Scoring question

[MrCredit]

First off, I think this forum is the BEST!! I have learned lots of knowledge from it....

anyway...

I have one question, my wife has two Citi Cards, a Dividend Platinum Select and a Cash Returns.

Limits are PS=$16000 and Cash Returns is $12100.

The PS has a balance of 3300 and the Cash Returns has a bal of 10260, (boat purchase)

The platinum select has a 7.24v APR Cash returns 9.99v and both balances are a lifetime BT of 4.9%.

PS has been open since 3/07, and is the oldest of the two with the lowest rate. For utilization and scoring do you recommend combining the two to make a total credit line of $28100 with a $14000 balance or leave them the way they are? What would be the best thing? I know her scores are tanked right now with that 90% utilization on the Cash Returns? Any recommendations? Thank you in advance.

[Junejer]

Depends on what your financial and FICO goals are. If you combine the two, your util will be 50%. That will certainly help your FICO from an ind util standpoint. Weigh out the possibilities of BTing a portion of the higher balanced one to the other card. If you are not in the market for a purchase in the near future, then I wouldn't worry about it right now. Pay them down as quickly as possible.

[MrCredit]

I am concerned that the util is bringing down her score... 80% on the higher bal... I dont intend to buy anything in the near future... I wonder if Citi will CLD us if we combine since it will be a $28100 CL thats pretty nice. I have a 16k on HSBC GM and a 13k on BOA Platinum Plus.

[MrCredit]

Would closing down the one hurt the score....(the newer one)

[Junejer]

MrCredit, the high util is hurting her score right now. But, if you are not planning to app for new credit soon, I wouldn't worry about the score affect. Just get the debt paid as quickly as you can.

I don't know whether or not chase will CLD you for combining the two cards.

If you were to close the newer card, it will continue to report for up to 10 years. So, it will count in your AAoA, which will get better as time goes on.