Is this is a bad idea (regarding credit)

I have 2 credit cards with the same company (one was originally with another company but they were bought out by this company). One was open January 2004 and the other May 2004, so both have the same history length. The interest rates are the same. My credit lines are different by about $800.

I asked them tonight about merging them to become one account because it's a pain having 2 account numbers and 2 different due dates. The rep said they would just transfer all but $500 of the credit line of one card to the one I want to keep and then close the account that I don't want. It would go on my credit report that I closed it (not them).

Considering I wouldn't really lose much of my available credit (only $500) and they both have the same history, is this a good or bad idea? I know you should never close an account, but I'm not losing my history or available credit. I have a bunch of other accounts so I'm wondering if it will actually help to have one less account on my report.

ETA: There's no balance on either card.

Message edited 4/13/2009 9:43:43 PM.

Re: Is this is a bad idea (regarding credit)

can they transfer the balance for free and leave the second card open- just dont use it...

i thought ive heard its better to keep multiple open to keep the credit better.

Re: Is this is a bad idea (regarding credit)

Re: Is this is a bad idea (regarding credit)

tooo much open credit is bad as well...
there is no right or wrong answer.

Re: Is this is a bad idea (regarding credit)

do you plan on buying a home, renting an apt or buying a car soon? if not i would say go for it...