Credit Tips: Combining Credit Cards From the Same Company

Posted On: May 1, 2006

Author: CrazedEpidemic
Posted: Sun Feb 05, 2006 3:53 pm
Post subject: Combine cards?

My mom has three credit cards from the same company.

CL- 750, 750, 1000

She just recently opened those accounts last month with 0% for 6 months which added 3 inquiries to her report. Should she combine them or keep the separate? She has 10 credit cards already with different companies so she really doesn’t need them. Whats the most one person should have? She gets a lot of offers in the mail with great BT options, should she accept them even though she has a lot of cards? She really needs the BT options because she has bad records with her highest balanced cards, her interest rates are 29.99 with 7,000 balance.

Author: mouse
Posted: Sun Feb 05, 2006 4:08 pm
Post subject: Re: Combine cards?

CrazedEpidemic wrote:
My mom has three credit cards from the same company.

CL- 750, 750, 1000

She just recently opened those accounts last month with 0% for 6 months which added 3 inquiries to her report. Should she combine them or keep the separate? She has 10 credit cards already with different companies so she really doesn’t need them. Whats the most one person should have? She gets a lot of offers in the mail with great BT options, should she accept them even though she has a lot of cards? She really needs the BT options because she has bad records with her highest balanced cards, her interest rates are 29.99 with 7,000 balance.

Call and ask for all 3 into 1 if she wants
(especially if they have fees)

The credit lines are too small for it to be any good for most people

My lowest credit limit is $3,800 and it is a store card

How many cards is up to the one having them

I had 50+ at one point

I now have around 20 or so with much higher credit limits

(some over $50,000)

Pay off any rates with APR’s higher than the 0.00% rate she can get from the new cards (hopefully it doesn’t have a big BT fee)

For some people 1 is too many

FICO says 4 or 5 minimum as far as I know