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Question By
BBMJG17

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Will a store card that changes to a mastercard lower my score?
OK, in August, JCPenney's store card bank changed names. It went from GE Capital to Synchrony bank. Just a name change, so I shouldn't worry about it, right? Not so. I got a new card in the mail with a letter that said "Here's your new mastercard!" blah blah. They also upped my credit line by $2,200 up to $7k (I have a $95.00 balance, but that is beside the point).
I had nothing to do with this change whatsoever. I merely was notified that the name of the bank would be changing. I got a Mastercard without even knowing it, and they upped my limit. I would think this was a good thing, except my score went down 6 points and it says that I closed an old account (JCP was my second credit card and I've had it for over 11 years) !!! I didn't close the account, they just changed names!
Then it shows that I opened a new account which brought my history average down by 5 months. This is the only thing wrong with my score as I am quite young to have "Excellent" credit, the only thing keeping me from having a higher score is the fact that I've only had 11.5 years of history.

Do I have a leg to stand on in disputing this with the bureaus? Did this happen because it went from a store card that could only be used at JCP to a Mastercard which is accepted at merchants worldwide? If so, I can suck it up and deal with it, but I am thoroughly upset because this was all done behind the scenes completely unbeknownst to me.

Any advice is greatly appreciated. Thanks very much!

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the sam response to this answer ....we were trying to make the point that when Penney's switched to Mastercard  it was if Our history with Penney's diappeared and shows us as having practically no credit history...him for over 11 years and myself over 20 years which then lowered our credit scores because they average them

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On the back of your credit card is the phone number for customer service.   Call them up.  Not sure why you were sent a dual card if you did not request one.    

Was th  95 dollar charge yours? 

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the point we are making is it has lowered our credit score when we have had ongoing credit...him for over 11 years and me for over 20  years

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Synchrony acquired a whole slew of merchant cards. It happened to me as well where it showed a closed account and another opened. I would leave this alone because it increases your available credit and further decreases your utilization which in the short run will far outweight the length of credit history which has a low impact on your score. Hope this helps and have a great day. I think this is a good thing for you.

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Reply by
icuhowie

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Helpful to 1 out of 2 people

They did not acquire any thing.   They gecrb changed their name.  If you took the time to read your statements or the mail that was sent t o you, then you would be more informed and not giving people wrong information.

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