Combining cards ?

[Anonymous]

Read the recent post on not being able to combine their Cap1 cards. Question: What is the benefits to combining cards. Currently I have the cap1, QS and Venture. I do want to try and upgrade my Cap1 to QS but I dont get the combining thing. thanks for help.

[Anonymous]

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@Anonymous wrote:

Read the recent post on not being able to combine their Cap1 cards. Question: What is the benefits to combining cards. Currently I have the cap1, QS and Venture. I do want to try and upgrade my Cap1 to QS but I dont get the combining thing. thanks for help.

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Combining cards has some advantages. One of them is holding one HUGE credit limit on one card. Another, is that you can also stop worrying about the other 2 cards you wish to combine. 

However, if you combine, please remember that it will hurt your credit report because those accounts will be closed. (but will still remain for 10 years). It may also be harder to receive CLIs on your combined account, which is why it is recommended to get the most CLI out of your non-combined accounts before combining. 

[Anonymous]

Makes sense. Thanks so much for taking the time with the quick answere.

[UncleB]

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@Anonymous wrote:

Makes sense. Thanks so much for taking the time with the quick answere.

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Some folks, like myself, have a Capital One QS1 card with an AF and a Capital One QS card without one... when the time is right, I plan to combine my credit lines to avoid the AF on the QS1.

Like Monoglot mentions, the combination is said to be considered similar to a CLI in itself (the fine-print states future CLIs can be impacted) so it's best to get all you can out of each card while they are separate.

I'll also add that since you're left with the same credit line you started with, it's fairly neutral for FICO purposes, and the old card does continue to report (as closed) for 10 years.  It's only at that time that your AAoA (average age of accounts) would be impacted, and for most folks the impact is minimal (since most folks add/close credit accounts over the years).

Hope this helps. 

[Anonymous]

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@UncleB wrote:

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@Anonymous wrote:

Makes sense. Thanks so much for taking the time with the quick answere.

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Some folks, like myself, have a Capital One QS1 card with an AF and a Capital One QS card without one... when the time is right, I plan to combine my credit lines to avoid the AF on the QS1.

Like Monoglot mentions, the combination is said to be considered similar to a CLI in itself (the fine-print states future CLIs can be impacted) so it's best to get all you can out of each card while they are separate.

I'll also add that since you're left with the same credit line you started with, it's fairly neutral for FICO purposes, and the old card does continue to report (as closed) for 10 years.  It's only at that time that your AAoA (average age of accounts) would be impacted, and for most folks the impact is minimal (since most folks add/close credit accounts over the years).

Hope this helps. 

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