Credit Cards

[cgreer72]

So I have a CapOne card and two HSBC (Household Bank) cards. Recently CapOne aquired HSBC. So on my credit report it shows I have three CapOne cards now, which is not a big deal, I don't believe. I was considering calling CapOne and having them, if they can or will, combining all of my credit limits and balances to the original CapOne card. By doing this I'm wondering if this will remove two of the CapOne entries on my CR. Would this be a good move to raise my score, or should I just leave well enough alone.

[Wolf3]

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cgreer72 wrote:

So I have a CapOne card and two HSBC (Household Bank) cards. Recently CapOne aquired HSBC. So on my credit report it shows I have three CapOne cards now, which is not a big deal, I don't believe. I was considering calling CapOne and having them, if they can or will, combining all of my credit limits and balances to the original CapOne card. By doing this I'm wondering if this will remove two of the CapOne entries on my CR. Would this be a good move to raise my score, or should I just leave well enough alone.

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They may not be ready to combine things, they were not ready in May.  

All 3 accounts should continue to show, with 2 closed, which is generally a good thing, 

[cgreer72]

Wolf3, I thought that accounts (CC) showing as closed on you CR was not a good thing. I was hoping that the two that were "closed" would just fall off all together.

[jamesdwi]

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cgreer72 wrote:

Wolf3, I thought that accounts (CC) showing as closed on you CR was not a good thing. I was hoping that the two that were "closed" would just fall off all together.

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Closed acconts in good standing is a good thing, its something you want. You need  2-3 open cards in good standing, anything more is over kill. The only thing that closing cards does is reduce your overall credit availible thus can effect your UTL, but if your UTL is low you can close cards.  The best part about closed cards is that you can no longer get lates or chargeoffs, they just sit on your report aging for the next 10 years. 

[Wolf3]

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cgreer72 wrote:

Wolf3, I thought that accounts (CC) showing as closed on you CR was not a good thing. I was hoping that the two that were "closed" would just fall off all together.

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No, as long as it is positive (without lates, CO) it hads to your credit history for 10 years. They help with your AAoA.

[cgreer72]

I gotcha. Thanks for clarifing. So if I can get them to combine, would that be recommended?

[Wolf3]

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cgreer72 wrote:

I gotcha. Thanks for clarifing. So if I can get them to combine, would that be recommended?

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Mostly preference,  I would rather have 1 card with total limit, than 3.    Does it save on AF?   Which cards has best rewards, if any?

I also have a Capital One and a Household.   The Household has 2% cash back on everything, vs 2% gas, grocerys and 1% everything else on Capital One.   So in my case, I want to keep the Household even though it has much smaller CL

[cgreer72]

Wolf, I have no perks on any of them.

[AZHeather]

Last time I checked with Cap One, they would not combine the HSBC cards.  However, that was a few months ago.  Maybe they are ready now.  Please keep us posted because there are a lot of us that would like to do this if Cap One gives the OK.

[cgreer72]

Just found this on CapOne site...

I currently have both a Capital One and HSBC credit card. Will my accounts be combined?

At this time your Capital One and HSBC credit card accounts cannot be combined or consolidated.

So I guess status remains the same.