Cap1 combining question

[Anonymous]

Hubby is coming up on his credit steps (6th statement cuts on the 6th) and planning on combining his cards. I know the cards have to be at least 6 months old and the one that's getting closed has to have a zero balance. What I haven't been able to find out is how long does the process take? Is it immediate when you request the combination or does it take longer? If so, how long?

[Anonymous]

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@Anonymous wrote:
Hubby is coming up on his credit steps (6th statement cuts on the 6th) and planning on combining his cards. I know the cards have to be at least 6 months old and the one that's getting closed has to have a zero balance. What I haven't been able to find out is how long does the process take? Is it immediate when you request the combination or does it take longer? If so, how long?

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It is immediate. However, I would consider doing it at the 12 month mark, for the second round of CLI's which could bump you up signifigantly. On my second set of CLI's I went from 800/1500 to 2300/3500

What are hubby's limits?

[Anonymous]

Currently 1500 on both. I might wait until the 1 year mark to do it for him but was thinking about getting another QS1 and starting him over again. He's wanting to lower the number of cards he has.

[Anonymous]

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@Anonymous wrote:
Currently 1500 on both. I might wait until the 1 year mark to do it for him but was thinking about getting another QS1 and starting him over again. He's wanting to lower the number of cards he has.

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They may each go to $3500 in another 6 months, as long as they see good usage and low UTI%. Credit steps should take them to $2K each, for $4K combined, then another card would probably start at $500, go to $1500 and be at $2k in six months.... either way you should look pretty good in another 6 months. 

[Anonymous]

That's kinda what I figured, 6 of one half a dozen of another

[Anonymous]

At this point, if he's had 6 months of on-time payments with multiple products with them he should be looking at their prime cards - what are his scores? The QS visa doesn't have an annual fee where the QS1 does.

You'll get better SL's moving to the prime cards.

[Anonymous]

His scores are mid 600s right now. His Platinum was PC'd into a QS right at his 3rd statement. So he has a secured Platinum, a QS1, and a QS and Cap1 is financing his truck.

[Anonymous]

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@Anonymous wrote:
His scores are mid 600s right now. His Platinum was PC'd into a QS right at his 3rd statement. So he has a secured Platinum, a QS1, and a QS and Cap1 is financing his truck.

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Time to close the secured card. Wait till all scores are over 670/680 or so to app for the QS/Venture prime cards.

[Anonymous]

He's keeping the secured card for his 'play' card since it won't get another increase. I suggested closing it and getting another but he doesn't want a high limit card for 'playing'. Working on getting rid of his only baddie

[Anonymous]

Cap1 uses the mortgage scores for prime card approval, any chance you know those? I was approved for 2 QS, Venture1 and Venture with scores in the mid 600's, my mortgage scores were around 660 at the time. I had a platinum and QS1 with perfect history when I app'd. .

Check the pre-qualifier and see what pops up. Check the box for excellent credit. He may be pre-qualified for something better, if not maybe one of the MC's pop up. Pre-qual is a soft pull so no harm in checking.