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Established Contributor
Uncle_Money
Posts: 530
Registered: ‎07-28-2008

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
Equifax Fico 785 as of 01/18/2012
Regular Contributor
Justn
Posts: 200
Registered: ‎06-19-2008

Re: Combining accounts?

Yes, One of the combined accounts will be closed. In other words, you would have one less account.

Starting Score: 702
Current Score: 728
Goal Score: 760


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Established Member
Verde
Posts: 43
Registered: ‎04-14-2007

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!
Established Contributor
l9ikjam
Posts: 662
Registered: ‎09-07-2007

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?
Advice is what we ask for when we already know the answer but wish we didn't.
Regular Contributor
Justn
Posts: 200
Registered: ‎06-19-2008

Re: Combining accounts?



l9ikjam 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.

Starting Score: 702
Current Score: 728
Goal Score: 760


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Frequent Contributor
TangMeister
Posts: 456
Registered: ‎07-09-2008

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!

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