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koche005

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what is the effect of moving credit between accounts
I have an excellent rating and want to keep it that way. I have 2 visa cards from different institutions. One I hardly use anymore has 3x the credit limit of the one I'm using most. It's a points thing. Is there any negative effect of asking one institution to lower the limit while raising it on the other, maintaining the same total? Does it matter which I do first?

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Never ask a creditor to lower your limit, that will hurt your scores because your utilization will automatically increase.  Yes, do ask for increased limits, that helps increase your scores.  Don't close any cards, that will really hurt your score.  Just keep any cards alive by using once a year, you don't have to carry a balance.  If you move a debt from one card to another, it doesn't affect your score, unless you move a large balance to a card with a lower credit limit, thereby increasing your utilization beyond 30%.  Hope this makes sense.

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