BofA - Consolidating 2 CC into 1 CC

[ZeroChance]

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

[resilient]

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.

[FinStar]

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.

[nois]

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@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

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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.

[vish1]

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.

[ZeroChance]

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

[Creditaddict]

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.

[dodgerslv]

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@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.

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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.

[nois]

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@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

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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.

[ZeroChance]

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