Reply
Contributor
Posts: 102
Registered: ‎04-09-2008
0

To consolidate or not?

I have been working on credit repair and now have a few active tradelines.

Among other things, I have a Household Bank MasterCard with an $800 credit limit, and a Best Buy Rewards MasterCard with a $300 limit. The HSBC MC is my highest-limit card.

Once a year I have to make a tuition payment for slightly more than a thousand dollars. Several months later I get reimbursed by my employer for that amount. So it would be very convenient to have a card with a limit that would allow me to charge that amount. Convenient, but by no means essential.

So the question is, do I want to consolidate these two accounts and have one account with an $1100 limit?

The HSBC MC is not only my highest limit, it's my oldest open tradeline. It was opened in May 2002. It does have some dings, though, showing six late payments. The last and worst was 120 days in Dec. 2006. The Best Buy Rewards Card was just opened in April 2008.

Each card has a $59 annual fee. The Best Buy card has a lower interest rate and offers rewards.

So I'm really not sure if I want to consolidate or not, and if so, which card to keep. Any suggestions would be appreciated.
Epic Contributor
Posts: 24,384
Registered: ‎10-23-2007
0

Re: To consolidate or not?

if you can sounds like a good idea to get rid of the 2 annual fees.
Now that you have these 2 accounts, have you checked to see if you might be able to get something a little more prime with higher limit?
Fico Scores: EQ- 670., TU 705 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
83 Cards and Counting :smileytongue:
Contributor
Posts: 102
Registered: ‎04-09-2008
0

Re: To consolidate or not?



Creditaddict wrote:
Now that you have these 2 accounts, have you checked to see if you might be able to get something a little more prime with higher limit?





That may be the best thing to do. I can't get a better card right now, but I should be able to get one very soon. I have a charged-off credit card and two utility collections all showing a balance on my reports right now, but all three have agreed to a PFD and I paid them this week. After they are gone, I should qualify for something a bit more prime.
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: To consolidate or not?

Combine the cards and get rid off AF on one of the cards.
Established Contributor
Posts: 1,045
Registered: ‎12-30-2007
0

Re: To consolidate or not?

can you combine a hsbc mastercard and the best buy mastercard, since they are both hsbc backed or do they have to both be straight hsbc mastercard, etc to combine?
~01/2008 Ficos TU 571-EX 647-EQ 652~
~3/21/2009 Ficos TU 705 EX 702 EQ 692~
~9/9/09 Ficos TU 718 EQ 693 EX???
~06/25/12 Ficos TU 719 EQ 677 EX??
Contributor
Posts: 102
Registered: ‎04-09-2008
0

Re: To consolidate or not?

HSBC says I can combine them. They sent me a form to fill out and they want to know which account I want to retain and which account I want to close.

There seems to be a consensus that I should combine them and get rid of one annual fee. But the question is, which one?
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: To consolidate or not?

Keep the card that you had for longer time. I have combined two of my accounts into one. In my case both accounts opened at the same time so it did not matter to me.

TeeVeeDude wrote:
HSBC says I can combine them. They sent me a form to fill out and they want to know which account I want to retain and which account I want to close.

There seems to be a consensus that I should combine them and get rid of one annual fee. But the question is, which one?


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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

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.