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constuctionman

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Should I consolidate?
I have multiple cards from the same company and I pay them off each month. Would it be better for my credit score to consolidate down to one card? Or would this hurt my score?

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Top Contributor
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Could hurt you.

Some of the factors that go into a good credit score are (1) Number of accounts you have, (2) Total available credit (3) Age of credit accounts (the older, the better).

When I consolidated my cards (three different financial institutions, total credit limit-$3000), the card they were consolidated to gave me a much higher credit limit and much lower interest rate.  I did not close the old cards, however, and my credit score did jump several points.  Only have to use the "old" cards once in a while to keep them active, otherwise they are safely stashed. My new card is the one I use a lot, but all cards are still active.

You may consider doing things this way.  Just don't close the "old" cards.

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