Will changing our Citi credit card from Elite level to Bronze affect our credit score?

Ben asks: “My twin brother and I share a Credit Card with Citibank and want to change our card from their “Elite” level which charges a fee, to their “Bronze” level, which does not charge a fee. The folks at Citi said they weren’t sure if this would affect our credit scores. They said it might show on the report as “Brand Conversion.” Will this affect our scores?”

It all depends on whether they treat the change as a “conversion” as they suggest or the cancellation of your original credit card and a reapplication for a new one. Push them on whether the account will remain the same, or whether you’ll have to apply for a new card. Some credit card companies will only allow you to switch cards by canceling your original account and reapplying for a new card.

If this is the case, yes, it may damage your credit, because your credit score improves the longer you have had accounts opened. If, for example, you had the original “Elite” card open for five years, you would losing out on five years of history on your report. In the end, I wouldn’t take the company’s word for it. If you are convinced you want to make the switch, be prepared for it to have at least a minor negative impact on your score.