Tips for Managing Multiple Accounts with One Issuer

[Anonymous]

Hello all:

Long time reader... first time poster.

In 2009 I received a Ch 7 BK discharge that included accounts with the big guys including Chase, BoA, HSBC, GEMB, and CaptialOne.

Over the past 5 years I have worked very hard to build myself back up and demonstrate my ability.

In fact, CapitalOne was one of the first cards I got back. Now I have several...

CO QuickSilver One (former Cash Rewards) opened in 2010 with $500 (now $1250)

CO Platinum MasterCard opened in 2012 with $2000 (now $2500)

CO Basic Visa opened in 2010 with $500 (was an Orchard Bank that was converted during the CO purchase)

I called today to close the Platinum MC and the Visa because the rates, annual fee, and no rewards just isn't worth having them sit around. I charge on them occasionally but the fees don't justify them. CO CSR offered to product change all of them to QuicksilverOne so that I could at least have some type of reward for using them.

But now I have 3 cards with varying rates and fees all under the same program. I want to just keep the one with the highest limit and lowest fee but then I would lost the history on the oldest card.

With GEMB they would not give me a descent credit line for the Gap, Inc. store card but were happy to spread that limit over a Banana Card, Gap, and Old Navy accounts.

The rhetoric I hear is that legislation like the CARD Act prevent combining products and have received this line from CO and GEMB/Synchrony.

How have others dealt with having credit lines split between several products at the same bank?

I'm trying to get my ducks in a row and eliminate accounts with annula fees that are not used frequently or really low credit limits so that I can be prepared to purchase a home in the next 24 months. With CO, despite some of the negatives I hear they have given me a true second chance after losing about $2k in my BK. I have the three card accounts, my car loan, a ShareBuilder account and a CapOne 360 checking with overdraft line of credit all under the CO umbrella and have been very happy with their service.

<<End rant.>>

[Creditaddict]

I would send a facebook message to capital one that having multiple cards no longer works for you and you have had no help through regular customer service, leave your contact information... Executive office should reach out to you by first of next week since it's weekend now.

Tell EO that calls you that you understand that they don't combine current cards into 1 and increase the limit but you would like to go down to just 1 card anyway and you don't want to pay any annual fee and you would like a cli on the one you keep because frankly you deserve it anyway and two because you don't want to loose CL when you close the others. they will submit for a manual review (sp) and get back to you in a couple days.

as per some of your other questions:

1. you do currently manage them all under 1 log in right? that helps!

2. closing an accoutn does not make you loose the history, Good standing accounts will continue to report as such for 10 years after it is closed.

3. do you know any of your scores as of lately?

4. have you looked at expanding to any other cards?

5. have you tried calling "Credit Solutions" for a manual review on each of your GE Cards (I would call in for each of your 3 cards) it's always a sp and while 1 might be a no, the next might be a yes, they are weird to deal with sometimes... however if the first one you try says yes, then stay with that rep and move on to your other account and try for that too!

[axledobe]

First, congrats on your rebuild journey.  Lord knows it takes time and patience.  As creditaddict said above, I would certainly contact CapOne EO office and ask for some help on the AF's at least.  I will let you know that CO will not combine limits.  They will, however, temp waive annual fees, credit accounts a prorated amount for AF's already paid and sometimes even permanently waive AF's.  Considering the major success of many over the past few months with the EO, I would start there.

If your util is in order and you think another card would benefit you, you can also try many of the prequal sites to see if you have any offers.  The Barclay rewards card for avg credit might be an option for you.  If you google "Barclay pre approval link", you'll easily be able to find the link to check.

Here's what I wouldn't do - get frustrated and close your oldest revolving tradelines because of their annual fees.  Certainly give the EO a chance to keep you as those CO cards are very important to your credit profile right now during rebuild.  Sure, they stay on your report for 10 years post closure but you'll want to have a nice line up that has already aged a bit in preparation for them falling off.  I can't comment on GECRB/Synchrony as I've never had an account with them.  

Wish you the very best and keep us in the loop as you progress/proceed.  

[Anonymous]

Congrats on your rebuild. As you know following a BK7, it takes lots of patience. Been there and done that. In my case it took eight years to get my first prime card so it has been frustrating. Scores today 800+ with prime but that is after thirteen years. You are on the right path. Best wishes!