Should I consolidate my credit cards into one account?

Author: milavant
Joined: 11 Nov 2003
Posts: 38
Posted: Fri Feb 04, 2005 12:34 pm
Post subject: Combining Credit Cards

What would be the GOOD things about combining two credit cards (MC and Visa) from the same issuer for a combined credit limit on one card?

My FICO is in the high 700s, plus I also have an AMEX card.

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Author: Daniel
Joined: 02 Feb 2005
Posts: 6
Posted: Fri Feb 04, 2005 11:41 pm
Post subject: Re: Combining Credit Cards

milavant wrote:
What would be the GOOD things about combining two credit cards (MC and Visa) from the same issuer for a combined credit limit on one card?

My FICO is in the high 700s, plus I also have an AMEX card.


Having a larger line on one card sometimes will bring about an advantage in future line increases or better initial lines for new cards.

Combining cards is a great way to get that higher line in a short period of time.

Many banks will match your highest line reporting, so you will prefer their card over the competitors.

Of course score income etc… also factor in.

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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 830
Location: NJ
Posted: Sat Feb 05, 2005 5:20 am

You can't combine a MasterCard & a Visa, even though they're from the same issuer. It's a rule.

Why would you combine like cards from the same issuer? I've done it to take advantage of a special offer, such as a 0% balance transfer rate, that one card had and the other didn't. Other than that it can neither help nor hurt your credit because your total available credit and total utilization will not change.

The only negative might be if you have a short credit history and you merged the older card into the younger. This could actually shorten your credit history.

Do not let what you cannot do interfere with what you can do.

Ira

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