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How do I consolidate several sub prime credit cards that stink into one decent one?

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Anonymous
Not applicable

How do I consolidate several sub prime credit cards that stink into one decent one?

Hello All,

 

Several years ago I really did a number on my credit and had 3 or 4 small accounts go into collections which obviously killed my credit scores (I think my FICO score was like 520 three to four years ago).     Since then then I've built up my FICO score to 630 but now have 4 crappy credit cards (sub prime cards like credit one) I don't want.    I asked capital one (have three cards) if I could consolidate my credit line into one card and they said no basically.   If I were to be approved for a decent card down the road and I closed out the other it would damage my credit again correct?

 

Message 1 of 4
3 REPLIES 3
myjourney
Super Contributor

Re: How do I consolidate several sub prime credit cards that stink into one decent one?

Welcome to the forum 

Closing them out won't affect your scores as long as they don't have balances when closed 

Great read

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

 

 

However there's a new report currently running in the CC forum that states Cap1 will soon be offering to consolidate cards and limits 

Still remains to be seen but on the chance that it may 

I would hold on to those cards awhile longer 

 

Great read 

http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-to-offer-account-and-CL-combining/td-p/3962...

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 4
Anonymous
Not applicable

Re: How do I consolidate several sub prime credit cards that stink into one decent one?

As with everything, the answer is "it depends," but for the most part, the answer is that it won't hurt your credit score to close the accounts. I would actually close the CreditOne account now, since you have the three CapOne accounts.

 

At 630, there are definitely some prime cards that you could get. If you have a credit union, I would start there. 

Message 3 of 4
takeshi74
Senior Contributor

Re: How do I consolidate several sub prime credit cards that stink into one decent one?


@Anonymous wrote:

How do I consolidate several sub prime credit cards that stink into one decent one? 


You don't.  You work on your credit an apply for better cards when your credit improves.  If you have not already then hit the Rrbuilding subforum to see what you can do about your derogs.

 


@Anonymous wrote:

If I were to be approved for a decent card down the road and I closed out the other it would damage my credit again correct? 


Take a look at the Closing Credit Cards link posted above (and don't overlook the stickies as that thread is linked in the Helpful Threads sticky in this subforum).  You can do the math to determine the impact to your utilization and to help you with your decision.

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