Did you know you can combine your credit lines?

6 Replies

Learned something new today and am super excited to share!

If you have multiple accounts with the same company (for example, a Southwest credit card which is through Chase and a Chase Freedom Card) you can consolidate your credit lines so you can access whatever rates/offers are best at the moment!

I just put an offer in on a deal I wasnt entirely sure how I would fund and the extended credit line will allow me to do it (assuming my offer is accepted).

@Thuy Pham-Satrappe most banks will let you re-allocate credit lines to from one card to the other, I have done this with AMEX, Chase, Citi & Barclays via secure message or phone. The one thing I found they will not do is move credit lines from business to personal cards or vice versa. 

@Thuy Pham-Satrappe   Yes, aware of this too and thanks for posting, as many people don't know it.  Exactly as Nick says, they just won't allow the switching of personal vs business.

I'm currently in the process of requesting the CL switch with Capital One.

Now actually using credit lines to purchase RE is something I'm not too fond of.  For me, there's peace of mind  going to a bank and getting 4.5% fixed for 30 years and not having to worry about it again.

Certainly I've used cards for the rehab portion of properties, but that has it's own risks in the drop of credit score.

- Tom

@Nick G. Can you move them between different credit card companies? For example I have a Barclays card with a high credit limit but can I move that to say a Capital One credit line?

Originally posted by @Thuy Pham-Satrappe :

@Nick G. Can you move them between different credit card companies? For example I have a Barclays card with a high credit limit but can I move that to say a Capital One credit line?

 Not to my knowledge. Each bank is separate and has their own relationship with you, based on that they will extend credit accordingly. You can have card or lines with multiple banks then source funds from multiple for one deal if the numbers make sense. 

@Tom S.

Yes risks of dropping score indeed. I recently flipped a house in North Texas for my mother in law & my score went from 800 to 600 & is almost back now at 790.

I also use credit card sign up bonuses & promotions to buy silver at a 25% discount & get 15 months no interest to pay it off.

I have good credit lines but not many places I could buy a property with credit cards besides maybe Detroit & I won’t want to. Rehabs & silver only.

And I’ve combined & moved around several credit lines to get 0% interest or improve my credit score!

Also look into travel hacking. I’m getting Southwest card & companion pass for free when I move. Way beneficial & no 50 cards & spreadsheets to go on a $10k trip to Hawaii. Everyday Southwest perks a win though, just hate using Love Field from Denton.

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