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Should I combine Cap1 cards?

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Caldric
New Contributor

Should I combine Cap1 cards?

I currently have the old Plat One Rewards card think I got in 2011 and I also have Captial QuickSIlverOne which upgraded a couple of years ago from their entry level card I got in 2010. I was wondering if I should combined them. I have 0 balance on the Quicksilver which I paid off last month from 1200 dollars and will have 0 balance on the Rewards card this month balance was 900.

 

The QuickSilverOne card I have had since rebuild in 2010 it is at $4000.00

The Cash Rewards Card I have had since 2011 it is at $2800.00

 

Would it hurt if I combined them? That is if they allow combo anymore. I think they do if zero balance.

 

Also I have two Creditone Cards. Both zero balance and 1550.00 and 1450. They are 8 dollars a month for the first and 5 dollars a month for the second. Always afraid to close them because I didn't know if it would be painful for credit length and score. I have just paid the yearly fee for few years now. The Mastercard is not too bad with CreditOne 17% but compared to the 23% of the CapitalOne Cards I felt ok keeping but not sure. I don't mind paying a few bucks a month if it keeps my score right.

 

Currently I have 57K credit revolving  with 7000 debt on revolving. I think that is about 12% or so.

 

Sorry if vague on information if need more ask. And thanks for any advice.!

 

 

Message 1 of 13
12 REPLIES 12
K-in-Boston
Credit Mentor

Re: Should I combine Cap1 cards?

From mistakes I made, I would ask for a CLI on both cards before combining. Cap1 considers a combination to be a CLI and will not let you have one for 6 months after. I'd dump the Cash Rewards into the QS1 since it's older. Do you like the QS1 or would then doing a PC to a no-fee QS be better for you?

The CreditOne cards would still report for 10 years after closing, so unless they are substantially older than the rest of your cards no harm done in closing them and your util wouldn't change drastically.
Message 2 of 13
Caldric
New Contributor

Re: Should I combine Cap1 cards?

Thanks Boston I didn't know about the CLI thing. I do like the QS1 as long as pay it and don't get stuck with high interest but sometimes I let it roll just to give them some profit to.

 

The CreditOne cards are most likely 2012 and 2013 so they are not my oldest, the QS1 is my oldest card at the moment. I know they (CreditoneBank) have a bad rep but I have never had a problem with them I paid on time and they helped build my credit. I have never had to talk to rep but the CLI was always like 14 bucks but I paid it because I had screwed up credit after divorce. Had to pay to get back, now my Fico is 739 give or take for all scores. **bleep** long road.

 

Message 3 of 13
Caldric
New Contributor

Re: Should I combine Cap1 cards?

Thanks for the information though so complicated sometimes.

Message 4 of 13
AverageJoesCredit
Legendary Contributor

Re: Should I combine Cap1 cards?

Youve done well coming back from the abyssSmiley Wink. I believe you are past credit one and with 739 Fico, you're primed for bigger and better things. Smiley Happy
Message 5 of 13
HeavenOhio
Senior Contributor

Re: Should I combine Cap1 cards?

Definitely ask for CLIs first.

 

I'd call CapOne and check into product changes on both cards to something with rewards and no annual fee. The results (or lack thereof) will help you to make a decision on whether or not to combine. Note that offers to product-change QS1 cards are infrequent.

Message 6 of 13
Anonymous
Not applicable

Re: Should I combine Cap1 cards?

solid advice! I made the same mistake a few weeks ago. Combined Cap1 cards about a week before I was due for a CLI. Now I have to wait 6 months because they consider combining cards a CLI. From now on I will check the forum before I do anything credit related. 

Message 7 of 13
grillandwinemaster
Valued Contributor

Re: Should I combine Cap1 cards?

Hey OP, personally,  I would combine in the manner in which has already been adviced.

 

I prefer to have less cards to manage.  My account combination was flawless and painless.  

 

On a side note,  cancel your credit 1 and first premiere cards immediately.  With your scores,  You're ready for Pierone cards like Amex,  Discovery,  Citi, and Chase.  Your score WILL NOT be negatively affected. 

 

If you do decide to open new tradelines, THEN your AAofA WILL be affected. 

 

Best credit wishes to you! 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 8 of 13
Anonymous
Not applicable

Re: Should I combine Cap1 cards?


@K-in-Boston wrote:
From mistakes I made, I would ask for a CLI on both cards before combining. Cap1 considers a combination to be a CLI and will not let you have one for 6 months after. I'd dump the Cash Rewards into the QS1 since it's older. Do you like the QS1 or would then doing a PC to a no-fee QS be better for you?

The CreditOne cards would still report for 10 years after closing, so unless they are substantially older than the rest of your cards no harm done in closing them and your util wouldn't change drastically.

+1

Message 9 of 13
Anonymous
Not applicable

Re: Should I combine Cap1 cards?


@AverageJoesCredit wrote:
Youve done well coming back from the abyssSmiley Wink. I believe you are past credit one and with 739 Fico, you're primed for bigger and better things. Smiley Happy

Agreed!!

Message 10 of 13
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