02-14-2013 10:52 AM
i have 2 questions,
#1 - when applying for credit, how soon does the request for credit show up on my credit report?
#2 - Need advice on the best solution for me. I just bought a house so the down payment took away money away from my business and now i need about $5,000 for taxes and to expand my business.
My credit score is 660 and its mainly due to credit cards close to maxed out, other than that, my credit is good, was 715 - 2 years ago before credit cards rose due to medical bills. I never been late, pay on time and was able to get 1.9% on 2 car loans at my credit union last year, mainly transferred over my car loans to them.
I am going to go to my credit union and see about getting business credit card with them but they are asking for so much info, not sure if thats ideal. i do have enough equity in one of my cars and probably about $4000 in my other car with them.
Im thinking about just adding the amount to one of the car loans to keep it simple but also looking for a backup solution incase that fails.
Now the other thing i would love to do is transfer my high interest credit cards to a new bank with lower interest. I ve had these cards for 14+ years and they were high bc at that time, my credit wasnt very good and had to restore it but the times ive asked to lower interest rates, all have been rejected.
Im also going to apply at my credit union for their credit card bc they have a promotion for zero interest for 1 year but not sure if they will transfer $14k in credit card debt.
so my reason for asking about how soon does request for credit show up, im thinking of using Lending Tree at the same time just incase my bank doesnt approve the credit card transfer and also seeing if there's another better alternative than lending tree for this purpose.
thanks in advance