Reply
Established Contributor
Posts: 534
Registered: ‎01-23-2013
0

Combining CLs

Just looking for some opinions...

 

I have 2 credit card products from a credit union, 10k and 1.5k. I was considering xfering some of the 10k to the 1.5k just to even them out some (i dont know maybe 5k and 6.5k). The only concerns that come to mind are:

 

-With the 10k being close to maxed out (and maybe theyll require the CL to be free before xfer), wouldnt the credit report entry show CL 6.5k with a High Balance 10k? That would look terrible on manual reviews I would think.

 

-It is my understanding that some CC issuers like to match your highest CL. If so, nixing the 10k CL may be shooting myself in the foot.

 

Input on these two, or any other pro/con I havent thought of would be appreciated.

 

Thank You!

Valued Contributor
Posts: 1,145
Registered: ‎04-13-2013
0

Re: Combining CLs

Assuming that your CU even allows transferring of CLs, I doubt that you'll be able to transfer non available CL (since you said that you're maxed out on the 10k CC). Besides, with a 10k CC maxed out and without knowing more, I seriously doubt your odds on getting new TLs. 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Combining CLs

I agree with parakleet. Not knowing the exact figures, if you decide to move the CL's wouldn't you be maxing out 2ccs?
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Combining CLs

Also, assuming you could move the CLs, can you outline your thinking on why you want to move CLs?  Is the 1.5k card have better rewards or better terms or something you want to take advantage of but don't have the CL to do so?

               LIMITS IN CARD DESCRIPTIONS
Established Contributor
Posts: 534
Registered: ‎01-23-2013
0

Re: Combining CLs

They wouldnt be new credit products, simply making the current products 6.5k/5k instead of 10k/1.5k. Again, more than likely this would have to wait until the 5k being moved is freed up.

 

No particular reason, was just thinking it made for a more even credit profile (when utilization is low). Just an idea, maybe I'm off base in thinking.

 

Is it better to have one 10k CL or two 5k+ CLs? I mean along the lines of how a credit profile appears, not individual preference.

Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Combining CLs

Need to know your other credit lines to give you advice on which is better. Score wise it makes no difference.
               LIMITS IN CARD DESCRIPTIONS
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.