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Frequent Contributor
kc12286
Posts: 361
Registered: ‎07-31-2007
0

Questions about BT

I have a few cards with small credit limits but high balances. The worst is my CapOne card. I've been a cardholder since August 04, and my current balance is $612. I've been making a real effort to pay this down/off because the APR is ridiculously high and there are no perks with the card. This the one card I really want to pay off, because I see no purpose in using it.

My question is, would it be worth it to apply for a card just to transfer the balance from the CapOne? I really don't want to open another credit card. The last card I applied for and received was for Best Buy in Feb and I bought a computer with it. That's strictly a store card. The last major credit card I applied for was Chase Mastercard, I think it was a Chase Freedom card. I closed this card with a high balance however, which I know is still effecting my credit big time. I've made great strides in paying off that balance, but it's still really high.

My other cards are a TD Bank rewards (formerly Commerce Bank rewards) card and a Chase Amazon card. The balance on both cards tends to remain pretty high, but I've been paying these down as well.

The last time I checked my scores, two were in the high 600s and one was in the mid 500s, that was over a year ago. I usually do a yearly check on all three scores, it will be time to do that soon.

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724
Senior Contributor
BungalowMo
Posts: 4,236
Registered: ‎05-01-2008
0

Re: Questions about BT

 


kc12286 wrote:

I have a few cards with small credit limits but high balances. The worst is my CapOne card. I've been a cardholder since August 04, and my current balance is $612. I've been making a real effort to pay this down/off because the APR is ridiculously high and there are no perks with the card. This the one card I really want to pay off, because I see no purpose in using it.

My question is, would it be worth it to apply for a card just to transfer the balance from the CapOne? I really don't want to open another credit card. The last card I applied for and received was for Best Buy in Feb and I bought a computer with it. That's strictly a store card. The last major credit card I applied for was Chase Mastercard, I think it was a Chase Freedom card. I closed this card with a high balance however, which I know is still effecting my credit big time. I've made great strides in paying off that balance, but it's still really high.

My other cards are a TD Bank rewards (formerly Commerce Bank rewards) card and a Chase Amazon card. The balance on both cards tends to remain pretty high, but I've been paying these down as well.

The last time I checked my scores, two were in the high 600s and one was in the mid 500s, that was over a year ago. I usually do a yearly check on all three scores, it will be time to do that soon.


We might be able to figure out what might help you best, but some info is helpful on the cards you have.  When was it opened?  What is the limit?  What is the balance?  Int rate?  Ever late?  Put the card you closed in this list too.

 



Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14

Frequent Contributor
kc12286
Posts: 361
Registered: ‎07-31-2007
0

Re: Questions about BT

 


The card I'm considering doing a balance transfer with would be my CapOne card. It was opened in Aug 04. The limit is $650. The interest rate currently is  29.40% which is higher than it's been in the past. But I know a lot of companies are raising their APRs. I have been late in the past, about 10 months ago.
I mentioned the card I closed, it was a Chase Freedom Mastercard.
I think it would probably be better if I just pay off this card and avoid opening another line of credit. I was just curious about the possibility of doing a balance transfer to another card.
BungalowMo wrote:

 


kc12286 wrote:

I have a few cards with small credit limits but high balances. The worst is my CapOne card. I've been a cardholder since August 04, and my current balance is $612. I've been making a real effort to pay this down/off because the APR is ridiculously high and there are no perks with the card. This the one card I really want to pay off, because I see no purpose in using it.

My question is, would it be worth it to apply for a card just to transfer the balance from the CapOne? I really don't want to open another credit card. The last card I applied for and received was for Best Buy in Feb and I bought a computer with it. That's strictly a store card. The last major credit card I applied for was Chase Mastercard, I think it was a Chase Freedom card. I closed this card with a high balance however, which I know is still effecting my credit big time. I've made great strides in paying off that balance, but it's still really high.

My other cards are a TD Bank rewards (formerly Commerce Bank rewards) card and a Chase Amazon card. The balance on both cards tends to remain pretty high, but I've been paying these down as well.

The last time I checked my scores, two were in the high 600s and one was in the mid 500s, that was over a year ago. I usually do a yearly check on all three scores, it will be time to do that soon.


We might be able to figure out what might help you best, but some info is helpful on the cards you have.  When was it opened?  What is the limit?  What is the balance?  Int rate?  Ever late?  Put the card you closed in this list too.

 


 

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724
Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008
0

Re: Questions about BT

 


kc12286 wrote:  I think it would probably be better if I just pay off this card and avoid opening another line of credit. 
Major +1 !!
I'm proud of you, kc12286!  I think you've got it!  :smileyhappy:




 

Frequent Contributor
kc12286
Posts: 361
Registered: ‎07-31-2007
0

Re: Questions about BT

Haha, I guess I was thinking of the quickest way to get rid of the balance and not the best way to get rid of. It's always better to pay it off rather than open another line of credit and transfer a balance. I just hate getting that statement every month, knowing I'm giving CapOne my money and getting nothing in return.

At least with my other two cards I get rewards.

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724

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