Yes..that's what I'm doing. That's the reason I always double app Chase. My Freedom was only $3500. When I'm done it will be closer to $40,000.
@kdm31091 wrote:I'm not as enthusiastic about this approach as some people are, because keep in mind even if you immediately close the 2nd new card, it's still going to report and ding your AAOA, in addition to the HP(s). In my view, it's better to just ask for a CLI rather than opening a card you don't intend to keep just to merge the limit. There's also the fact that it isn't making you look good to the issuer to be opening a card, merging and immediately closing it. If enough people do this, issuers could end up changing their "move limits" policies.
I don't think it's about making you jump through hoops. Every product has its own credit standards and likely a different range of limits.
If you really can't deal with the original limit on the first card and reconning the limit is unsuccesful, you also have the option of just waiting, giving some history on the card, and asking later. Typically (not always of course) issuers are more flexible with CLIs after seeing some history and usage on the card. These "quick fix" shortcuts such as opening a new card and merging limits always have some kind of downside.
I had actually talked with KDM a while back asking the same question and his thoughts back then were the same as he's telling you now. I went ahead and did it anyways and fast forward to today I have mixed emotions about it. The main reason is I don't even come close to reaching my mega limit I created. I don't even come close to the limits they used to be before I combined. So for me it's great I have a mega limit reporting but in my case its not needed. YMMV though. If you need the credit for whatever reason then that's one thing, but opening up another tradeline that could possibly result in a missed payment, etc to hopefully combine down the road doesn't make sense IF you don't need the credit.
Just my $0.02.
Personal:
If you know what you're doing this can work. It depends on your personal situation though. The point on the AAoA still being effected is worth noting, but as I said, if you know what you are getting in to, it can be beneficial for your situation.
I think the 'pros vs. cons' of this can vary greatly from person to person.
In my own case, I've got a BCP that's 'stunted' at $1k due to my including Amex in my bankruptcy 16 years ago; chances are I'll never get an increase. Recently I was approved for the Delta Gold with the intention of moving it's credit line to the BCP after 13 months. I was a bit disappointed to get yet another $1k credit line, but that will still be a 50% increase for the BCP once I transfer $500 over. (From what I understand, you must leave at least $500 on the 'donor' card). The 30k SkyMiles, $50 Delta credit, and Amex offers over two years will making paying the $95 AF worth it (waived the first year, and I'll pay it the second year since the account will need to be 13 months old before I can move any of the credit line).
In my case, each month when my BCP reports it appears I'm at 50% utilization (or greater) even though I PIF each month. Knowing this, and that I tend to not PIF before the statement generates, the AAoA 'ding' will have less impact than the high utilization currently does, so applying for the second account makes sense.
I'm generally satisfied with my Capital One credit lines (I still try the 'button' every six months, but it's no longer an issue if it doesn't work) but there is one case where I would still consider getting another one of their cards. My QS Visa Signature has an interest rate of 18.15%, which I've seen worse however I've also seen much better. If they offer me a competitive rate on a Venture or Venture One, I would likely accept it and later combine the existing QS into it (and eventually PC back to a QS), and there's the bonus to consider as well. I hardly ever carry a balance on a Capital One card, but I like having low APRs for those times when paying interest for a month or two makes sense.
Just my 2¢. 