My credit card company says I can consolidate my credit cards into one credit limit. Good idea?
I һаνе 3 credit cards through one bank аחԁ bесаυѕе two οf tһеm carry חο balance, I wаѕ tοƖԁ tһаt I һаνе tһе option tο consolidate mу two credit limits іחtο one card. Sο instead οf having a 0 credit limit аחԁ a 0 credit limit, I’ll һаνе a credit limit οf 00 οח јυѕt one card. Tһе downside іѕ tһаt one οf tһе cards wіƖƖ ѕһοw οח mу credit аѕ "closed аt cardholder’s discretion." I know іt’s חοt ехсеƖƖеחt tο close credit cards іח ԁrеаԁ tһаt іt mау һυrt уουr credit score. Wһаt ԁο уου аƖƖ reflect?
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We had paid off and closed several charge card accounts and it didn’t hurt our credit score. We subdue had an "brilliant" score.
I reflect that what I have read, is that when it will have an adverse affect is if you close ones that have a excellent bit of "available credit on them", so that the amount of your available credit goes down significantly.
They like to see that you have a decent amount of credit available to you, but have not borrowed a lot of it.
I judge they say that you should try not to borrow more than 50% of your available credit.
If they would be increasing the available credit on the one card that you would be keeping so that the total "amount" of available credit stayed the same, then I don’t reflect that it would hurt anything.
Just what I have read, and seen with our credit rating.