Credit Firm Logo

Client Login

For a Free Consultation
& Credit Evaluation Call

You are worthy of having excellent credit.
Join thousands of people just like you,on a path to improving their credit.
Credit Firm can help you improve your credit faster than ever.

Monday Mailbag 10/22/2018

Monday Mailbag Banner

Would it hurt my credit score to close 2 cards and open a new credit card with better points?

Short answer, YES. 15% of your credit scores are calculated from something called “Length of Credit History” in which the average age of your open accounts factors tremendously. By closing your oldest accounts and opening a new card you are severely shortening the average age of your open accounts and this will adversely impact your credit scores.

For example, let’s say that your 2 open accounts are a 4-year-old credit card and a 6-year-old credit card. That would come out to an average length of credit history of 5 years. If you close your 2 active credit cards and open a new account your average length of credit drops from 5 years (60 months) to 1 month (as soon as your new card reports). This new shortened length of credit will significantly drop your scores.

Instead, feel free to apply for the new credit card (with points) but, keep your other accounts open and active. This will preserve your credit scores and ensure that you don’t endure a significant drop in your credit scores.

– – –

Why does Discover give me a different FICO score than Credit Karma?

Discover most likely uses the FICO 08 BankCard Score while Credit Karma uses a VantageScore v3.0 scoring model. The reason for the difference in your credit scores is due to the fact that these 2 different credit scoring models calculate the scores differently, even if based on the same data from the same credit report.

– – –

What does “AMEX/DSNB” mean on a credit report?

AMEX = American Express
DSNB = Department Stores National Bank
Basically, this is an American Express credit card which was issued by Department Stores National Bank. DSNB also issues cards for Macys and Bloomingdales.

Are you ready to get started on your journey toward a better credit score?


Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award-winning customer service guarantees your satisfaction.

CreditFirm.net Review


Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!