02-18-2009 09:14 AM
I am trying to pay off all my credit cards. i will be done with my car loan in the next month so i will have more payments towards credit cards. However my util is high as well as interest. I would love to get a 0% APR card to transfer balances. I got declined when i applied couple of months back. Please advise how would it be possible for me to get a 0% APR card. The accounts i have are Chase, Citi and BofA, so most of the banks offering 0% i already have an account.
02-18-2009 09:23 AM
02-18-2009 09:34 AM
i was approved for discover 12/08. i applied intending to to use their zero percent offer as well. i was v. happily surprised to be approved since my reporting util at time of app. was relatively high, i think 30-40%
however, in general an issuer will not be compelled to approve an applicant with high util., i had some other strong points that i believe they considered: acct age, time at residence, job & address. 2 amex accts. reporting open date as 1990, i wouldn't be surprised if they also took a weighted risk to sweep me off my feet and away from amex ie. to get one of amex long-term customers in good standing under their belt. once your balances are at least below fifty then you may have a better shot at being approved with a good bt offer, it is probably better to be under 9% before you app, high balances can make you look desperate and raise red flags to lenders, but YMMV.