is assessed on that basis."</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bankrate.com/brm/news/cc/20071127_upgrade_credit_card_a1.asp"><P class="body"><SPAN class="subhead">Bridge carefully</SPAN>
It will also depend on how careful you are. In other words, it may 
              take some hand-holding on your part to make sure the credit history 
              gap gets bridged just the way you want. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bankrate.com/brm/news/cc/20071127_upgrade_credit_card_a1.asp"><P class="body">Yes, if you close the old card, the history for that card will remain on your credit report, but only for 10 years if the history is positive (seven years if it's negative). But why give up that history if you don't have to? According to Watts, it's been his experience that when a cardholder loses a credit card and his card issuer sets up a new account, the card issuer and the credit bureau will do everything they can to make sure the history on those two accounts is bridged. </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/AA146376-8226-49E5-B833-3474800FAA2A/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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