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Combining accounts?

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Uncle_Money
Established Contributor

Combining accounts?

Hey Folks,
 
I'm reading a lot about combining accounts. I have two Capital One accts and two HSBC accts. Does this have an effect on your CR? Appreciate all the insights!
 
Thanks,
 
- UM

Personal: American Express Platinum - NPSL | American Express Blue Cash Preferred - $15,000 | Chase Sapphire Reserve - $38,500 | Chase Amazon Prime Visa - $7,200 | Chase Freedom - $500 | Barclaycard Arrival+ - $18,600 | PenFed Platinum Rewards - $25,000 | PenFed LOC - $10,000 | Navy Federal Credit Union Platinum Visa - $25,000 | Navy Federal Credit Union LOC - $10,000 | Citi Double Cash - $12,170 | Citizens Cash Back+ - $8,650 | Citizens LOC Overdraft - $8,000 | Discover - $10,000 | Capital One Quicksilver One - $3,600 | Capital One Platinum - $750 | Valero - $600 | Dell - $3,000 | Lowes Advantage - $30,000 | Macys Amex - $25,000 | The Home Depot - $7,500 | Tourneau - $15,000
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Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Combining accounts?

Yes, One of the combined accounts will be closed. In other words, you would have one less account.
Message 2 of 6
Verde
Established Member

Re: Combining accounts?



@Uncle_Money wrote:
Hey Folks,
I'm reading a lot about combining accounts. I have two Capital One accts and two HSBC accts. Does this have an effect on your CR? Appreciate all the insights!
Thanks,
- UM



You basically just close one acc and transfer the limit to the other one, keeping the APR and the history of the one that remained open!
Message 3 of 6
Anonymous
Not applicable

Re: Combining accounts?

How long after u open the 2nd account should u wait to try and combined them? Is it ok to try to do it at the time u activate the 2nd card?
Message 4 of 6
Anonymous
Not applicable

Re: Combining accounts?



@Anonymous wrote:
How long after u open the 2nd account should u wait to try and combined them? Is it ok to try to do it at the time u activate the 2nd card?


Yes, but I would wait 6 months or so. Opening an account and closing it the same day might not look so good on your CR.
Message 5 of 6
TangMeister
Frequent Contributor

Re: Combining accounts?

Combining does work, but be sure to ask a LOT of questions before you initiate it if you have concerns, and be perfectly clear to them about what you want. Such as:

1. Which account/card you wish to keep open of the two.
2. Have the combined card report the oldest CL age and info.
3. What your new CL total will be...it could be the sum of both or something less.
4. What the terms of your new card will be....annual fee, interest rate, etc...

If you decide to combine cards, please keep us posted on how it turns out. It really helps others know what they're getting into. Good luck!
Message 6 of 6
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