03-06-2009 02:54 PM
03-06-2009 03:08 PM
I got off the phone five minutes ago with CapOne where I decided to consolidate two of my subprime "rebuilder" cards, one with a limit of $1500 and the other with a $1000 limit. I decided to consolidate them so i can rely on just one card instead of having two carsd with the same issuer. To me it was a matter of convenience. The account supervisor did give me the choice of which card I was going to keep (foundation of conversion). I chose the oldest of my cards, even though it has a higher interest rate.
For me, the benefits are that I get a single card with a high credit limit instead of two cards with low limits. I also just pay one bill a month/ one statement. The downside is that once my 2nd card closes (after it converts into my 1st card), it will reduce my average age of accounts, even though that tradeline will keep reporting on my CR for the next ten years.
03-06-2009 03:27 PM
I just got off of the phone with HSBC and they said that it takes up to 10 business days to process my request and that I would recieve something in the mail. Does that mean that I wont get it. Is that like that 30 day message you get when you apply for a new loan?
I have 2 Cap 1 cards but one of them I am an Authorized user on. My mom got the card for me a while ago to help me build credit. Do you think they will let me combine those 2?
03-06-2009 04:09 PM
Don't assume the waiting period is an indirect way of them denying you. The account supervisor at CapOne (using backdoor number) told me she "put the request through" and that I would get something in the mail in 7-10 business days with my new account information and summary of changes made. If your request is in fact denied, don't stress it. If they approve, great. You'll have the convenience of carrying around just one card with a higher limit. If they don't approve, that's just as good 'cause you'll have two more accounts reporting positive information that will help both your average age of accounts and lenght of history. Either way, you'll be okay. It just seems like this is a decision that is based on personal preferences, not really a strategic decision that will boost your credit score one way or the other.
As far as CapOne authorized user, I really can't tell ya. My first instinct is to say "no" because youre the sole owner of one account, whereas the second account is owned jointly by two individuals. But really, there is only one way to find out. You gotta call the backdoor number. Today, when I called that number, I confessed to the lady that I hesitated calling for so long because I was embarassed of being told "no" but in reality, she was super friendly and honest with me. It cant hurt to call and ask. If you do call and they tell you "no" to merging of two CapOne accounts, you can ask if any special offers pop up for you on the account that you are the sole owner (these offers include APR reduction or even a product upgrade, depending on account history).
Give it a try and let me know how it goes. CapOne backdoor: 1-800-889-9939. Good luck!
03-06-2009 04:25 PM
03-06-2009 04:28 PM
03-06-2009 06:40 PM
03-07-2009 08:55 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO