Should I consolidate my credit card accounts?
Guest: Snuffy
Post subject: Should I consolidate my credit card accounts?
Posted: Wed Aug 16, 2006 10:15 am
EasyRhino wrote:
yup, requesting a BT at application might result in slightly higher scores. So it's useful to have a good target.
Also, citi's 0% Bt offers are often good from the first transfer, so you could "save" the BT offer on the Premierpass for a while until you finish laundering money through it, and THEN request the BT
But don't dribble your apps out too long (barring the BT target card) because the new accounts will hurt your credit scores and approvals.
I noticed that too when I signed up for th Citi card. It seems like a good card all around. Unless I could do a BT straight from it to my bank, I don't know what I would use the BT for. Could be a future use, so I will not use it now.
When I do the Discover card I will group any other cards I want in the same session. Not sure if I want any other though. Could having too many cards hurt?
Something I found at FW:
fatwallet.com/forums/messageview.php?start=40&catid=52&threadid=635164
Quote:
Discover won't reallocate or consolidate.
BofA won't reallocate. Only consolidate.
What's the difference?
consolidate - take limits from 2 cards and combne into 1, closing the other. reallocate - move limits between cards, keeping both open.
Yesterday I sent a message to BofA asking if I can consolidate my 2 cards with them and retain the start date of the oldest.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Snuffy
Posted: Wed Aug 16, 2006 11:53 pm
Snuffy wrote:
Yesterday I sent a message to BofA asking if I can consolidate my 2 cards with them and retain the start date of the oldest.
This is their reply:
Quote:
We now offer the option to consolidate your Bank of America Credit Card
accounts.
The consolidation process is subject to credit approval. If approved,
your credit limits can be merged together to form one limit. One
account will remain open, and the other account or accounts will be
closed. You may choose which account you wish to keep open.
Purchases and cash advances will be the only balances that will
automatically be separated upon consolidation. Any promotional rates
will be forfeited on the closed account, and any balances at a
promotional rate will be transferred as purchases, unless the balance is
a cash balance.
If you wish to proceed, please e-mail us again and include which account
you wish to remain open.
We appreciate the opportunity to assist you online. Should you have any
further inquiries, please e-mail us again.
Would it be best to not do this until I get the other cards? Doing this might show activity and appear as if I am applying for another.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Should I consolidate my credit card accounts?
Posted: Wed Aug 16, 2006 10:15 am
EasyRhino wrote:
yup, requesting a BT at application might result in slightly higher scores. So it's useful to have a good target.
Also, citi's 0% Bt offers are often good from the first transfer, so you could "save" the BT offer on the Premierpass for a while until you finish laundering money through it, and THEN request the BT
But don't dribble your apps out too long (barring the BT target card) because the new accounts will hurt your credit scores and approvals.
I noticed that too when I signed up for th Citi card. It seems like a good card all around. Unless I could do a BT straight from it to my bank, I don't know what I would use the BT for. Could be a future use, so I will not use it now.
When I do the Discover card I will group any other cards I want in the same session. Not sure if I want any other though. Could having too many cards hurt?
Something I found at FW:
fatwallet.com/forums/messageview.php?start=40&catid=52&threadid=635164
Quote:
Discover won't reallocate or consolidate.
BofA won't reallocate. Only consolidate.
What's the difference?
consolidate - take limits from 2 cards and combne into 1, closing the other. reallocate - move limits between cards, keeping both open.
Yesterday I sent a message to BofA asking if I can consolidate my 2 cards with them and retain the start date of the oldest.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Snuffy
Posted: Wed Aug 16, 2006 11:53 pm
Snuffy wrote:
Yesterday I sent a message to BofA asking if I can consolidate my 2 cards with them and retain the start date of the oldest.
This is their reply:
Quote:
We now offer the option to consolidate your Bank of America Credit Card
accounts.
The consolidation process is subject to credit approval. If approved,
your credit limits can be merged together to form one limit. One
account will remain open, and the other account or accounts will be
closed. You may choose which account you wish to keep open.
Purchases and cash advances will be the only balances that will
automatically be separated upon consolidation. Any promotional rates
will be forfeited on the closed account, and any balances at a
promotional rate will be transferred as purchases, unless the balance is
a cash balance.
If you wish to proceed, please e-mail us again and include which account
you wish to remain open.
We appreciate the opportunity to assist you online. Should you have any
further inquiries, please e-mail us again.
Would it be best to not do this until I get the other cards? Doing this might show activity and appear as if I am applying for another.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:28 PM
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