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Will consolidating lines of credit to older card help my score?

Contributor

Will consolidating lines of credit to older card help my score?

I currently have 5 Chase cards, 2 of which are victims of the recent WAMU merger.  (RIP free PFICO scores Smiley Sad  )

 

One of the ex-WAMU cards was opened in 1/07 and has a CL of $3k.  The other 4 were opened throughout 2008 and have a combined CL of $6k.  All cards hold a $0 balance.

 

Since I'm gearing up to apply for a mortgage in the next 6 months, would it be helpful to my score if I combined them all to the 2007 card? 

Is it true that closing accounts will put a ding?  Or will this help me since I will no longer have a lot of newer accounts? 

I am under the impression that holding one card with a $9k limit would look much better than a bunch of $1-2k ones.  I also have a Discover at $2k, a CapOne at $2k, and two Citi cards at $1300 and $2800, all with $0 balances as well.

 

Thanks for your time.   You guys rock! Smiley Happy

Message Edited by massagemama on 03-19-2009 06:50 AM
Message Edited by massagemama on 03-19-2009 06:52 AM
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3/27/09 Mortgage Application:
Me: EQ 691 EX 659 TU 714
DH: EQ 670 EX 677 TU 702
Message 1 of 5
4 REPLIES
Regular Contributor

Re: Will consolidating lines of credit to older card help my score?

you should leave everything the same. your score isn't based on limits, it is based on balances compared to limits, and since your balances are all 0, there is no impact.
Message 2 of 5
Contributor

Re: Will consolidating lines of credit to older card help my score?

That's what I thought, but yesterday I pulled my score from Triple Advantage and it was saying that one of the things hurting me was that my credit lines are small, meaning that lenders don't trust me with large amounts. 
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3/27/09 Mortgage Application:
Me: EQ 691 EX 659 TU 714
DH: EQ 670 EX 677 TU 702
Message 3 of 5
Valued Contributor

Re: Will consolidating lines of credit to older card help my score?


massagemama wrote:
That's what I thought, but yesterday I pulled my score from Triple Advantage and it was saying that one of the things hurting me was that my credit lines are small, meaning that lenders don't trust me with large amounts. 

That's a factor based on THEIR scoring model, don't let them play mind games with you. As far as FICO you are fine and you shouldn't really mess with it, it will hurt you more to close them now than it would ever help you. So as long as you don't have balances on them, your ratio is what matters and you are fine. The new account dings should be wearing off anyway, so don't add the ding of closing them. Good luck to you.


Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Message 4 of 5
Highlighted
Moderator Emerita

Re: Will consolidating lines of credit to older card help my score?

Good point.

Along with ignoring FAKO scores, you also need to ignore FAKO advice. I've seen some that, if followed, would wind up hurting your FICO's.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 5