Showing results for 
Search instead for 
Did you mean: 

Consolidating credit limit


Consolidating credit limit

I am trying to consoliate credit limit into one card.
(2 bofa card to 1, 3 chase cards to 1)
I got some positive answers from the banks so far.

If I can maintain the same credit line/limit and oldest account's history (open/activation date) after merging multiple cards into one,

will there be any change in my credit score?

Assuming that all other things remain the same (balance, credit line, history).
Only difference will be accounts closures thus less accounts.

Basically, my question is whether "closing accounts" itself has negative impact on the score while debt to credit ratio and history remain the same.

I appreciate all inputs. Thank you for your time reading my post.

Message 1 of 2
Moderator Emeritus

Re: Consolidating credit limit

You will decrease your number of open TLs.  The TLs will stay on your report and add AAoA for about 10 years before falling off.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 2