topic Re: To Combine and Add or Not? in Credit Cards

To Combine and Add or Not?

CFAN — Wed, 12 Jul 2017 14:21:51 GMT

I have 3 cap1 cards today and I have been thinking about combining. However, the card I would close is my oldest card (got the month my BK7 was discharged 10/2010).

All of my cards with cap1 are zero balance each month.

I would be combining my 4950 limit with my current 1000 QS1 which would give me my highest bank card limit at 5950.

I have 10k on my Lowes. 7500 on another synchrony card.

My FICO 08 scores are EX 708, EQ 721, and TU 721

I checked the cap1 pre-qualification and I am prequaled for Venture Rewards and QS so i would apply for one of these as well.

So should I do the combination and apply for a new cap1 or no?

I did check to see if my cards were eligible for upgrades and they said no. In fairness I just paid them off 45-60 days ago.

Any help much appreciated.

Re: To Combine and Add or Not?

Anonymous — Wed, 12 Jul 2017 14:35:18 GMT

@CFAN wrote:
I have 3 cap1 cards today and I have been thinking about combining. However, the card I would close is my oldest card (got the month my BK7 was discharged 10/2010).

All of my cards with cap1 are zero balance each month.

I would be combining my 4950 limit with my current 1000 QS1 which would give me my highest bank card limit at 5950.

I have 10k on my Lowes. 7500 on another synchrony card.

My FICO 08 scores are EX 708, EQ 721, and TU 721

I checked the cap1 pre-qualification and I am prequaled for Venture Rewards and QS so i would apply for one of these as well.

So should I do the combination and apply for a new cap1 or no?

I did check to see if my cards were eligible for upgrades and they said no. In fairness I just paid them off 45-60 days ago.

Any help much appreciated.

If you are preapproved, I would apply for the Venture first, then combine the accounts, and then 6 months down the road, roll the $5950 limit into the Venture if approved. The QS would be the ideal card to have as the benefits from the Venture is not as good as some of the other travel cards out there, but in the past the Venture gave higher limits than the QS, but I don't know if that still holds true as so much is changing daily it seems in the credit world.

Re: To Combine and Add or Not?

AverageJoesCredit — Wed, 12 Jul 2017 14:55:45 GMT

I agree with KayKay65, very likely with your scores a Venture might give you a 15k sl as weve been seeing lately. Seems like a good roll of the dice for a good high limit card

Re: To Combine and Add or Not?

CFAN — Wed, 12 Jul 2017 14:56:58 GMT

Thanks guys.

I thought with Cap1 you could only have 3 cards? You can combine after applying?

Re: To Combine and Add or Not?

Anonymous — Wed, 12 Jul 2017 15:01:59 GMT

@CFAN wrote:
Thanks guys.

I thought with Cap1 you could only have 3 cards? You can combine after applying?

You can have up to 5 cards, but only 2 of them can be the rebuilder cards. You could in effect every 6 months, combine cards and reapply if preapproved, but you would want to diversify your portfolio with other lenders.

Re: To Combine and Add or Not?

HeavenOhio — Wed, 12 Jul 2017 15:02:29 GMT

Which Capital One cards to you have, and when were they opened?

I woudn't combine anything into the QS1 simply because it's so hard to product-change into a no-fee card. If anything, I'd try to combine the QS1 into something else unless there's an overriding reason not to.

According to Capital One's website, you're allowed to have five cards with them. But according to people here, you're not going to be approved for more than one card in a six month period.

Re: To Combine and Add or Not?

CFAN — Wed, 12 Jul 2017 15:07:09 GMT

Ah! Gotcha on the 5 cards. My most recent card is like 5 years old at this point so I am good on the 6-month deal.

I was combining my 1% Rewards card to my 1.5% QS1 with a 18.9% APR. I will sometimes carry balances for a couple of months so the 6% reduction in APR plus the bonus 0.5% rewards makes sense.

Re: To Combine and Add or Not?

Anonymous — Wed, 12 Jul 2017 15:13:13 GMT

@CFAN wrote:
Ah! Gotcha on the 5 cards. My most recent card is like 5 years old at this point so I am good on the 6-month deal.

I was combining my 1% Rewards card to my 1.5% QS1 with a 18.9% APR. I will sometimes carry balances for a couple of months so the 6% reduction in APR plus the bonus 0.5% rewards makes sense.

It's always a good move to combine into a lower interest rate. Hopefully, you will be able to get an even lower interest rate on the Venture card if approved.

Re: To Combine and Add or Not?

CFAN — Wed, 12 Jul 2017 15:13:33 GMT

SO yeah, thanks for the advice..

Just got approved for 20K!

Re: To Combine and Add or Not?

Anonymous — Wed, 12 Jul 2017 15:28:31 GMT

@CFAN wrote:
SO yeah, thanks for the advice..

Just got approved for 20K!

Congrats. You're on your way now.

Re: To Combine and Add or Not?

Anonymous — Wed, 12 Jul 2017 15:31:13 GMT

20K!!!!!!!!!!!

😆😃<____!!!!!!!!NOIIICE!!!!!!!_____>😃😁

Re: To Combine and Add or Not?

CFAN — Wed, 12 Jul 2017 15:56:02 GMT

So, should I still combine the card? It will let me combine onto the Venture card as another option (Venture is 18.99). I'm so nervous about the impact to AAoA....

Re: To Combine and Add or Not?

Anonymous — Wed, 12 Jul 2017 15:58:46 GMT

@CFAN wrote:
So, should I still combine the card? It will let me combine onto the Venture card as another option (Venture is 18.99). I'm so nervous about the impact to AAoA....

If it will allow you to do so, then I would. Positive accounts continue to report for 10 years after closure, so AAoA should be okay.