To combine or not to combine!

[Anonymous]

As our credit has gotten better, I as able to recently get a few new cards. I try to spread activity out over them, but its getting crazy, and I'm thinking about combining the Cap 1 accounts for each of us! We are authorized users on each others accounts so they show up on both our reports.

Husband has Cap 1 Platinum - CL $3900 Bal $0 AGE 4yr+, Quicksilver One - CL $500 BAL $0 AGE 3mo., Barclay NFL Rewards Card - CL $2550 BAL $0 AGE 3yr+.

I have Cap 1 Platinum - CL $1250 Bal $0 AGE 8yr+, Quicksilver - CL $10K BAL $6K AGE 3mo, Barclay Rewards Card - CL $1500 BAL $0 AGE 3yr+, AMEX Everyday - CL $500 BAL $0 AGE 3mo., Discover IT - CL $13500, BAL $6K, AGE 3mo. I'm also an authorized user on my mom's Discover - CL $35K BAL typically $0-$2K, AGE 29yr+.

How much of an impact will combining the Cap 1 accounts for each of us be, since those are the oldest for both of us? I know my QS and Discover balances are high but I was taking advantage of the 0 interest balance transfer, and of course when it rains, it pours - unexpected expenses. Plus i use those for all my bills to get the cashback bonuses, but pay those right away.

[JR_TX]

Hi cuttersmom and welcome to the myFICO boards!

Combining Cap1 accts wouldn't have much an effect on your credit score if that's what you meant so long as you do it the right way. Meaning, make sure to keep oldest one when combining limits and closing the other. Just to remind you though that Cap1 will not let you close the one with the balance so make sure to zero out the newer acct that you're looking to close. Lastly and most importantly, see if your Platinum is eligible to be upgraded or PC'd. If they are, then do that asap!
That's based on my experience with them. Had an older Platinum with $7.5K CL and a QS with $3K. PC'd the Plat to QS, Combined them then closed the other and newer QS.
No change in my credit score at all.

Best of luck!

[Anonymous]

Oops! - I want to combine the Platinums to the Quicksilvers since i get the cashback bonuses with those, but would then lose the oldest credit cards. I'm not totally up on the whole upgrade thing - can i upgrade the Platinum's to Quicksilvers (for the cashback) and then combine the newer QS to it?

[HeavenOhio]

Husband: He's at three revolving accounts, which helps him optimize scoring. I woudn't combine anything until there's a fourth card in the mix. The bugaboo is the QS1, its annual fee, and the fact that it's tough to get PC (product change) offers on that card. I'd suggest using the card each and every month, paying in full each and every month, and calling periodically to see if upgrade offers are avaiable. I did that for about a year and finally got offers on my two QS1s. I usually didn't leave statement balances; I don't think it matters whether or not you do that.

Wife: The logical thing would be to combine the lesser card into the good one. The old card would continue to report for up to 10 years. What you have to decide is if you want to take the AAoA (average age of accounts) and AoOA (age of oldest account) hits once the card finally drops off. Because the Platinum is a no-fee card, it doesn't hurt to keep it around. Before combining, I'd see if there are PC offers. Platinum cards are much easier to upgrade to Quicksilvers than QS1 cards are. Plus, if you were earning rewards on that card, you might feel motivated to spend and coax some credit limit increases on it.

[AverageJoesCredit]

Can i be added to your Moms Discover too? WOWZER thats alot of history