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04-23-2009 10:39 AM
I Have a Cap1 card that i am approaching 2 years on, they have been very nice cs and even lowered my apr to 13.33 last year, however my card apparently has a cap of $500, although the sr. acct supervisor was nice enough to suggest that i sign up for a new card with a better limit and then consolidate the 2 cards into one and keep the age of the older one
now i am hoping that sum1 out there can answer a couple questions for me, 1) i know i will take a hard inq (well at least i assume i will) 2) will the new card that i open still show as a new account after it is consolidated, 3) what card should i go with
04-23-2009 10:48 AM
Yes, you will be hit with hard inquiry on all 3 reports when applying for a new Cap One. Your new card will show up on your CR as new acount and then as closed by consumer after you consolidate it.
I just have to wonder if you'd ever get another CLI on that card as CSR pointed out that it was capped. I think I'd ask.
04-23-2009 10:56 AM
04-23-2009 11:07 AM
When I combined 2 cards with Cap1 6 months ago, they merged the 2, increasing the creditline to the total of the 2 creditlines. The lower line disappeared and an increased CL appeared on my CR. Nothing appeared as a new card, just opened.
OP will be opening a new card so that is what will appear on CR as new account and then with a "closed by consumer" remark. I'm assuming you combined two existing cards so of course you had no new account show up.
I did this a couple of months ago. Combined an 8 yr old card and a 7 yr. old one. One appears on CR with new higher limit, the other shows up as closed by consumer with old limit. I believe this should remain on my reports for 10 yrs.
OP, my remark as to CLI was just me wondering if you'd ever be able to get any CLI on that card beyond the new combined limit. Won't it still be the same old card that won't offer any increases?
04-23-2009 11:14 AM
oh ok i got ya i will have to ask them about that one before i actually do it, but the way it was described to me was that they would take the new terms and put it to the old account so as to keep the age