Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
LindsMcD

1 Contribution
0 People Helped
Capital one/ General Credit Card Question
I have two credit cards through Capital One. A Quicksilver (CL 4000) and a Venture One (CL 4000). I feel as though the benefits/rewards are better on the Quicksilver as the Venture miles program is kind of a joke. I have the option to combine them into one account. I also have a Chase credit card that has amazon rewards (CL 1500) that I pay off every month.
My Quicksilver is my longest standing open account on my credit report (It was a platinum and I did a product upgrade), so I definitely don't want lose that. My current credit/debt ratio is about 3%.
So my question is, what is the best way to rebuild my credit score? Would combining my capital one cards and only having 2 open credit cards hurt or help me? My current score is 606, as I had a hiccup about 4 years ago with a job loss. Any advice would be super helpful! Should I continue paying my cards in full every month, or should I carry a small balance?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1131 People Helped

Going from 3 open credit cards to 2 will HURT your credit profile/scores. I would not advise doing so if you are concerned about your credit. Maybe first, find another card to open, then once it is opened do your combination with Capital One.

1 Contribution
0 People Helped

Bump

Anyone? Crickets...

Top Contributor
1754 Contributions
3017 People Helped

Helpful to 0 out of 1 people

Never Close a Credit Card unless you have a Yearly fee on it  ( then you need to think really hard as to the impact of closing the card )

ALWAYS Pay your Credit Cards IN FULL Every month. ( NO IF ANDS OR BUTS ABOUT IT ) Never Ever Leave a Balance.

Top Contributor
119 Contributions
31 People Helped
Helpful to 0 out of 1 people

There is no reason to be so hard and fast about this! If someone is trying to improve their credit scores, it can be a GOOD THING to carry small balances on cards and pay them over time. Let's say that someone charges $200 on a card, and isn't going to charge anything else for the next few months. If they pay that off with the first bill, that's good...but that will only show ONE on-time payment. If, on the other hand, they pay $50/month for four months, or $33/month for six months, that's FOUR or SIX on-time payments, which go a long way to increasing their overall scores. I definitely recommend spreading payments out over time if a person needs to establish a good, steady payment history.

Top Contributor
5038 Contributions
1131 People Helped

Response to LinuxUser

Most credit card companies will update an account monthly as "paid as agreed" whether the account was used that month or not. In addition, using an account and paying it completely off before the due date is STILL a monthly payment. Your way of thinking on this only benefits the card companies as the borrow would end up paying interest. No offense, but your philosophy is incorrect on this.

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.