We study the parameterized complexity of Split Contraction and Threshold Contraction. In these problems we are given a graph G and an integer k and asked whether G can be modified into a split graph or a threshold graph, respectively, by contracting at most k edges. We present an FPT algorithm for Split Contraction, and prove that Threshold Contraction on split graphs, i.e., contracting an input split graph to a threshold graph, is FPT when parameterized by the number of contractions. To give a complete picture, we show that these two problems admit no polynomial kernels unless NP\subseteq coNP/poly.