credit card consolidation question - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
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post #1 of 17 (permalink) Old 06-29-2006, 07:30 PM Thread Starter
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credit card consolidation question

i started with one credit card through Bank of America, I have had it for about 4 years now. I recenly put a bunch of stuff on it when I moved, and I decided that I wanted to sign up for another credit card (through Bank Of America) to take advantage of the 0% intrest rate. So I consolidated my two cards, and my question is what happens to your credit limit when you do this?? Both cards had a $2500 limit on them, so now would I have one card with a $5000 limit? This was the only thing I forgot to ask them... Anyone know, I just dont want to call them back becuase they can hardly speak english...
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post #2 of 17 (permalink) Old 06-29-2006, 09:50 PM
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Re: credit card consolidation question

No, if card #2 was 2500 limit and card #1 was 2500 limit and you just TRANSFERRED your blanace... you didn't double your credit line on one card. You still have the 1st card that now has a 0 balance. But that is where a lot of creditors get you. You transfer your balance, now you have an empty card that you'll want to use. And you just keep getting deeper in debt.

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post #3 of 17 (permalink) Old 06-30-2006, 09:14 AM
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Re: credit card consolidation question

Also depending on how the card works frequently there is an interest rate hit on transfers from one card to another (some are as high as 20%). I know some people can't help it, but it sucks hard core to keep any kind of balance on a card.
-Matt
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post #4 of 17 (permalink) Old 06-30-2006, 11:54 AM
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Re: credit card consolidation question

way back when... I had two citi cards... I combined them and it combined the credit limits however, I asked the same question recently and they said the higher balanced one would be the new limit.
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post #5 of 17 (permalink) Old 06-30-2006, 11:56 AM
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Re: credit card consolidation question

You're saying they set the credit limit to the transferred balance of the new card? Interesting way of doing it.....
post #6 of 17 (permalink) Old 06-30-2006, 12:05 PM
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Re: credit card consolidation question

hope you didnt close one of them, you should atleast have 2-3 cards open all the time. also keep using them. this is the way to get a good credit score




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post #7 of 17 (permalink) Old 06-30-2006, 01:04 PM Thread Starter
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Re: credit card consolidation question

[quote author=DUBS link=topic=50206.msg795527#msg795527 date=1151683540]
hope you didnt close one of them, you should atleast have 2-3 cards open all the time. also keep using them. this is the way to get a good credit score



[/quote]

they told me i had to close card#1 they told me there was no way of keeping them both open, and I wanted to take advantage of this 0% intrest rate on card #2.. They were probably BS's my but I dont know much about credit cards plus the lady I was working with sounded like she was hiding out in a bunker in Iraq talking to me...

If my card does end up closing I will end up signing up for another one just so I do have two open accounts...
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post #8 of 17 (permalink) Old 06-30-2006, 01:44 PM
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Re: credit card consolidation question

well im not sure how it works when you join to cards. but yeah best thing to build credit is to have 2-3 cards, charge about 100 bucks every now and then, and pay 10 bucks a month

you keep doing this for a year or so and your credit score will be 700+


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post #9 of 17 (permalink) Old 06-30-2006, 02:08 PM
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Re: credit card consolidation question

And my score is about 700 right now and only have a single card and always pay it off. My income, plus only ever having missed 3 payments (forgot about 3 utility bills and paid them late over the course of the last 4 years) and never a credit card payment, and my car loan has pretty much gotten my credit to the highest.
-Matt
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post #10 of 17 (permalink) Old 06-30-2006, 02:14 PM
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Re: credit card consolidation question

My mortgage specialist advised me to open a total of 3 credit card accounts, and keep them all at zero balance. The difference between credit extended and credit being used is what has the greatest affect on your credit score. The only outstanding items I had on my credit report were my car loan and one credit card for around $300 when I bought my house, and my mortgage guy told me that was ideal.
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