Hey guys,
So, like many people, I recently let my credit card debt get a little high, and now I'm working extra hard to fix it. I have two chase cards (1 came from WAMU) and they currently (after today's payment) carry a balance of $8700 and $3000 respectively. Now, I recently applied for two credit cards (AMEX and HSBC) with zero percent APR on balance transfers for 12 months. My goal was to transfer all my debt onto the card and then pay it down completely over the next year. My monthly payments range from $500 to $2000, depending on the overtime I work. My current, pre-applications, FICO is 758, since I've always been on time and used wisely (until recently).
So my question is, I was declined to due high debt to income ratio from AMEX, and then declined because "the card is not serviced in your area" from HSBC. I then applied one more time through chase for a very similar card. They deferred my decision (essentially meaning no, I thought) so I just decided to give up the idea and eat the interest. Well, I was notified today that I was accepted with a tremendously high APR of 22%, but they declined my balance transfers since they come from Chase accounts. So now I just added one more card to my wallet and I didn't even want it for anything other than balance transfers.
So what should I do? Cancel the card right now? Just let it sit with a $10 balance? Just let it sit in the envelope it gets here in? How will the declined applications affect my credit score? How will having one more card affect it?
I plan to eliminate my credit card debt in the next 12 month anyway, I just thought saving $100+ on interest charges would help.
Thanks!
