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New Member
AlexandreaFL
Posts: 4
Registered: ‎03-08-2009
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Chase&Citi new Platinum Credit Cards offers 12mo 0%apr, 9.24% w.index...Consolidation Help!

Hello all, 

 

Mother needs help! Scenario: approx 6-7 retail cards 13%-23%, Amex card@19% & hubby has a Citi @10.99%.excellent credit.

Chase/Citi 0% offers allow balance transfers.

 

Q: DO they close some of the retail accounts? applying new mortgage?

 

Thank u!

 

Established Contributor
VEEnVEGAS
Posts: 645
Registered: ‎10-24-2007
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Re: Chase&Citi new Platinum Credit Cards offers 12mo 0%apr, 9.24% w.index...Consolidation Help!

I'm not sure I understand your question. But, if you're asking if you should  pay off some of your wife's higher interest cards with your lower interest cards?  Absolutely, but don't close the accounts.
New Member
AlexandreaFL
Posts: 4
Registered: ‎03-08-2009
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Re: Chase&Citi new Platinum Credit Cards offers 12mo 0%apr, 9.24% w.index...Consolidation Help!

sorry! yes, the question is: With soo many retail cards (all high credit lines) is it too much? Close a few of the cards? what is the best strategy to maintain high credit score and or increase the score as the retail cards will be paid off w/0% apr card. Thanks!

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Chase&Citi new Platinum Credit Cards offers 12mo 0%apr, 9.24% w.index...Consolidation Help!


AlexandreaFL wrote:

sorry! yes, the question is: With soo many retail cards (all high credit lines) is it too much? Close a few of the cards? what is the best strategy to maintain high credit score and or increase the score as the retail cards will be paid off w/0% apr card. Thanks!




If there's no fees (monthly, annual) then keep them open. There's no need to close them. In fact, closing them will increase utilization if they don't PIF monthly. If all of them are closed, the mix of credit takes a hit. And long-term 10 yrs from now, those closed accts will fall off their CRs and that could hurt their scores if they helped their avg. age.

Best strategy is to make sure 1/2 of their cards read $0 and the other half from $1 to 9% of the CL. And don't apply for any new credit. In time, their scores will increase.
New Member
AlexandreaFL
Posts: 4
Registered: ‎03-08-2009
0

Re: Chase&Citi new Platinum Credit Cards offers 12mo 0%apr, 9.24% w.index...Consolidation Help!

Thanks. Explain PIF? idk?
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Chase&Citi new Platinum Credit Cards offers 12mo 0%apr, 9.24% w.index...Consolidation Help!

PIF = pay in full

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