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Valued Member
havlow
Posts: 27
Registered: ‎08-27-2007

Credit card thoughts

I've recently repaired a lot of items on my report and my scores are near 700 (660 and 680 with 40 point jumps because of paying down CC Debt) but my CC's are still very high interest rates.  I've recently received an auto loan from a credit union that I've recently started using again because they've expanded out a lot of their services past just signature, savings and auto loans.  They now have a credit card (MC) that looks pretty good with a low APR and 0% on balance transfers.  I've already had discussions about getting my Citi Financial (19%) consumer loan refinanced with them at around 4% but I'm curious if pulling applying for the CC will be one step too far.  My idea is to put the remaining CC Balances (about 4k) on the cards to take advantage of the 0% interest and then pay it off later this summer.  Does this seem sensible or am I opening too many new credit accounts in the attempt to drastically lower the interest and monthly payments?

Starting Score: EX: 658 TU: 646 EQ: 651
Current Score: EX: 658 TU: 646 EQ: 651
Goal Score: 700+

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Established Contributor
l9ikjam
Posts: 662
Registered: ‎09-07-2007

Re: Credit card thoughts

When I signed up for the CU's i'm currently with I applied for a CC, LOC, & I refinanced my car loan. The worst that they will do is decline u.
Advice is what we ask for when we already know the answer but wish we didn't.
Valued Member
havlow
Posts: 27
Registered: ‎08-27-2007

Re: Credit card thoughts

Well I'm 2 out of 3 on approvals and I used to work there a long time ago so I sort of have a friendlier than usual relationship with them but I suppose as I'm not making any major purchases (outside of the car loan I mentioned) in the next 18 months I'm probably not too worried about any hits to my scores in the interim.

Starting Score: EX: 658 TU: 646 EQ: 651
Current Score: EX: 658 TU: 646 EQ: 651
Goal Score: 700+

Take the FICO Fitness Challenge

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