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Why not continue to be that responsible grown up and NOT run up your cards again? Then you don’t need to worry whether you have $3,000, $10,000 or $13,000 available credit. Cut the cards up.
That's the plan! Most of this debt occurred in the last year as a result of several pet emergency ER visits; this is why we have the CareCredit (Synchrony) card.
Recently did the grown-up thing and consolidated our high-interest credit cards into a single, low-interest personal loan through our credit union. All credit cards now have zero balances. Spending is frozen; I'd close a couple of them completely if it wouldn't ding my credit score.
Synchrony issued two of these cards:
-- Ashley Furniture, $3K limit
-- CareCredit, $10K limit
I would like to close the Ashley Furniture card and move that $3K limit over to CareCredit. Is this a simple request that's likely to be approved, or should I close the AF card, then request a credit increase on the other?
What is the purpose for your cards? is Ashley Furniture good at the store only?
Is Care Credit a card you should only use for medical expenses?
I suggest you get a cash back card thru your credit union. Use that for your daily expenses.
Likely you can't just close one account & get credit increase on the other. Doesn't work that way.
Use Credit Karma to see what cash back cards you qualify for.
Sounds like you need a 6 month emergency fund. A cash back card where you put any rewards into savings is a good way to get there. Then you get rewarded for paying your bills each month.
For those who might be curious, my Credit Karma score increased to 740 as a result of consolidating the debt and leaving those paid-off credit cards open but with zero balances for the last several weeks. That's a real motivator to keep those clear!
Synchrony issued two of these cards:
-- Ashley Furniture, $3K limit
-- CareCredit, $10K limit
I would like to close the Ashley Furniture card and move that $3K limit over to CareCredit. Is this a simple request that's likely to be approved, or should I close the AF card, then request a credit increase on the other?
FWIW I wouldn't close either one. The Ashley card, if I am not mistaken, was issued by Synchrony Home. That card can also be used at a lot of local retailers that don't issue their own cards. I'm talking about local appliance stores, local carpeting stores, etc.
So if your stove fails or fridge breaks down you can pick one up at your local retailer and take 12 months to pay it off without incurring any interest. Of course, after 12 months you get hit with 29.9% so keep that in mind, but it beats paying 18% from Day One on a Visa card.
Recently did the grown-up thing and consolidated our high-interest credit cards into a single, low-interest personal loan through our credit union. All credit cards now have zero balances. Spending is frozen; I'd close a couple of them completely if it wouldn't ding my credit score.
Synchrony issued two of these cards:
-- Ashley Furniture, $3K limit
-- CareCredit, $10K limit
I would like to close the Ashley Furniture card and move that $3K limit over to CareCredit. Is this a simple request that's likely to be approved, or should I close the AF card, then request a credit increase on the other?
I highly doubt they would let you combine them since they are for different specific type businesses.
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