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kshenberger717

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Add one credit card, drop another...
I hold a Chase Freedom card that gives 1% cash back, but there's a newer one that gives back 1.5%. Anyone ever switch to a new card and discontinue the other, how'd it effect your credit score?

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Bad Choice!!

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Apparently you have not read the articles presented on this site or you would already know that your credit score is based partly on how much total credit you have been approved for, and the higher the limit with an excellent payment record, the higher your score.  Closing a card is going to hurt your score.  Please take the time to go over the articles thoroughly.  Did me a lot of good and it can help you, too, since credit education is the focus of Credit Karma.

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I agree with jwsister, I would not cancel your current card, you want to have open and active accounts to maintain good credit.

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I'm not a stickler for adding/closing accounts, certainly not against doing so, but the benefit would need to out weight the cost, or it would fulfill some specific purpose. 

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In this case? Not sure it's such good idea to take a score hit for inquiry and new account, just for halve of one percent rewards, if you charge 20k/year thru that new card, that only gives you extra 100 bucks. And if you do spend that much or more, then wouldn't it make more sense to take that inquiry/new account hit on other cards with better rewards, like Amex BCE, Discover It, maybe Citibank Double Cash? (Tho it tend to give out low credit limit and usually not very generous with limit increases).

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If for whatever reason you still planning on doing what you said? Then I would call and ask Chase if they willing do a Product Change your Freedom to Unlimited (if that's the card you wanted) first, if you decide to apply for it, before you close the old Freedom? You should relocate that card's limit to the new one (assuming you didn't already knew it). Those things could lessen the scoring impact a bit.

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As to your question of how it will affect your credit scores? There are too many variables, it could be anywhere from no impact at all/5 pts /20 pts drop, all,depends on your credit profile, like how many accounts you have, how many accounts you have opened in last 3/6/12 months, your age of credit, how old is your newest account, would it change your utilization, any derogatory account(s), if you apply it thru tablet or desktop, if you applied on second Tuesday or third Friday of even or odd months... Generally the higher your score is? The more it might drop, however any score drop not caused by derogatory/delinquency? Should recover in 3~4 months. 

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