Should I do a balance transfer onto my credit card?
Guest: rheld19
Post subject: Should I do a balance transfer onto my credit card?
Posted: Fri Mar 31, 2006 1:21 am
just want to say hi to everyone and i think this forum is really informative and slowlly am getting addicted to it, but ive read for a few weeks and have not seen a question similar to mine, got a new card with a low limit and have two others dc and c.one, would it be better to spend a little and pay the balance on the new card or transfer the balance from capone card, avail credit on the credit score vs getting rid of capone for good like i want, app. any feedback
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Guest: stevejk
Credit Expert (100+ Posts)
Posted: Fri Mar 31, 2006 8:31 am
Without more information, it is hard to say.
Assuming your objective is to do a balance transfer (BT) from the Cap One to the new card because of lower intrest rate, need to consider BT fees on the new card that may make the overall cost more than leaving the balance on the Cap One card and paying it off.
If your objective is to get a higher limit on the new card, I'd say pay down/off the balance on the other two cards, make purchases on the new card and pay them in full (PIF). After 6 months or so, they may raise your limit or you can ask for an increase.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: rheld19
Posted: Fri Mar 31, 2006 8:05 pm
thanks for replying stevejk, i re read the post and it is a little confusing, would it be better to have 3 cards open 2 with a high balance and one paying off each month, or to have 3 cards with balances in the mid range and solid payments, my true concern with my credit right now is that i have two cards basically maxed out and have a new card with no balance and what would look the best to creditors to in say a few months maybe even 6 try for a card with 0 apr on tranfers and then get rid of capone
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Should I do a balance transfer onto my credit card?
Posted: Fri Mar 31, 2006 1:21 am
just want to say hi to everyone and i think this forum is really informative and slowlly am getting addicted to it, but ive read for a few weeks and have not seen a question similar to mine, got a new card with a low limit and have two others dc and c.one, would it be better to spend a little and pay the balance on the new card or transfer the balance from capone card, avail credit on the credit score vs getting rid of capone for good like i want, app. any feedback
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: stevejk
Credit Expert (100+ Posts)
Posted: Fri Mar 31, 2006 8:31 am
Without more information, it is hard to say.
Assuming your objective is to do a balance transfer (BT) from the Cap One to the new card because of lower intrest rate, need to consider BT fees on the new card that may make the overall cost more than leaving the balance on the Cap One card and paying it off.
If your objective is to get a higher limit on the new card, I'd say pay down/off the balance on the other two cards, make purchases on the new card and pay them in full (PIF). After 6 months or so, they may raise your limit or you can ask for an increase.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: rheld19
Posted: Fri Mar 31, 2006 8:05 pm
thanks for replying stevejk, i re read the post and it is a little confusing, would it be better to have 3 cards open 2 with a high balance and one paying off each month, or to have 3 cards with balances in the mid range and solid payments, my true concern with my credit right now is that i have two cards basically maxed out and have a new card with no balance and what would look the best to creditors to in say a few months maybe even 6 try for a card with 0 apr on tranfers and then get rid of capone
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:38 PM
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