I have 3 accounts with Chase, each has a limit of $5000, 0 balances on all 3. They offered to combine the entire line onto 1 card and then I can get rid of the other two. I would then have one card with a $15 K limit....how do the credit scoring companies look at this? Should I do it or not?
2006-12-03 11:32:15 · 4 answers · asked by sevensevan 1 in Business & Finance ➔ Credit
Before you agree to consolidate, you will want to make sure the terms of the consolidated card are at least as good as the most favorable termed card you have.
Otherwise, why consolidate, just use the one. If you have a zero balance on all of them, you could just as easily get rid of the two with the worst terms and keep the third.
As far as your credit score, you are probably only slighlty better off keeping all three. Time you've had credit and the number of lines of credit each play only a minor calculation in the overall score.
More than 65% of the score comes from how timely you make payments and how much outstanding credit you have.
2006-12-03 16:20:15 · answer #1 · answered by markmywordz 5 · 0⤊ 0⤋
It would be to your advantage to keep the cards as they are.
If you cancel two of the cards, you are losing a portion of your credit history, which will lower your credit score.
I don't see any great advantage to combining them into one card, other then save Chase money by not tracking 3 separate cards.
2006-12-03 21:07:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Keep all your credit accounts under 45% of the max. Keep all the accounts open. The more open accounts in good standing the better.
Rondel
http://1stmdloans.com
2006-12-04 21:56:30 · answer #3 · answered by ron d 3 · 0⤊ 0⤋
As long as your managing the account good no one would look down on it. I would do it.
2006-12-06 22:52:34 · answer #4 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋