Capital One combining cards - should I do it?

[heynongman]

Hi All,

I am in full rebuild mode and have two starter Capital One cards with a $500 limit each. I recently became eligible to combine the two. My credit score is likely not good enough to app for new cards at the moment.

My question is, which route will have a better impact on continuing to build my credit score? Keeping two lines of $500 open, or one at $1000? Assuming I keep the balance low and pay off each month either way.

Thanks in advance for the advice!

[Anonymous]

How old is each card? My hubby had a $300 SL on his first Platinum, it went to $750 after Credit Steps, then he got an auto CLI of $3000 after about 8 months, bringing his total CL to $3750. If you charge and PIF every month, and your cards both grow like that, then you could combine down the road with a higher limit. Just a thought. 

[heynongman]

They're both about a year and a half old. It might be awhile before I'm eligibile for CLI on it's own. So I'm wondering if a higher limit ($1000) is better moving forward than two smaller limits. Or maybe it doesn't matter?

[Anonymous]

If you haven't tried the luv button recently or gotten a CLI anytime in the last 6 months, I'd go for that first before looking to combine them -- combining counts as a CLI but if you can get a CLI first before combining them if you choose to it'd be a bigger overall line.

That's what I'm gonna do with my Cap One cards, anyway -- once my QS hits credit steps and I get another CLI on my QS1 I'm going to toss the QS1's limit into the QS to get rid of the annual fee and maintain my credit line.

[manyquestions]

I think your score will be higher with two cards rather than one.  I'd keep both and try to get credit limit increases on each.

[HeavenOhio]

If these are your only two cards, don't combine at this point. Two cards are better for scoring than one. Three or more would be optimum, meaning that you should consider combination if you have four or more cards. If there is an overriding reason to combine other than scoring, such as annual fees, then it might make sense.

What are your scores like right now?

[Anonymous]

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@Anonymous wrote:

If you haven't tried the luv button recently or gotten a CLI anytime in the last 6 months, I'd go for that first before looking to combine them -- combining counts as a CLI but if you can get a CLI first before combining them if you choose to it'd be a bigger overall line.

That's what I'm gonna do with my Cap One cards, anyway -- once my QS hits credit steps and I get another CLI on my QS1 I'm going to toss the QS1's limit into the QS to get rid of the annual fee and maintain my credit line.

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+1

Get what you can in CLIs before combining! Also, do you have any other cards?

[heynongman]

Thanks for all the replies so far!

I have one other card - $500 credit limit with Credit One, currently a $0 balance. 

I was denied the CLIs through Capital One :/ Credit scores are in low 500s based on long histroy of neglect. But turning it around now and only have one collection account remaining. Scores should rise quickly with on time payments on my credit cards I hope. 

Sounds like the consensus is keep them both open. Have to admit, I was excited at the opportunity to get a card limit up to $1000!

[Anonymous]

I do think if you keep them both open, along with your Credit One card, you can rebuild your scores and payment history. Just be sure to not let any balance over $50 post on any of your cards (keeping you utilization at below 10%), and pay in full every month. Give that pattern some time to work its magic, and your scores will only go up! I would advise against keeping Credit One over a year where you have to pay the annual fee again, unless they waive it for you. 

Good luck! Looking forward to seeing your progress!