Does Upgrading Your Credit Card Hurt Your Credit Score? - Experian (2024)

FAQs

Does Upgrading Your Credit Card Hurt Your Credit Score? - Experian? ›

Upgrading your credit card won't typically hurt your credit score because it doesn't usually require a hard credit inquiry, and it doesn't create a new credit account. At Experian, one of our priorities is consumer credit and finance education.

Upgrading a card, on the other hand, will generally have zero impact on your credit score. In many cases, you'll even keep the same account number. And since the account remains active, it'll retain all of its past glory — including its payment history and age.

Increasing the Credit Card limit directly correlates with an improvement in your credit score. When you have a higher limit but use very less of it, your debt decreases.

If you're still using a starter credit card but spend more money now than you used to, you might benefit by upgrading to a rewards card. A credit card upgrade could allow you to get a new card, possibly with better benefits and rewards, without requiring you to apply for a new line of credit.

Benefits of switching your credit card

Compared with applying for a new card outright, upgrading or downgrading an existing card requires less effort. There's no application to complete, and usually there's no hard credit inquiry.

But generally, you need to have a good payment history and be in good standing. Issuers may also consider credit scores and credit history when making decisions about upgrades. If the card you want to upgrade to has an annual fee, you might have to have your account open for a full year before you can upgrade.

A Credit Card upgrade provides a higher credit limit and expedites the Loan approval process. Responsible Credit Card usage and timely payments position you as a trustworthy borrower, potentially securing competitive interest rates when applying for a Loan.

High-limit credit cards generally come with credit limits of $10,000 or more. Of course, what's considered a high credit limit will vary depending on a person's credit history, income and the card they're interested in, among other factors.

The number one downside of increasing your credit card limit is that you could start to spend more – due to the available credit – and therefore your credit card balance could increase. You owe more! That could mean you get into more debt, if you don't manage it, which could have a negative impact on your credit score.

Is upgrading to Quicksilver worth it? ›

Is it worth upgrading to Capital One Quicksilver? Yes, it is worth upgrading to Capital One Quicksilver (see Rates & Fees) because it offers 1.5 - 5% cash back on purchases and has a $0 annual fee.

Yes, it is possible to have both a Capital One Platinum and a Capital One Quicksilver Cash Rewards Credit Card. There is no predefined number of Capital One cards you can have at a time. According to customer service, you can have as many Capital One credit cards as your credit standing would allow.

The Upgrade card credit score requirement is 640, which means that applicants need fair credit or better for approval. But credit score isn't the only thing that matters when it comes to getting approved for the Upgrade card.

Upgrading your credit card won't typically hurt your credit score because it doesn't usually require a hard credit inquiry, and it doesn't create a new credit account.

At Upgrade, when you check your rate for a personal loan we perform a soft inquiry on your credit report, which does not impact your credit score. If you receive a loan through Upgrade, we will perform a hard inquiry, which may impact your credit score.

Yes, the Upgrade Cash Rewards Card reports to all three major credit bureaus: TransUnion, Experian, and Equifax.

To avoid this, experts recommend waiting about three to six months between applications for a loan and a new credit card. How much does your credit score drop when you open a new credit card? Opening a new credit card should decrease your credit scores by just a few points—usually around five to 10 points.

What happens to my existing Credit Card in case of an upgrade? You can continue to use your existing card until the new card reaches you. Your existing card will be disabled once you start using your upgraded card or within 60 days of card upgrade or on the date of existing card's expiry, whichever comes earlier.

When you open a new credit card, it can lower the average age of your accounts, which may negatively impact your score, especially if you have a relatively short credit history. However, this impact is usually minimal in the long term, and maintaining the new account responsibly can offset the initial dip over time.

The bottom line

It's a relief to know that getting a new credit card number and card to replace your old one should not harm your credit score or credit reports. Just remember to contact your issuer promptly if you can't find your card or it's been used by a thief.