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Possible to Close Unused CC without Lowering FICO, or Consolidate with another Card from Same Bank?


Speedbird747
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After many years, I’ve managed to reach achieve zero credit card debt (student loans are another matter but, these days, I’ll take any victory I can come by). 
 

I have two credit cards from Citi. Both are the same “sponsor”, but one is a higher level and affords more rewards (gold vs platinum). Neither card has a balance, however, the lower tiered card has a higher limit. As I’m in now the practice of paying balances in-full each month, the credit limit is only a consideration insofaras its negative effect on my FICO score if I were to close it. It would lower my total available credit, and it is an older account (~10 years). 
 

Should I just keep it open in perpetuity, occasionally using it for a small purchase to keep it active? Should I close it and deal with the credit score hit? Has anyone heard of a credit card company “consolidating” two cards? Is there another option I haven’t thought of?

 

My instincts tell me that the first option may be best, as I’d like to apply for a mortgage within the next few years. 

 

Any thoughtful advice would be appreciated!

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Your credit score doesn't care about gold vs platinum. 

 

Some issuers will combine limits, some will not.  There may be discussions about whether Citi is one of the ones who will, but I never paid much attention to those threads. 

 

What are the two limits and how old are the two accounts?  The answers to those questions would help with potential guidance in the matter...

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9 hours ago, centex said:

Your credit score doesn't care about gold vs platinum. 

 

Some issuers will combine limits, some will not.  There may be discussions about whether Citi is one of the ones who will, but I never paid much attention to those threads. 

 

What are the two limits and how old are the two accounts?  The answers to those questions would help with potential guidance in the matter...

Regarding the Gold vs. Platinum, that’s not in question.
 

Maybe I can rephrase, because I probably jumbled up my concern: The Platinum card offers me more benefit, thus I’d prefer to use it and not use the Gold card. The Gold card is effectively dormant to me. My question concerns the consequences of closing a 10 year old card with a $10,000 limit, thereby removing a more mature card with a limit that will have a material effect on my total available credit. 
 

The Platinum card has a limit of around $8,000, and is around 5 years old. 
 

Does this make more sense? I’m wondering whether I should (1) just keep both cards, (2) approach Citi about consolidating (I guess no harm in asking, or (3) cancel the Gold and suffer the consequences. 

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9 hours ago, hegemony said:

call Citi and ask to combine the limits. Citi used to but a few years ago changed its policy but of course that could have changed again. If Citi lets you combine or not, please update this thread: https://creditboards.com/forums/index.php?/topic/524538-the-master-which-issuers-will-combine-limits-thread/page/29/

Thanks very much for this link. I’ll make the call tomorrow and update accordingly. 

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On 3/16/2022 at 7:07 PM, Speedbird747 said:

Thanks very much for this link. I’ll make the call tomorrow and update accordingly. 

They said no, they will not combine limits. Only option was to close the the account or use it. 
 

He added that after 12 months of inactivity, an account is reviewed for closure. 

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Sorry to be late to this thread.  On the topic of Citi and combining of CL's, the most recent discussion has been that Citi will no longer transfer limits between active accounts.   However, the potential exists that if you close and reduce the credit limit on one account, Citi will be more receptive to a credit limit increase on another account (hard credit pull).

 

I encountered one exception where I was approved for a new account but with a fairly small CL because I was at my total permitted credit exposure (total Citi CL's).  In that case, upon calling, they permitted reallocation of a portion of one of my existing card lines, citing it as an exception.

 

With respect to FICO scores and account closure, FICO continues to factor the age of a closed account so long as it continues to report (potentially up to 10 years post closure).  One should strive to see that some of their accounts age into a very ripe age (30+ years) in time, but it's not at all necessary to ensure that all accounts do.  In particular, I would never maintain a card with an annual fee solely for the sake of age.

 

With respect to utilization, if the lost credit line is a substantial portion of your open credit lines, then this could be a factor.  However, it's immediately reversed should you open new credit line(s) with equivalent availability, or increase your existing credit lines by a comparable amount (or some combo of these).

 

 

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