topic Re: Question on combining credit cards .... in General Credit Topics

Question on combining credit cards ....

Anonymous — Sun, 11 Oct 2015 16:21:57 GMT

Hello,

Just needed opinions from the experts here .

I have 2 Capital One CCs and they were just recently converted to QS1 about a month ago with low credit limit of $850 and $750. Both were opened November 2010. The other card has a 30 day late ang the other one is clear and has good history. My questions are:

Can I combine both cards into 1 account and have the one with 30 day late to the card with good history?

Will that make a positive effect on my credit report since closing the one with 30 days late and moving it to the one with good history?

Will my AAOA be negatively affected when combined despite both were opened the same date November 2010?

My other CC account is with Citi. I have a Best buy CC opened May 2013 with low CL of $300 which is now Best Buy Visa with Citi about a month ago and I was just recently approved with Citi DC about 3 weeks ago. My questions are:

Can I combine both cards into 1 acount and move the Best Buy Citi Account to my Citi DC?

Will that make a positive effect on my credit report combing both accounts?

Will my AAOA be negatively affected since my Best Buy CC was opened May of 2013 and My Citi DC was just recently opened September 2015?

Thank you in Advance

Re: Question on combining credit cards ....

Anonymous — Sun, 11 Oct 2015 15:42:31 GMT

What is your intention in combining the cards? I'm not sure there will be any positive effect for your scores with the combination, since the 30 day late still remains on your record. I would think the change would be neutral. Your AAOA should remain the same with the one card remaining on your report for 10 years once it is closed.

You say repeatedly last November 2010. Do you mean last November as in 2014 or actually in 2010? I see you like to use last a lot. Last May 2013 doesn't mean the same as last May 2014, i.e. the previous May. Drop the word last.

If you do any combos, I would do them in stages to see the effect of the first change before doing the second; especially, since you opened a LOT of new accounts in the last month. Has everything new posted to your reports?

Re: Question on combining credit cards ....

Anonymous — Sun, 11 Oct 2015 16:19:55 GMT

@Anonymous wrote:
What is your intention in combining the cards? I'm not sure there will be any positive effect for your scores with the combination, since the 30 day late still remains on your record. I would think the change would be neutral. Your AAOA should remain the same with the one card remaining on your report for 10 years once it is closed.

You say repeatedly last November 2010. Do you mean last November as in 2014 or actually in 2010? I see you like to use last a lot. Last May 2013 doesn't mean the same as last May 2014, i.e. the previous May. Drop the word last.

If you do any combos, I would do them in stages to see the effect of the first change before doing the second; especially, since you opened a LOT of new accounts in the last month. Has everything new posted to your reports?

Thank you Redeyz .... Lol on my use of the word LAST . I will delete them . My purpose of combining them is to decrease the number of my credit cards since both Capital one were opened at the same date November 2010. My 3 cars auto refi and about 4 new CC account already posted on my credit report and I'm still waiting for the other 4 to show up . So far my FICO score dropped about 10 pts but it goes up and down when new accounts posts. Quite confused with my FICO scores coz I was expecting a big drop in scores when new accounts post. I'm still in the low 700's. I was expecting to be in the mid or upper 600's. I'm hoping it won't be too much of a big drop of my FICO scores when all accounts posts ... . I'll just wait for all the accounts to post then before I combine Cap one cards and Citi. Thanks Redeyz

Re: Question on combining credit cards ....

takeshi74 — Mon, 12 Oct 2015 13:43:25 GMT

You shouldn't see much, if any impact from combining. Your revolving utilization shouldn't be affected since you're combining. AAoA isn't immediately impacted as stated above. These are covered in the Closing Credit Cards thread linked in the Helpful Threads sticky in the Credit Cards subforum.

Closing the card with the late doesn't make the late disappear as mentioned above. If you have any derogs you should look into addressing them as they tend to have a significant impact and hold one's scores down while they are on reports. Hit the Rebuilding suborum and see what you can do.

Re: Question on combining credit cards ....

Anonymous — Mon, 12 Oct 2015 14:38:44 GMT

Thank you Takehsi74