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Established Member
ZeroChance
Posts: 27
Registered: ‎02-26-2013

BofA - Consolidating 2 CC into 1 CC

I have 2 BofA credit cards dating back to 1995 and 2001. No frills, low APR, good limits - $19K and $22K. I want to combine both limits into one card and close one of the cards because I opened 3 credit cards in the last 2 years and want to trim my portfolio. Combining both limits would lead to my largest credit line. Currently my highest credit line(with a different bank) is $30K. What are your experiences with BofA on this request? Likely to happen?

ZC
Frequent Contributor
resilient
Posts: 323
Registered: ‎10-02-2012

Re: BofA - Consolidating 2 CC into 1 CC

[ Edited ]

I completed that back in August. Had a $15k 3-2-1 card and a $15k WMC. First rep said I'd have to keep $500 on the card I wanted to transfer from, even though I was closing it, but I ended up getting it back(made a few calls). Now, I have the Susan G. Komen with a $30k revolve.

Barclays Arrival World MasterCard ($5k) Belk ($2.5k) Chase Freedom Visa Signature ($15k) Chase Sapphire Preferred ($21.9k) Citi Platinum Select AAdvantage World Elite MasterCard ($8.5k) Citi Thank You Premier ($6.5k) Dillard's AmEx ($7.5k) FNBO Chrysler MasterCard ($12.5k) Macy's AmEx ($3k) Macy's ($1k) Military Star Card ($4.8k) PenFed Cash Rewards Visa ($15k) Service CU Platinum Visa ($10k) Susan G. Komen World MasterCard ($30k) Kinetic CU Visa Diamond ($10k) US Bank Cash + ($14k) Walmart Discover ($7.5)
Valued Contributor
FinStar
Posts: 5,156
Registered: ‎10-21-2012

Re: BofA - Consolidating 2 CC into 1 CC

[ Edited ]

BOA can consolidate both cards, the only thing it may result in a HP.  Reason being although you are shifting or combining CLs (from a logistical perspective), they are also "technically" doing a CLI on whichever donor card will have the limit combined.  Be sure to check with them just to be on the safe side; but even if HP, it is still a good outcome.

Regular Contributor
nois
Posts: 120
Registered: ‎07-14-2009

Re: BofA - Consolidating 2 CC into 1 CC


ZeroChance wrote:
I have 2 BofA credit cards dating back to 1995 and 2001. No frills, low APR, good limits - $19K and $22K. I want to combine both limits into one card and close one of the cards because I opened 3 credit cards in the last 2 years and want to trim my portfolio. Combining both limits would lead to my largest credit line. Currently my highest credit line(with a different bank) is $30K. What are your experiences with BofA on this request? Likely to happen?

ZC

I just called BoA last night to do the same thing - combine the CL from a non-rewards card with the CL of my 123CB card and close the other line. The CSR did say they had to leave $300 of the CL on the card I intended to transfer the CL from and close.  She also requested info. on income, mortgage payment, etc.  I have all three CRs frozen and the CSR transferred me to a senior credit analyst who asked me if I had freezes on my CRs. I asked if moving the CL from one card to another will result in a HP and he confirmed it would. He requested me to remove the freeze on TU and call back.


FEB 2014 EQ: 798 EX: 780 TU: 798
Valued Contributor
vish1
Posts: 1,129
Registered: ‎01-20-2011

Re: BofA - Consolidating 2 CC into 1 CC

I won't worry too much about $300 CLD or a HP. I combined my cash rewards and virgin atlantic (did not want to pay AF). They asked me the same stuff, employer, income etc

 

Was quick and easy.

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Established Member
ZeroChance
Posts: 27
Registered: ‎02-26-2013

Re: BofA - Consolidating 2 CC into 1 CC

Thank you for the advice.

I might hold off consolidating the 2 credit lines for 2 reasons.

#1 I wonder about the questions BofA will ask for a credit line of $40K. I don't want to submit any tax forms.
#2 I need to get a new car loan in the next year and am wary about the HP.

Thiughts?

ZC
Mega Contributor
Creditaddict
Posts: 16,914
Registered: ‎10-23-2007

Re: BofA - Consolidating 2 CC into 1 CC

1. You already have the credit... As long as your credit is still good I wouldn't worry about them not approving it at all!
2. Hp now and then car loan... I wouldn't worry about an inq and getting car loans.
Fico Scores: EQ 620, TU 675 & EX 703 (4-1-14)
Joint Cards: Navy NavCheck $15000, Discover iT $9000, Macy Amex $4000, Macy Store $3000, Macy Furniture $5800
AU: Virgin America $8500, CSP $27,000, Fidelity Amex $25,000, AA Biz $25,000, Barclay USAir Biz $6640
Mine: Navy NavCheck $3000, Kay Jewelry $2700, Pottery Barn $2800, FleetCard MC Biz $1800, HSN $1500, Vitacost MC $1500, Navy Cash $1500 and nRewards $1500, Bill Me Later $772, Cap1 Sony $750, Cap1 Spark $750, Best Buy MC $750, GE 76 Gas $650, Von Maur $600, Cap1 QuickSilver $500, Burbank CU $500, Kohls $300, Target1 $300, Target2 $300, Buckle $250, Express $250, Target3 $200
Valued Contributor
dodgerslv
Posts: 1,491
Registered: ‎06-16-2012

Re: BofA - Consolidating 2 CC into 1 CC


Creditaddict wrote:
1. You already have the credit... As long as your credit is still good I wouldn't worry about them not approving it at all!
2. Hp now and then car loan... I wouldn't worry about an inq and getting car loans.

gotta agree with addict here...one HP will not hurt at all. They seem to pull TU for those kind of request and they seem to be very generous as of late so you shouldnt have a problem.

last app: 4/14/14---Barclays US Airways (10k)---US Bank Flex Travel Rewards (7.5K)---no more applications till September (Amex Delta)

cards in wallet for daily use: Chase CSP(15k), BofA Privilege(30K), Amex BCP(2K), Green, Discover (8k)
cards for travel: Citi AA WEMC(20K), Citi Prestige(11.5K), Chase Ritz(20K) or Marriott(5K), Barclays Arrival(5.5K)



Regular Contributor
nois
Posts: 120
Registered: ‎07-14-2009

Re: BofA - Consolidating 2 CC into 1 CC


ZeroChance wrote:
Thank you for the advice.

I might hold off consolidating the 2 credit lines for 2 reasons.

#1 I wonder about the questions BofA will ask for a credit line of $40K. I don't want to submit any tax forms.
#2 I need to get a new car loan in the next year and am wary about the HP.

Thiughts?

ZC

I went ahead and unfroze my reports and called the bank to see if they could transfer the CL with just a SP. The senior analyst apologetically said no, a HP was necessary since the action technically had to do with CLI. So after all my CL was transferred to the other card (which more than doubled the CL to 10.7k) I asked if they would use that same HP to CLI the account to match my Discover CL which is 15.4k. The analyst said any HP is valid for 30 days for any decision requiring a credit check and asked about my income, mortgage, etc. and then reviewed and granted the request. I guess that made the HP a little easier to swallow and now I have an additional 5k credit and rid myself of the AF account.

 

IME auto loans, since they are secured, are not that averse to a few hard inquiries. I would go ahead with the consolidation.


FEB 2014 EQ: 798 EX: 780 TU: 798
Established Member
ZeroChance
Posts: 27
Registered: ‎02-26-2013

Re: BofA - Consolidating 2 CC into 1 CC

Again thank you to everyone for the advice.

Interestingly I got an offer to upgrade one of my BofA cards to Cash Rewards 123. (Both are currently no frills, no rewards cards with a low APR.) I'll do the product change and consolidate the lines of credit. Should I call the number on the back of the card and speak with whomever answers? Or should I be asking to speak with someone specific like a credit analyst?

Sorry if I seem paranoid. I've followed this forum for many months, and reading others experiences with AA, FR, denials due to inquiries, etc has made me very cautious. I used to just call and ask, but now I'm learning that one should plan when applying for credit, asking for CLI, etc.

ZC

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