That’s because when you close an old account, your average age of credit decreases, so your score could take a minor hit - especially if you held the account for a long time. That means Capital One won’t have to run a hard credit check to approve the switch.ĭowngrading your card instead of closing your account can also help you preserve your credit score. ![]() Upgrading or downgrading your card won’t affect your credit score because you’re transferring your existing credit line to a different card, not opening a new account. Does upgrading or downgrading affect your credit score? For example, when a Bankrate writer and Capital One Quicksilver Cash Rewards Credit Card account holder called the bank’s customer service department, they were informed that their account could not be downgraded. Your upgrade and downgrade options will vary based on several factors, including the card you currently have. That means you’ll probably have to wait until the year is up to upgrade if your card of choice has a higher annual fee. Plus, the Credit Card Accountability Responsibility and Disclosure (CARD) Act prohibits card issuers from increasing your annual fee within a year of opening your account. But, as a general rule, your existing account must be in good standing when you request the product change, and you must have a positive payment history. Upgrade or downgrade eligibility for Capital OneĬapital One doesn’t spell out eligibility requirements for upgrading or downgrading your account. Please note that Capital One reserves the right to withhold introductory bonuses if you’re a current or previous cardholder. Such bonuses are only available to new cardholders, and getting upgraded or downgraded to a given card usually doesn’t qualify. While an upgrade or downgrade will usually meet your needs, opening a new account might be your best bet if you want to earn a card’s introductory bonus. But, a downgrade can be a smart decision if you want to get away from a card with a high annual fee. Of course, you can also choose to open a new account.Īn upgrade could be the right move for you if your credit score has improved and you want to start racking up rewards for your purchases. Fortunately, if you’re a Capital One customer, you can easily upgrade (or downgrade) your credit card with the same issuer. Your spending patterns and financial standing will naturally change over time, so it makes sense for the credit cards in your wallet to change, too.
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