topic Re: Combine, Cancel, or Leave it alone? in Credit Cards

Combine, Cancel, or Leave it alone?

Jamesus81801 — Wed, 18 Jul 2007 15:07:25 GMT

Hello all,

This is my first post, and I've got a pretty good question for you all. I currently have 2 Cap One cards, one has a $500 CL (with $49 ann fee), the other $750. 14.9% on the $500, recently reduced 8.9% on the $750. I called to have the higher % reduced and to have the Ann Fee removed, I was offered to combine the two CLs and take the lower %, which would close the card with the Ann Fee. I've never heard of this and was curious what this might do to my credit. Any help you could offer would be greatly appreciated!!!

Re: Combine, Cancel, or Leave it alone?

FICO_Focused — Wed, 18 Jul 2007 16:30:52 GMT

May as well combine them... You'll keep the Hx and positive TL from the one you close... AS WELL AS KEEPING THE UTIL stable... It's a win win.

Easy decision to make :smileyvery-happy:

Rob

Re: Combine, Cancel, or Leave it alone?

Nick777 — Wed, 18 Jul 2007 16:51:53 GMT

Yeah, I'd go for it...we combined 3 cards into 1 on my mother's account, choosing the best rate and one of the no-fees cards...sounds like a good deal to me.

Re: Combine, Cancel, or Leave it alone?

Noah_Bodie — Wed, 18 Jul 2007 17:11:51 GMT

Jamesus81801 wrote:
I currently have 2 Cap One cards, one has a $500 CL (with $49 ann fee), the other $750. 14.9% on the $500, recently reduced 8.9% on the $750. I called to have the higher % reduced and to have the Ann Fee removed, I was offered to combine the two CLs and take the lower %, which would close the card with the Ann Fee. I've never heard of this and was curious what this might do to my credit.

Take the deal. Your overall CL will be the same. If there's even a modest balance riding on the CC that will close, and that's moving to the CC that will remain open, you could see a small increase in your FICO scores.

Re: Combine, Cancel, or Leave it alone?

Jamesus81801 — Wed, 18 Jul 2007 17:30:48 GMT

Actually at this point they are both at $0, I was recently able to apply for,and get approved for, a LOC with BoA with a co-signer to consolidate all of my high interest CC's.

Message Edited by Jamesus81801 on 07-18-2007 10:30 AM

Message Edited by Jamesus81801 on 07-18-2007 10:30 AM

Re: Combine, Cancel, or Leave it alone?

FICO_Focused — Wed, 18 Jul 2007 17:33:13 GMT

Jamesus81801 wrote:
Actually at this point they are both at $0, I was recently able to apply for,and get approved for, a LOC with BoA with a co-signer to consolidate all of my high interest CC's.

Same advice applies... Combine and win.

Rob