Originally Posted by
caGALINDO
If you "downgrade" you are still opening a 'new line' of credit which will decrease your score for a few months. Even if it doesn't need a new credit check your credit would go down because the average # of years you've had credit will go down.
So downgrading is the same thing as just closing the account and opening a new fee-free card.. basically. So just ask yourself if you need another card.
This is not necessarily true. Many banks will simply change your credit card to another type of card without an annual fee, while keeping everything the same (card number, credit limit, etc.) On your credit report, this change will not show up.