Comments on: My credit card company says I can consolidate my credit cards into one credit limit. Good idea? http://howto-howto.info/credit-card-consolidation/my-credit-card-company-says-i-can-consolidate-my-credit-cards-into-one-credit-limit-good-idea/ How To Get Out Of Debt Sat, 04 Jun 2011 12:01:18 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Hugh Shinn http://howto-howto.info/credit-card-consolidation/my-credit-card-company-says-i-can-consolidate-my-credit-cards-into-one-credit-limit-good-idea/comment-page-1/#comment-2621 Hugh Shinn Wed, 02 Dec 2009 12:09:19 +0000 http://howto-howto.info/credit-card-consolidation/my-credit-card-company-says-i-can-consolidate-my-credit-cards-into-one-credit-limit-good-idea/#comment-2621 We had paid off and closed several charge card accounts and it didn't hurt our credit score. We still had an "excellent" score. I think that what I have read, is that when it will have an adverse affect is if you close ones that have a good 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 believe 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 think that it would hurt anything. Just what I have read, and seen with our credit rating. We had paid off and closed several charge card accounts and it didn’t hurt our credit score. We still had an "excellent" score.
I think that what I have read, is that when it will have an adverse affect is if you close ones that have a good 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 believe 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 think that it would hurt anything.
Just what I have read, and seen with our credit rating.

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