Re: When to Apply for a Credit Card
05-01-2008 06:00 AM
I agree with Ducky look at your fico scores to determine what the true score is. In a lot of cases when you apply they may not look at all three credit bureaus, Transunion and Experian are usually the ones the credit card companies would look at. One point though if you are looking to get a new card and are approved don't cancel or close your other credit card accounts it will have an adverse effect on your available credit and your history.
If there is a zero balance on those cards just don't use them if otherwise there is a balance pay them down or off. I would not suggest transferring the balance when you are applying for a new card, if you plan on transferring a balance, see what your credit line is prior before deciding to transfer a balance in some case you may get a small credit line and if you transfer a balance which exhaust your credit line it will drop your score. Anytime you use more that 1/3rd of your credit limit it affects your score.
Lastly Bank of America is a good card Capital One not so good, based off what I have read about them. To recap:
- Don't do a balance transfer when you fill out an application.
- Don't close or cancel your old accounts it will lower your available credit, and shorten your credit
- Don't apply for more than one credit card account within a 12month period.
- Applying for one card could drop your score at a minimum of five (5)points.
Hope this information is helpful...