Credit Tips: Credit Card Balance Transfer

Posted On: January 1, 2005

Author: PDCates
Joined: 12 Sep 2004
Posts: 1
Posted: Sun Sep 12, 2004 10:37 pm
Post subject: Balance Transfer

Hello, I’ve been considering applying for a new credit card for purposes of lowering my interest rate through a balance transfer. I require a suggestion or two as to how I should go. First of all, my 3 cards allowing limits of $4800, $1200 and $500, all through Capital One, are all set at 24.95%. My $500 card is the only account with a zero balance. The others are almost at their limits. I’ve had them since 2000. My lowest credit score of the 3 major credit reporting agencies is 599, my highest is 630. I do not own my own home. I want to make every payment count toward paying off my credit card account balances. The high rates are making that almost impossible. I have asked Capital One if lowering their rates were possible, no success. I more than likely won’t be elligible for an extremely low interest rated credit card, but every little bit helps. Can anyone steer me in the right direction?

Thanks,

Pat

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2256
Location: Illinois
Posted: Tue Sep 14, 2004 5:00 pm

First of all them are not very good scores, what issues are you dealing with on your credit… i.e. (lates, collections, charge offs, judgments…)? Given problems you might be able to fix and improve your chances at getting a new card, usually when your scores are down that low, balance transfer offers are not going to come easy with the status you have now. I would suggest contacting Capital One and asking if you can’t get set up in the mean time with some kind of hardship program, where they reduce the interest rate that way. Try to fix what you can on the reporting, and wait a month or so, to check your progress, other wise you might end up with a lot of denials, and inquiries for the effort.

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