Combining Cards....Good Idea?

[Anonymous]

I have a question about credit cards with the same companies. 

Here is some info. on what I am asking about:

• Two capital one cards with $500 limit on each
• Two Citi Cards:
• One has $500 limit
• One has $1600 limit

Would it be a good idea to combine these cards?  Would this affect my score - either in a positive or negative way?

Any insight is greatly appreciated!!

[Anonymous]

When it comes to scores   FICO takes the total amount of your CL on all CC and total UTIL from all CC. So it doesn't matter how many cards that you have with any CCC.

If you are paying a yearly fee on them...Then I would see if the CCC will combine the 2 and keep the combined total CL.

FICO likes to see Bal $0  on some cards and Bal under 10% on others.

[Anonymous]

Would not affect scores generally. But it would change your ratio of how many cards you have. If they are older cards, I'd not do it. If newer you can combine the newer one in to the older one. Sure I've done that lots of times since the higher CL helped me.

[Anonymous]

Just a theory... I agree, depends on how old the card is. Like the last poster said combine the new into the older if you can. I've noticed that if all you have on your reports in 300 500 limits thats what newer card approvals will go with, but if they see limits over 1000 or 1500 then they go with that range. At least thats what happened to me personally. Know what I mean? You ever see people that have cards in the 8K and 10K range and when they app and post their results they may get 9K or 11K card limit...

[Changingmantra]

Good point Ash! 

I combined HSBC cards twice this year since they keep giving me a measly $300.00 Discover Rewards card!  Went from an initial line of $1600.00 to $2200.00 in a couple of months.  I am hoping that since all of my bank cards are over $1000.00 (not that I am applying for any other within the next year unless I get an incredible pre-approval) that my future CLs start at least at $2500.00.

[unknown_entity]

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06valdosta wrote:

I have a question about credit cards with the same companies. 

Here is some info. on what I am asking about:

• Two capital one cards with $500 limit on each
• Two Citi Cards:
• One has $500 limit
• One has $1600 limit

Would it be a good idea to combine these cards?  Would this affect my score - either in a positive or negative way?

Any insight is greatly appreciated!!

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If you combine the 1600 card to the 500 card you will have a 2100 card and also, Capital One will still report the 1600 account as open with a 0 balance. 

[heirophant]

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unknown_entity wrote:

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06valdosta wrote:

I have a question about credit cards with the same companies. 

Here is some info. on what I am asking about:

• Two capital one cards with $500 limit on each
• Two Citi Cards:
• One has $500 limit
• One has $1600 limit

Would it be a good idea to combine these cards?  Would this affect my score - either in a positive or negative way?

Any insight is greatly appreciated!!

---

If you combine the 1600 card to the 500 card you will have a 2100 card and also, Capital One will still report the 1600 account as open with a 0 balance. 

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Yeah, I have noticed it on my report.  The card has zero balance and still reports as open.  How long will they report it open?

[unknown_entity]

I would think that it would remain open until the other associated account was closed.

[FretlessMayhem]

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@unknown_entity wrote:

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@Anonymous wrote:

I have a question about credit cards with the same companies.

Here is some info. on what I am asking about:

• Two capital one cards with $500 limit on each
• Two Citi Cards:
• One has $500 limit
• One has $1600 limit

Would it be a good idea to combine these cards? Would this affect my score - either in a positive or negative way?

Any insight is greatly appreciated!!

---

If you combine the 1600 card to the 500 card you will have a 2100 card and also, Capital One will still report the 1600 account as open with a 0 balance.

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I can vouch for this. I combined and the old TL still reports as open also.

[Anonymous]

You have 2 options. Move credit lines. I do this when ever I need more spending power and the bank won't do a CLI. If I have 2 or more cards with the same bank I ask them to merge the credit to one card. This does not close the card and I can move it back when ever I want.

Consolidation is when you ask them to move the credit and then close the card. You can request them to close it too if you want.