Will consolidating Chase credit cards impact credit score

[clara_sophia]

I have both the Chase sapphire Reserve and the Chase Sapphire Preferred.  I called today about moving the Preferred to a no annual fee card.  The person I spoke with recommended instead consolidating the Preferred credit line and points into the Reserve, but he wasn't sure if this would have any impact on my credit score.  Any experience or thoughts on this?  I pay both cards off in full every month so no debt would be consolidated, just the credit line and rewards points.  Thanks for any help you can provide!

[paulgkc]

Should be negligible but if they don't roll your credit limit from one card to the other then it might affect it. IE. Say right now you have 15k credit limit on the Preferred & 12k on the Reserve and then roll everything into the Reserve, if they keep your credit limit as-is on the Reserve then you'd go from 27k to 12k in your overall credit report. If you ask them to increase your credit limit on the card you're keeping they should be happy to do it.

[jtriplett]

A moderate impact (between high and low) is the average length of credit.  So if one of the credit cards is older than the other, closing the older one may have a "very slight" negative impact on your credit.  A longer average credit length is better, but only "moderately".

[scantee]

I just did this exact consolidation two weeks ago. I had them move my credit line from the preferred card to the reserve and close the preferred. My credit score went from 806 before to 810 after. So no meaningful difference.

[Catbert]

Do you need the extra credit limit on the Reserve card?  If not, I'd downgrade the Preferred to a basic Freedom.  That will keep the age of the card as whatever it is now. 

Either way there should be little or no impact unless your Preferred card is your oldest card and you've had it for years.

[munch]

I am in same situation and want to do the same thing.  Will doing this affect the reward points balance?  I seem to remember reading some time ago that if you are going to downgrade the card you should first transfer the chase reward points to one of the partners (ie airline rewards account) before doing the change as you may lose the points.  Is this correct?  thx

[Catbert]

I am in same situation and want to do the same thing.  Will doing this affect the reward points balance?  I seem to remember reading some time ago that if you are going to downgrade the card you should first transfer the chase reward points to one of the partners (ie airline rewards account) before doing the change as you may lose the points.  Is this correct?  thx

Yes, transfer points before you downgrade.  In OPs case he/she also had a CSReserve so that's where points should be transferred.  Or if you have a spouse with a Reserve or Preferred transfer there.  Or to regular airline or hotel transfer partners. 

[inline five]

During the last round of credit bonanza bonuses I opened and closed half a dozen credit cards in my name and my wife's. All it did was raise our credit score.

[FiftyIsTheNewTwenty]

Should be negligible but if they don't roll your credit limit from one card to the other then it might affect it. IE. Say right now you have 15k credit limit on the Preferred & 12k on the Reserve and then roll everything into the Reserve, if they keep your credit limit as-is on the Reserve then you'd go from 27k to 12k in your overall credit report. If you ask them to increase your credit limit on the card you're keeping they should be happy to do it.

Indeed, utilization (% of your available credit that you use) is the main factor in your score, so try to keep or increase the total available.

OTOH if you're not carrying a balance, it won't affect your score much.

As jtriplett mentioned, age matters a bit too, so keep the oldest one if you can.

[clara_s]

Thank you everyone for the helpful advice!  I plan to go ahead and move the credit limit onto the Reserve.  I have had the Preferred several years but I have an even older Freedom so I am thinking keeping that card open is probably more important to my credit.  If there is any impact I'll post back so people have a complete picture.