topic Re: Combining 2 Cards from One Bank (any consequences?) in Credit Cards

Combining 2 Cards from One Bank (any consequences?)

POMF — Fri, 15 Jun 2012 01:01:29 GMT

Hi there. Quick question for you...

I've had 2 cards from Capital One for around 2 years, 1 opened in June 2010, the other in August 2010. The original does not get used as it offers no rewards. Here's my thoughts:

A) I request that Capital One Upgrade the account to a Sony Card

or, if that's not an option

B) Request that the accounts be combined, retaining the original account number and my cash rewards

Is there a downside to this? Could this seriously impact my score? I also have two cards from CITI. Diamond Preferred and Citi Thank You. Thank you is pretty much useless as it does not offer cash rewards. I got those the same month. Should I roll them into one?

Re: Combining 2 Cards from One Bank (any consequences?)

tcbofade — Fri, 15 Jun 2012 01:31:21 GMT

Unfortunately, when dealing with Capital One, the answer to your question varies greatly with who answers the phone...

Lots of posters here can give you examples of how it will work, AND how it won't....

You'll just have to call them and see.

Good luck!

Re: Combining 2 Cards from One Bank (any consequences?)

Revelate — Fri, 15 Jun 2012 01:31:42 GMT

You effectively are closing an account by doing so. 4 is a reasonable number of credit cards, so is 3; 2 is a little debatable but probably OK.

Personally I wouldn't combine the revolving tradelines right now, either see if they can be PC'd, or strategize on getting a card you do want to use, and then see about combining them instead of outright closing them.

Re: Combining 2 Cards from One Bank (any consequences?)

POMF — Fri, 15 Jun 2012 01:56:05 GMT

Oh don't get me wrong. I have 2 crap cards from First Premier and Orchard Bank (which apparently is now Cap 1?) which I haven't used in years. I'm afraid to close them as they will impact my score.

Also got a car loan, student loans, and bunch of stores... macy's, target, banana, etc. On a side note, when I open a store card, should I accept or decline the "visa" or "amex" option. Mine can only be used in that particular store. Is that bad?

Re: Combining 2 Cards from One Bank (any consequences?)

tcbofade — Fri, 15 Jun 2012 01:58:25 GMT

Bad is in the eye of the beholder.

I, myself, would prefer a store card that is cobranded with one of the major networks...but don't have any of them.

I do, however, also have a walmart card that could potentially upgrade to a discover version...someday....and a banana card that could upgrade to a visa version...maybe...

If it doesn't bother YOU that you can't use the card elsewhere, then no....it isn't bad.

Re: Combining 2 Cards from One Bank (any consequences?)

pizzadude — Fri, 15 Jun 2012 01:58:36 GMT

@POMF wrote:
Oh don't get me wrong. I have 2 crap cards from First Premier and Orchard Bank (which apparently is now Cap 1?) which I haven't used in years. I'm afraid to close them as they will impact my score.
Also got a car loan, student loans, and bunch of stores... macy's, target, banana, etc. On a side note, when I open a store card, should I accept or decline the "visa" or "amex" option. Mine can only be used in that particular store. Is that bad?

Closing credit cards never hurts your FICO score unless your revolving utilization increases as a result of losing the credit limits. See this sticky thread: http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

Also, I doubt that Cap1 will let you PC or combine cards, most of the time they would rather just let you re~apply for another card than make changes to what you already have.

Re: Combining 2 Cards from One Bank (any consequences?)

Revelate — Fri, 15 Jun 2012 02:19:38 GMT

Oh you have a ton of tradelines already

Ignore my prior worries about lack of tradelines. Combine, close, no problem.

Re: Combining 2 Cards from One Bank (any consequences?)

POMF — Fri, 15 Jun 2012 03:00:17 GMT

Pardon my ignorance...

What is PC'd?

Re: Combining 2 Cards from One Bank (any consequences?)

pizzadude — Fri, 15 Jun 2012 03:14:18 GMT

@POMF wrote:
Pardon my ignorance...

What is PC'd?

Product Change, like requesting to switch your Cap1 account to a Sony Cap1 account.

Check out the guide to common abbreviations in this thread: http://ficoforums.myfico.com/t5/Credit-Cards/Helpful-threads/td-p/415263

Re: Combining 2 Cards from One Bank (any consequences?)

POMF — Fri, 15 Jun 2012 03:27:14 GMT

Thanks.

It's weird. C1 keeps sending me notices to upgrade my card to cash rewards... but the account number is for the No Hassle Rewards card.

For anyone who's pondering it, the Citi Thank You card is a load. I don't use it. Much prefer a cash rewards card. Chase still denies me .