Posted by William Charles on August 4, 2015
Credit Cards

Published on August 4th, 2015 | by William Charles

27

You Can Now Consolidate/Reallocate Credit Limits With Capital One Online (And Close Cards)

Update: Seems to be a soft pull

Capital One now allows it’s cardholders to consolidate/reallocate credit limits between multiple cards within their online interface, in the past Capital One didn’t let it’s cardholders reallocate credit limits at all, so this is a massive improvement.

[Read: Rules For Reallocating Credit Limits With Different Credit Card Issuers]

How To Use The New Feature

  • Log into your account
  • Go to the Services tab
  • Click Request account combination
    • Simplify your wallet
    • Combine credit limits onto your preferred card
    • Close cards you don’t use

account combination

If you have no eligible cards (see requirements below) you’ll receive an error message.

account combination

Rules & Other Important Information

  • Unsure if this is a hard or soft pull, please share your experiences in the comments. Data points:
    • Soft pull: 1
    • Hard pull:
  • It’s supposed to take only five minutes for the account combination to occur
  • Cards must be in good standing
  • Cards must be open for at least six months
  • One card must have a $0 balance and no pending transactions
  • Card’s must be linked in your online banking profile

Final Thoughts

This is a significant improvement to what Capital One previously offered (nothing), Capital One did promise improvements when made two negative changes to redeeming rewards, so this is great firs step – hopefully they continue to make improvements. I actually think Capital One has the best system for credit reallocation and account closure out of all credit card issuers (American Express’ online system is also pretty good when it’s working). Hopefully this also puts pressure on other credit card issuers to improve their own reallocation and account closure systems.

I just wish Capital One wouldn’t do a hard pull on all three credit bureaus when you apply for a card, then they really would be much more competitive with Chase, Citi & American Express.

Hat tip to 



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JamaicanReefer
JamaicanReefer

Found this wording after opening another Capital One jewel (Venture Business 50 000 miles after 4.5k spent): Existing or previous Accountholders may not be eligible for this one-time bonus.

JamaicanReefer
JamaicanReefer

I mean Business Spark

shawn
shawn

How the hell did you find this out so fast?

I’ve been waiting and tracking this until they would allow it.

Damn your good.

krayzee
krayzee

*you’re

Eddie
Eddie

Is it really wise to be closing accounts and changing the average age of your credit history? My oldest card (and 2 more) are with Capital One and I would need to know the advantages of doing that and closing my oldest card. That would make my score drop, would it not?

HokiE36
HokiE36

Probably no advantage in closing a credit account with the longest history. I should have someone warning me a couple of years ago… BTW, if your card is a no-benefit card, you should be able to convert it to QuickSilver card (1.5% CB, no annual fee) using Cap1 website. That’ll make the card a bit desirable. Good luck

Anthony Fantino
Anthony Fantino

This is a great feature. I had 3 Capital One Quicksilver One Cards that I recently signed up for and they all have a Annual Fee, combined them all together now just 1 annual fee which I should be able to get waived I hope!

krayzee
krayzee

If I may ask, how and why the heck did you end up signing up for 3 of the exact same credit cards from the same company? 🙂 And if I may also ask, how many total credit cards do you have?! A hundred?

LOL 3 of the exact same cards that all had an annual fee? It just seems like a ridiculous thing to do…

David
David

I have a question. When consolidating credit cards does it matter which one has the zero balance. I have a platinum card which I want to close due to the annual fee and want to move my creditlimit to many ay quicksilver card. Both have a balance right now. Any advice would be greatly appreciated.

Dave
Dave

The receiving card may have a balance, but the card being ‘absorbed’ has to have a $0 balance. If both have a balance, you won’t be able to combine limits.

Baringla
Baringla

oog?

David
David

In my experience, consolidation and reallocation also requires cards be of the same type (personal/business) although it is not stated by Cap1.

Karen Banks
Karen Banks

Does this work if one of the cards is a secured card and the other a quicksilver. I wasnt required to do a deposit on the secured card. They both have annual fees .

Karen
Karen

secured cards are not eligible just found out.

WowItWorked
WowItWorked

Thank you for this info! I was able to combine my QuicksilverOne and VentureOne cards, to move all the credit onto VentureOne. I have older cards and the Quicksilver One was only about 11mos old. I got it for a 0%APR and 0% fee deal on balance transfers. I then paid that off on my own time, at no cost to me. But the card comes with a $40 annual fee, which I was soon approaching. Plus, the VentureOne is newer, and still has an active 0%APR on new purchases for the next 6 mos. I could certainly use the CLI on that to lower my current utilization rate while I use them for an interest free loan, and then it definitely helps to have extra room should I need an emergency card for any additional unexpected expenses, before I either pay this card off, or transfer the balance to another 0%APR/$0 fee transfer offer from another company when the rate is up 6 mos from now. I am really surprised – contrary to your guess here, they actually did not appear to pull my credit at all, soft or hard. There was never any mention of credit at all on the pages, and the only question was whether I had 2 cards that were eligible (meaning both at least 6 mos old, the one being closed with a 0 balance, both in good standing, linked on the same acct/user). All I had to do was select them from the drop down menu (they are my only Cap1 cards so that was easy), and check that I agreed to the terms – which never mentioned credit, just standard stuff about handling autopays, and the acct being permanently closed and reported to credit bureaus as such. Once I clicked submit it was done instantly, no waiting to see if I was “qualified” or checking a soft pull or anything like that. So I’m pretty sure it won’t affect my credit at all. I had already checked to see if either acct was available to receive a CLI BEFORE doing this, and was denied on both accts. The older acct already had a CLI that they offered me without my asking less than 6 mos ago. The newer acct was denied because I have too much debt on my cards overall from a soft pull… but that is not surprising to me,… Read more »

Benjie
Benjie

I tried to combine my Cap One accts and the above criteria didn’t apply to me. However, I was deemed ineligible. After a phone call to Cap One and a transfer to an upper division of customer service I was informed that since I received a credit line increase last week, that I had to ‘prove’ myself responsible for six month before I could combine my Cap One accts….lame…..my intent for months was to have one $10k credit card for travel, now I have to wait until April and HOPE there isn’t some other hidden policy that restricts me from combining…..

Nick
Nick

DP from June 2017: no HP when consolidating cards. The available balance on my older card hasn’t updated on the credit report yet, but I think it will in time.

Mark
Mark

Met all of the criteria but system said I was ineligible.

Pat

I consolidated 2 Cap1 cards and closed them. Their CL was transferred to my primary Cap1 card. I used the account combination application on the online banking website. The balance had to be zero on all 3 accounts. I closed the cards, right after combining. There weren’t any hard pulls on Experian. I will have to wait til CK updates here in a few days to check the other reports.

Cameron
Cameron

Can you reallocate only a portion and leave both cards open?

_angel35_
_angel35_

William Charles I know this is an old thread, but thought I would share that a month ago (Dec ’18) I could still see the option to do this, however today it appears that the option has been removed, and searching for the option only brings up a ‘close account’ link that does not offer the combining of credit limits.

Heather
Heather

It’s the same for me: was there in Dec and now gone in Jan. I was hoping to consolidate 2 cards too. Wonder if they are bringing it back?

@_angel35_
@_angel35_

I was just informed by the rep who answered the phone that CapitalOne no longer allows credit reallocation, was the rep mistaken or have they truly removed this ability?
Anyone else getting same response?

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