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Established Member
06valdosta
Posts: 17
Registered: ‎12-30-2007
0

Combining Cards....Good Idea?

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!!

 
Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007
0

Re: Combining Cards....Good Idea?

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.
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
0

Re: Combining Cards....Good Idea?

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.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Regular Contributor
ash4557
Posts: 196
Registered: ‎07-25-2007
0

Re: Combining Cards....Good Idea?

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...
Established Contributor
Changingmantra
Posts: 676
Registered: ‎01-24-2008
0

Re: Combining Cards....Good Idea?

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.
*Note to self* Remember why and for how long you had to rebuild in the first place! One Day at a Time, One Day at a Time!
Established Contributor
unknown_entity
Posts: 853
Registered: ‎03-21-2008
0

Re: Combining Cards....Good Idea?



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. 
07/26/2007 TU-688
EQ-656
EX-649
Established Contributor
heirophant
Posts: 532
Registered: ‎11-25-2007
0

Re: Combining Cards....Good Idea?



unknown_entity wrote:


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. 


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?
FICO's: TU: 682 EX: 688 EQ: Unknown

In my wallet (strikethough are getting the axe soon): Amex Rewards Plus Gold | BECU: 10,000 | AlaskaUSA FCU: 6,900 | Citi Forward 6,500 | BOA Travel Rewards: 5,000 | US Bank Cash+: 5,000 | Merrick: 4,200 | Chase Freedom: 3,500 | Juniper: 3,100 | Household: 2,450 | Best Buy Reward Zone: 2,000 | Cap1: 1,500 | Cap1: 750 | Bailey's Furniture: 3,100 | Lowes: 4,500 | Care Credit: 2,000 | Zales: 1,400 | Kohls: 400 | Sam's: 5,200 | Walmart: 1,100 | Discover More: 1,000
Established Contributor
unknown_entity
Posts: 853
Registered: ‎03-21-2008
0

Re: Combining Cards....Good Idea?

I would think that it would remain open until the other associated account was closed.
07/26/2007 TU-688
EQ-656
EX-649
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
0

Re: Combining Cards....Good Idea?



unknown_entity wrote:


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.





I can vouch for this. I combined and the old TL still reports as open also.
Here we go again...
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
0

Re: Combining Cards....Good Idea?

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.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc

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