Money Tips: Should I combine my credit card balances?

Posted On: June 20, 2006

Guest: Holdcard
Post subject: Should I combine my credit card balances?
Posted: Tue Jun 20, 2006 9:55 am

Thanks for the quick reply.

Unfortunately, the newer card has better terms. Cap 1 doesn’t seem interested in improving the terms, even though I always pay on time, and in full. There’s only about 6 months history that I would loose though.

Guest: QikPass
Credit Expert (100+ Posts)
Posted: Tue Jun 20, 2006 11:14 am

Unless your history is very young, 6 months wont hurt that much. You can even try REALLOCATING some of the old limit to the new card, leave say..500 bucks on the old card in order to keep it open. That way you keep your history, AND get more limit on the new card. Since Cap 1 dosent report lmits anyway, the reallocation wont hurt you at all.

Fortune Favors The Bold…

Guest: Holdcard
Posted: Tue Jun 20, 2006 11:24 am

Thanks

I didn’t know you could leave a combined account open. I just may try that.

Guest: QikPass
Credit Expert (100+ Posts)
Posted: Tue Jun 20, 2006 2:44 pm

NO!!!…

Don’t COMBINE,… ask for a REALLOCATION.

That way your not closing the account, just moving somef the credit from one card to another…thus keeping 2 cards open, keeping your history, but having the greater limit where it would be of most use to you.

If you COMBINE, you will in effect close one card entirely.
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