hnr949 wrote:First off, I have an AMEX card issued by USAA.. I currently have a $10k limit on this card. I also have a World Mastercard from them as well with a limit of $7,500.
My question to you pros out there is if it would affect my credit adversely if I ask them to roll both balances and limits of the cards into the AMEX and eliminating the world card.
Some people are saying that yeah, if I want a higher CL I can ask them to roll it over... But I am thinking it over and that would mean I am closing the world account, thus affecting my credit "history"? let me know what you guys think. What are the real pros and cons of doing this?
Thank you kind sirs.
Why do you want to do this? Do you need to have $17,500 a/c on one card? You could just ask for a higher credit line, but if you are not needing to borrow the money, then what is the point? Just so you can say you have lots of credit?
To answer your question, this is a very bad idea, if they would even let you combine a MasterCard and an American Express. You need to have diversity in your credit profile, with multiple lines of credit, revolving, charge, installment, & mortgage. Decreasing the number of open accounts is not usually a good move.
People apply for credit for a variety of reasons, some good, some bad. Most people apply for credit when they can't afford to purchase it outright, and need to finance it over a period of time; like a car.