I have one card, but would rather have another - they're issued by the same bank. I don't want both of them because they both have annual fees and I want to keep only one card with an annual fee. The two things that I want to happen, if possible, are:
- Keep my credit history from the current card. I have spent a lot of money on it (essentially all my spending for the past 3 years), and if I understand correctly, if I just cancel it, my history will essentially disappear and my credit score will drop precipitously.
- Get the sign-up bonus for the new card. It's fairly substantial (worth $600 or so).
If I just apply for the new card, and then once I get it, cancel the old one, then I'll lose my credit history. So can I "convert" the old one into the new one? And if I call to see if this can be done, will I still get the signup bonus?
What's the best course of action here, and if I'm wrong about anything I stated above, please correct me!