09-19-2012 08:56 AM
Ok, this may be a stupid question so please fogive me! But I am a newbie to credit cards. I have 2 unsecured for $500 each and 2 secured for $500 & $200. What exactly is a b alance transfer, and what are the pros and cons? I didn't know anything about the limits/utilization until I started reading in here. I was just racking them up to nearly the limit and making several payments within a month. I didn't realize that when the billing cycle closes, it would report the balance from that day, so my utilization is super high(68%). Is it a good idea to transfer a balance, and how does it affect me? Thanks for your input!
09-19-2012 09:00 AM
09-19-2012 09:33 AM
Well according to CreditKarma, I have 23 recent inquiries....terrible, I know. Last one was Monday, so I am trying to "garden" for now. It's really hard! According to CK my score is 566, but last time I checked TU on their website, it was 617. and I am sure EX & EQ are in the mid-high 500s. My scores suck, I know. But I am trying to clean up my credit. I had a BK discharged in 09, and knew nothing about rebuilding credit until recently. I have cards with Cap1, Wells fargo, and NFCU. I have one auto loan, and a few collections that report as either paid, settled, or included in BK. And 2 judgements that I tried to have removed but now they just report as included in my bk ch 7.
09-19-2012 09:44 AM
Balance transfers are good for those who are carrying a large balance that is currently being charged interest, especially if they can only afford the minimum payment because you would be paying out A LOT just to cover the interest on the balance. You would take that balance, and move it to a 0% interest card and pay what you can (hopefully be able to pay it off within the 0% window) and not be charged interest saving you hundreds if not thousands of dollars.
09-19-2012 11:45 AM
09-19-2012 11:59 AM
Just wanted to add that you can't balance transfer one card to another card if they are both from the same lender/bank. I was approved with the same utilization as you have on a visa from Johnson bank they offer the card through Elan Financial got a visa with a 12 month BT at 0% fee was 3 or 4% 1,000 low 600 score when approved 7-14-12
Elan is tied to US Bank some how.
09-19-2012 12:10 PM
I want to get another cc, even if it is a low limit. But I am getting denied left and right. I know my scores are terrible but I see people with similar scores getting approved for huge limits. I know each situation and credit report is different, but I know people with worse credit than me who are getting credit more places than I am. Can't get any store cards. I am currently banking with Wells, and have been for about a year. I tried to open an account at local CU's and everyone denied me because check systems is reporting a US bank account ($900) from years ago that I included in my BK, and a CU collection ($800) that was Settled almost a year ago. I don't know where to go for credit, or if I just need to be slapped in the face so I can stop trying.
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