topic Re: Cap 1 Account Combination - Any Downsides? in Credit Cards

Cap 1 Account Combination - Any Downsides?

Lyythine — Fri, 13 Nov 2015 06:41:34 GMT

As the subject states, are there any downsides to combining accounts besides the obvious credit score/report related items?

I have two Venture cards, both opened within months of each other and I would much rather have one line at >50k than two. Any suggestions? I kind of want Finstar to combine his two and get a 100k limit before I test the waters

Re: Cap 1 Account Combination - Any Downsides?

FinStar — Fri, 13 Nov 2015 06:54:54 GMT

@Lyythine wrote:
As the subject states, are there any downsides to combining accounts besides the obvious credit score/report related items?

I have two Venture cards, both opened within months of each other and I would much rather have one line at >50k than two. Any suggestions? I kind of want Finstar to combine his two and get a 100k limit before I test the waters

Lyythine - you crack me up! I did ponder on this recommendation at one point but my cards aren't 6 months old... yet, unfortunately. Now, I have learned from the Capital One peeps that as long as you have the current active exposure, it should not be an issue combining.

The only downside I can see is the rewards piece. Since they're not currently allowing any rewards combinations or reallocations at the moment, this might be a setback for some. I would definitely chose the card that has the lower APR if that matters. The other downside is that once it's done and combined there no U-turn or "back" button. There's been a few folks who have combined their accounts with a total exposure >$50K so I know it's possible.

Re: Cap 1 Account Combination - Any Downsides?

Lyythine — Fri, 13 Nov 2015 07:00:29 GMT

@FinStar wrote:
@Lyythine wrote:
As the subject states, are there any downsides to combining accounts besides the obvious credit score/report related items?

I have two Venture cards, both opened within months of each other and I would much rather have one line at >50k than two. Any suggestions? I kind of want Finstar to combine his two and get a 100k limit before I test the waters

Lyythine - you crack me up! I did ponder on this recommendation at one point but my cards aren't 6 months old... yet, unfortunately. Now, I have learned from the Capital One peeps that as long as you have the current active exposure, it should not be an issue combining.

The only downside I can see is the rewards piece. Since they're not currently allowing any rewards combinations or reallocations at the moment, this might be a setback for some. I would definitely chose the card that has the lower APR if that matters. The other downside is that once it's done and combined there no U-turn or "back" button. There's been a few folks who have combined their accounts with a total exposure >$50K so I know it's possible.

Thanks, Fin!

I figured the exposure was the same so its shouldnt be an issue. The only reason I am hesitant, is I have had previous terrible experiences with Capital One and their take over of my beloved Chevy Chase bank accounts and credit card... Therefore, I was worried Cap 1 might revert to their old ways and AA to hell and back if I have one card at a large limit rather than 2 cards at medium limits (in my profile at least - I realize 20k is nothing to sneeze at).

Re: Cap 1 Account Combination - Any Downsides?

FinStar — Fri, 13 Nov 2015 07:24:13 GMT

@Lyythine wrote:
@FinStar wrote:
@Lyythine wrote:
As the subject states, are there any downsides to combining accounts besides the obvious credit score/report related items?

I have two Venture cards, both opened within months of each other and I would much rather have one line at >50k than two. Any suggestions? I kind of want Finstar to combine his two and get a 100k limit before I test the waters

Lyythine - you crack me up! I did ponder on this recommendation at one point but my cards aren't 6 months old... yet, unfortunately. Now, I have learned from the Capital One peeps that as long as you have the current active exposure, it should not be an issue combining.

The only downside I can see is the rewards piece. Since they're not currently allowing any rewards combinations or reallocations at the moment, this might be a setback for some. I would definitely chose the card that has the lower APR if that matters. The other downside is that once it's done and combined there no U-turn or "back" button. There's been a few folks who have combined their accounts with a total exposure >$50K so I know it's possible.
Thanks, Fin!

I figured the exposure was the same so its shouldnt be an issue. The only reason I am hesitant, is I have had previous terrible experiences with Capital One and their take over of my beloved Chevy Chase bank accounts and credit card... Therefore, I was worried Cap 1 might revert to their old ways and AA to hell and back if I have one card at a large limit rather than 2 cards at medium limits (in my profile at least - I realize 20k is nothing to sneeze at).

I can definitely see and understand your concern. Capital One isn't so AA-minded as other lenders IMO and IME - perhaps their predecessors were to a point but not the current Capital One I know.

Prior to the $50K twins, I had 3 other tradelines with them dating back to the early 2000 period. Now, 2 of these were predecessors from Household Bank (local small bank with a presence in Ohio) that HSBC took over during the Jurassic period. The other one was from Signet Bank which eventually upgraded on its own to Venture WMC.

Eventually all these accounts were aquired by Capital One. Of course, I never imagined they would approve the twins given my current exposure and once the opportunity came along to combine accounts, I folded the 1st (HSBC-Cap1) MC onto the Venture WMC on 7/8 without a hitch. Of course, nothing ever goes smooth the first week of Frankenstein experiments since they had technical issues from the get-go. So, I waited until the combo link became available a couple weeks later and folded the 2nd (HSBC-Cap1) Visa onto Venture WMC on 7/19, no issues. Then, at the encouragement and insight from baller4life, I applied for a new Venture and QS on 7/19 and the rest is history.

I suppose if any AA would have been taken, at least IME, it would have happened by now or early on. In short, I think you would be in a great position to combine them without any AA issues whatsoever

Re: Cap 1 Account Combination - Any Downsides?

Anonymous — Fri, 13 Nov 2015 08:56:06 GMT

It worked well for me a few days ago. I combined my platinum mc and old HSBC mc, which evolved to a Quicksilver 1 MC into my Journey card. This gave me a combined CL of $11250. I called and got a PC to a Quicksilver Visa Signature after that and in doing so eliminated almost $60 in AF. My Venture One is soon to be paid off, then I'm going to combine that into my QS, as well, unless someone can give me a good reason not to.. So I will then have two prime C-1 cards with about $20k limits on each. 2 cards, instead of 5...same buying power. Better interest rates too, 17.9 vs 24.9

Re: Cap 1 Account Combination - Any Downsides?

Kenny — Sat, 14 Nov 2015 08:28:34 GMT

I know of no down side at the present moment.

Re: Cap 1 Account Combination - Any Downsides?

Jerry45 — Sat, 14 Nov 2015 15:38:45 GMT

Good Question

Re: Cap 1 Account Combination - Any Downsides?

Marcos8 — Sat, 14 Nov 2015 17:59:08 GMT

This is more of a question than anything... but isn't there a credit line threshold where cards are then excluded from debt/credit utilization ratio for scoring purposes? For some it would be awesome to combine and get a massive line of credit on one card, but if now that card with its new high credit limit can't contribute to keeping your utilization in check and is excluded from UTL calculations then I can see that maybe being an issue for some.

Re: Cap 1 Account Combination - Any Downsides?

elim — Sat, 14 Nov 2015 18:09:33 GMT

it's all so new, we'll only know when we still have our big limit cards in a couple years... uncharted territory.

i have my fingers crossed and will treat the cards well. they gave me 12.9% on my last one so that's my keeper. :]

Re: Cap 1 Account Combination - Any Downsides?

masscredit — Sat, 14 Nov 2015 18:39:47 GMT

I've been weighing which card I want to combine to. My Venture card is at 14.9% and Quickdilver is 19.9%. I think the QS rewards are worth more than the miles so that's more important to me. Plus I usually don't carry a balance so I don't as to worry about the APR as much. If I do want/need to carry a balance, I can use my Barclay card that was recently reduced to 14.9.

I hope the link is working when I'm ready to do this next month.

Re: Cap 1 Account Combination - Any Downsides?

Man-Of-Steel — Sat, 14 Nov 2015 22:34:07 GMT

I was also considering an account combination for my Venture and Quicksilver. Here are some details regarding both accounts.

Quicksilver - $9K CL, opened in Jan. 2014, APR 20.9 (original CL was $3K)

Venture - $21K CL, opened in April 2015, APR 12.9

At one point I was considering combining the Venture into the QS because the QS is older, but given the huge jump in APRs, that would probably be a silly move. I contacted Capital One via chat earlier today and checked to see if I could PC the Venture into a QS. They told me that I had the PC option available and they went ahead and made the change. I love the fact that it was such a hassle free process. I may still combine these accounts at some point in the future (if the option is still available), but for now I'd like to keep the accounts separate. I'd like to keep my options open since both accounts are very easy to manage together.

Re: Cap 1 Account Combination - Any Downsides?

NRB525 — Sat, 14 Nov 2015 22:56:00 GMT

@Man-Of-Steel wrote:
I was also considering an account combination for my Venture and Quicksilver. Here are some details regarding both accounts.

Quicksilver - $9K CL, opened in Jan. 2014, APR 20.9 (original CL was $3K)
Venture - $21K CL, opened in April 2015, APR 12.9

At one point I was considering combining the Venture into the QS because the QS is older, but given the huge jump in APRs, that would probably be a silly move. I contacted Capital One via chat earlier today and checked to see if I could PC the Venture into a QS. They told me that I had the PC option available and they went ahead and made the change. I love the fact that it was such a hassle free process. I may still combine these accounts at some point in the future (if the option is still available), but for now I'd like to keep the accounts separate. I'd like to keep my options open since both accounts are very easy to manage together.

Did you happen to have any rewards points/miles remaining open on the Venture when it was PC to a QS? If so, did they just convert to cashback?

Re: Cap 1 Account Combination - Any Downsides?

pizza1 — Sat, 14 Nov 2015 23:02:52 GMT

Don't really see too much of a downside to it...

The "exposure" is already there whether its tied up in 1 card or 5 cards, so combining the limits doesn't change the exposure.

If the lender wanted to AA for whatever reason, doesn't matter how many cards you have open, if they close one, they close all! So, combining isnt gonna change either of those things.

If it makes sense for you, do it..Having one card with a nice CL I think also shows to other lenders that you can handle a massive CL like that as well.

Ill be doing the same probably in the next few months one more time with mine.

Re: Cap 1 Account Combination - Any Downsides?

Man-Of-Steel — Sat, 14 Nov 2015 23:08:45 GMT

@NRB525 wrote:
@Man-Of-Steel wrote:
I was also considering an account combination for my Venture and Quicksilver. Here are some details regarding both accounts.

Quicksilver - $9K CL, opened in Jan. 2014, APR 20.9 (original CL was $3K)
Venture - $21K CL, opened in April 2015, APR 12.9

At one point I was considering combining the Venture into the QS because the QS is older, but given the huge jump in APRs, that would probably be a silly move. I contacted Capital One via chat earlier today and checked to see if I could PC the Venture into a QS. They told me that I had the PC option available and they went ahead and made the change. I love the fact that it was such a hassle free process. I may still combine these accounts at some point in the future (if the option is still available), but for now I'd like to keep the accounts separate. I'd like to keep my options open since both accounts are very easy to manage together.
Did you happen to have any rewards points/miles remaining open on the Venture when it was PC to a QS? If so, did they just convert to cashback?

Good question. No, my miles balance was 0 at the time. I kept a copy of the disclosure they sent me via chat and it looks like the miles would have been converted to cash back. See below.

You will continue to earn rewards with every purchase and from today forward you will be earning at the new rate of 1.5% cash back per every dollar spent. Any existing rewards balance will carry over into this new program.

Re: Cap 1 Account Combination - Any Downsides?

Anonymous — Sat, 14 Nov 2015 23:18:24 GMT

This may not apply to you since your combined limit would be massive and you might not want more than that, but one small disadvantage I see is that combining your 2 cards into 1 halves the number of SP CLIs you can get from the luv button. Put another way, right now you can achieve SP CLIs with the luv button at a rate of two per six months (1 for each card). After you combine, you will only achieve one SP CLI every six months.

Re: Cap 1 Account Combination - Any Downsides?

Marcos8 — Sat, 14 Nov 2015 23:36:20 GMT

What's is the max trade line size that still gets factored into UTL?

Re: Cap 1 Account Combination - Any Downsides?

JSS3 — Sun, 15 Nov 2015 00:49:28 GMT

I wondered if our internal score is lowered when they see us opening cards to combine and close before they get their annual fee? If this also gives way to lower approvals in the future?

Re: Cap 1 Account Combination - Any Downsides?

CreditJim — Sun, 15 Nov 2015 02:57:05 GMT

I have what is now a Quicksilver at 5.9%.... as soon as my new $30k Venture hits 6 months I'm folding it into the Quicksilver for a $51k 5.9% wonder-card!

Re: Cap 1 Account Combination - Any Downsides?

Kidcat — Sun, 15 Nov 2015 03:02:35 GMT

@CreditJim wrote:
I have what is now a Quicksilver at 5.9%.... as soon as my new $30k Venture hits 6 months I'm folding it into the Quicksilver for a $51k 5.9% wonder-card!

Now THAT is awsome!

Re: Cap 1 Account Combination - Any Downsides?

dstew201 — Sun, 15 Nov 2015 03:09:57 GMT

Any downsides?? NO!

Dew eeeet!!!