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Hi, new to the forums, and I had an opionon question for you guys. I have a platinum mastercard and a QS1 with cap1 the QS1 has a limit of $4.7k and the platinum has a $600 toy limit, these were my first two cards and the QS1 is my main spend card. However in the last couple months I have gotten in with Chase, BOA, and Amex, and have grown out of the platinum mastercard, which was origionaly a secured card. Cap1 would allow me to combine the platinum into my QS1, and I'm wondering if thats the right decision, the only thing holding me back is that the platinum is my oldest card, is combining them wotht the hit to my AAOA?
sorry in advance if this is a dumb question, kinda a newbie ![]()
Welcome to the forums and it's not a dumb question at all, and one that we handle quite frequently so you're in good hands! If you close one of the cards by combining them, it will not affect AAoA or age of credit history until the closed card falls off of your reports (generally 10 years later, but not always). If the age of the two cards isn't too far apart, I wouldn't worry about it at all, and go ahead and combine the $600 limit into your QS1. If the Platinum is significantly older, you may want to consider doing it the opposite way. CapOne has a habit of "bucketing" cards and accounts, so it's possible combining into your Platinum would likely be the end of any CLIs, assuming that your QS1 is not also bucketed.
Another thing to keep in mind is FICO scoring optimally needs at least 3 open revolving accounts. By closing one, will you still have at least 3 accounts open? If not, there's a chance you may lose some points due to the way FICO calculates things like percentage of cards reporting a balance. Also, account combinations count as a credit line increase, which CapOne only allows every 6 months. So if you think you may be eligible, ask first before combining.
Welcome, @Anonymous. ![]()
Before combining, see if either card is eligible for an upgrade to a no-fee Quicksilver. That may make your combination decision easy.
When doing combinations, people generally get rid of the QuicksilverOne because of its annual fee. If an upgrade or combination isn't available right now, keep using the QS1 each and every month, then pay it in full. Your charge can be small, and you don't have to leave a statement balance. Then call in each month and check for offers. There are a handful of data points indicating that consecutive months of usage might generate an upgrade offer.
A very good point. It may also be helpful to check the upgrade link in this thread:
https://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-check-for-upgrade-link/m-p/4934733
Certainly check the upgrade link above to see if the card can be changed to a QS.