Sunday, January 17th, 2010
If I combine 2 credit cards, will it hurt my credit score?
I have 2 cards from capital one that I use every month, but pay off every month. One has a credit limit of $500 the other is $1200. If I call to combine the credit limits into one card will my credit score suffer since one account will be considered closed? Or will it remain the same since the limit will not change.
I am planning on applying for another credit card with a higher limit to improve my score, and I don’t want a lot of cards. Thanks!
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – buildcredit.ifastnet.com
January 17th, 2010 at 5:38 pm
it will hurt it because right now you have $1700 of credit. if you combine them your credit drops to $1200 (or $500) and your amount of available will be less, making your debt to credit ratio higher.
the more open lines of credit you have, the better, if you keep it under 30% debt to 70% credit. but this is only for established accounts. opening a lot of new cards at once will hurt your score until they mature.
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