Reply
New Contributor
Posts: 62
Registered: ‎09-12-2009
0

Too consolidate or not

I'm wondering if it's a better idea to move all credit card balances to a few cards rather than having so many. I've recently applied for credit and been declined because "having too many cards with balances" or something like that. I have the following.

 

Amex                    811

Discover              800

Amazon Chase  905

Capitol One        800

Barclays              600

 

 

My goals is to get bigger credit limits and I can't seem to. HIghest limit on any card other than credit union Visa ($5000) is $2250. Cap One is ($2250) after about 6yrs of no late pymts and ever time I apply for increase they say this card isn't eligible for a requested increase and I'm afraid to apply for another one.  So anyway wondering if combining and instead of having 5 cards have 3.

starting anew
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Too consolidate or not

What are the CL's associated with the cc's? Have you calculated the fees associated with a BT? Is it possible to pay the debt so, you do not have a bal reporting on 1-2 cc's?
Frequent Contributor
Posts: 332
Registered: ‎04-09-2013
0

Re: Too consolidate or not

I can't think of any good reason to carry high balances on credit cards, and apparently the banks feel the same way. 

 

It wont make any difference if you transfer balances to fewer cards - it is the overall utilization of ALL available credit that is considered in the evaluation of your credit-worthiness. 

 

Rather that applying for more credit, why not just pay down your existing credit lines?

 

New Contributor
Posts: 62
Registered: ‎09-12-2009
0

Re: Too consolidate or not

The credit lines on cards are below

 

Amex 2000

Discover 1000

Chase   1800

Capitol One 2250

Barclays   2200

 

I don't have any extra money available to pay off because I'm going on vacation next month and trying to pay cash for everything so not to increase the balances. 

starting anew
New Contributor
Posts: 62
Registered: ‎09-12-2009
0

Re: Too consolidate or not

The credit lines on cards are below

 

Amex 2000

Discover 1000

Chase   1800

Capitol One 2250

Barclays   2200

 

I don't have any extra money available to pay off because I'm going on vacation next month and trying to pay cash for everything so not to increase the balances. the cards I wont to consolidate on currently have 0% APR for 12 months

starting anew
Valued Contributor
Posts: 1,145
Registered: ‎04-13-2013
0

Re: Too consolidate or not

I think the key to getting higher CLs on your cards will lie in actually paying down some of the debt, rather than trying to move the debt from one place to another. It may help to move it so that you'll have more cards reporting zero bal. but that also means you'll have to pay BT fees and you'll be possibly maxed out on the cards that you moved your balances to, which in turn could hurt your score. 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Highlighted
New Contributor
Posts: 164
Registered: ‎04-16-2013
0

Re: Too consolidate or not


paturner wrote:

I'm wondering if it's a better idea to move all credit card balances to a few cards rather than having so many. I've recently applied for credit and been declined because "having too many cards with balances" or something like that. I have the following.

 

Amex                    811

Discover              800

Amazon Chase  905

Capitol One        800

Barclays              600

 

 

My goals is to get bigger credit limits and I can't seem to. HIghest limit on any card other than credit union Visa ($5000) is $2250. Cap One is ($2250) after about 6yrs of no late pymts and ever time I apply for increase they say this card isn't eligible for a requested increase and I'm afraid to apply for another one.  So anyway wondering if combining and instead of having 5 cards have 3.


Pay down your current balances.  You're likely being denied because of high utilization.


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.