Reply
Established Contributor
Posts: 530
Registered: ‎07-28-2008
0

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
Posts: 200
Registered: ‎06-19-2008
0

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


Take the FICO Fitness Challenge
Established Member
Posts: 43
Registered: ‎04-14-2007
0

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
Posts: 662
Registered: ‎09-07-2007
0

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
Posts: 200
Registered: ‎06-19-2008
0

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


Take the FICO Fitness Challenge
Frequent Contributor
Posts: 456
Registered: ‎07-09-2008
0

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!
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.

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.