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Contributor
Jamesus81801
Posts: 133
Registered: ‎07-18-2007
0

Combine, Cancel, or Leave it alone?

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!!!
 
Established Contributor
FICO_Focused
Posts: 905
Registered: ‎05-09-2007
0

Re: Combine, Cancel, or Leave it alone?

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
Established Member
Nick777
Posts: 43
Registered: ‎05-04-2007
0

Re: Combine, Cancel, or Leave it alone?

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.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Combine, Cancel, or Leave it alone?



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.
 
Contributor
Jamesus81801
Posts: 133
Registered: ‎07-18-2007
0

Re: Combine, Cancel, or Leave it alone?

[ Edited ]
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
Established Contributor
FICO_Focused
Posts: 905
Registered: ‎05-09-2007
0

Re: Combine, Cancel, or Leave it alone?



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

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