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.