142 veiws but no answer!!

[ferferhess]

I had 4 open CC's. I asked to combine the 2 hsbc cards cause I wanted a higher cl and why have 2 hsbc cards...... So, my question is....was this a bad move? Is my score gonna drop cause I would now only have 3 open CC accounts? Should I open another card? Or is that one wrong move followed by another? Maybe a store card? I don't have any..... Message Edited by ferferhess on 05-31-2008 11:33 AM

Message Edited by ferferhess on 05-31-2008 11:39 AM

[ferferhess]

bump

[ferferhess]

bump

[haulingthescoreup]

I think this thread will do better over on Understanding FICO Scoring. It would actually be best on General Credit Issues, but that forums keeps getting clogged up with posts that belong on Rebuilding Your Credit.

Anyway, we'll see if this helps. In the meantime, have you read Credit Scoring 101, and the Credit Education tab up here? It can help to add a store or gas card if you don't have one. Make sure it's not a co-branded store card, i.e., store name + Visa, or MC or whatever.

[marty56]

That depends on several things.  Here is what could happen.

1.  If the 2 HSBC accounts were the older of your accounts and the other 2 are fairly new, your score might drop since the average age of the accounts could go down.

2.  Your score could also go up if say each card had a 500 limit and your had 75 on on card and the other was 0, since your total util on your card in now 7.5 %  of $1000 rather then 15% even though your toal util will reamin the same.  However you can do this by just paying the balance down.

3.  You could get a hit for a hard INQ on your CR if HSBC deos it.  I dont know if they would or not.  That might also decide to change your APR and or CL.

4.  Your score could remain the same.

I dont see any long term advantage to merging accounts.

[Anonymous]

Avg age would be affected b the new accounts- but closed accounts are still factored into avg age-

[Anonymous]

feferhess,

What are your short term and long term goals? In the long run I don't think this hurts you much. Picking up a store card you would use and PIF would help your score a little bit as well, though its not worth it if you aren't going to use the card.

That said. If you plan to apply for a loan soon I wouldn't mess around with applying for additional credit.

I sincerely doubt that your score will be effected too much. You shouldn't worry that much about your decision.