topic Re: Opening a new card questions in Credit Cards

Opening a new card questions

bobkmn — Thu, 01 Sep 2016 13:52:18 GMT

Haven't been here for a while and I have a few questions for the group. I am thinking about opening a new card to lower my cc usage % and to transfer cc balances to the new cc. My last cc application was about 2.5 years ago. If this might help me raise my score and save money, any recommendations as to what cc to apply for? I have read that Chase Slate is one of the best for balance transfers. One final question. Is it possible to get approved for a card, but after seeing you limit, deciding not to get the card as it will not serve your purpose?

Thank you all. All of the advice I have received over the past 3 years has helped increase my score from 600 to a high of 780. It is now at 720.

Bob

Re: Opening a new card questions

Involver — Thu, 01 Sep 2016 13:58:04 GMT

What is your existing % util?

How many open revolving accounts do you have?

Once you apply for a card and are approved you cannot decline the approval based on receiving a credit line that is lower than you hoped for. You can always call underwriting and ask for a reconsideration of your credit line but that may require an additional hard pull(s).

Re: Opening a new card questions

Kevin86475391 — Thu, 01 Sep 2016 14:47:55 GMT

@bobkmn wrote:
Haven't been here for a while and I have a few questions for the group. I am thinking about opening a new card to lower my cc usage % and to transfer cc balances to the new cc. My last cc application was about 2.5 years ago. If this might help me raise my score and save money, any recommendations as to what cc to apply for? I have read that Chase Slate is one of the best for balance transfers. One final question. Is it possible to get approved for a card, but after seeing you limit, deciding not to get the card as it will not serve your purpose?

Unfortunately you can't, and I'd say this is definitely one of the biggest annoyances people face with balance transfer cards. It makes sense of course to only issue people limits that they qualify for, but I agree that at least for the sake of cards specifically tailored and marketed for balance transfers, there should be a way for consumers to list a minimum credit limit they'll accept and just get completely declined if they qualify for less. They should still get a hard pull, but I think the option of not also dinging your AAOA and having a useless account on your credit report would be nice.

Anyway, definitely what you'll qualify for will depend a lot on individual factors beyond just your credit score. What's your current utilization %? How much are you hoping/needing to see for a starting limit on the new card?

Re: Opening a new card questions

kdm31091 — Thu, 01 Sep 2016 14:54:06 GMT

There's no way to decline the card after you have been approved, short of cancelling it, but that serves you no benefit because it's still going to report and ding your AAOA so there's no point in cancelling it.

You can call and try to get the original limit bumped up, which may require another pull. If the card will be otherwise useless, it may be worth taking the pull.

Re: Opening a new card questions

bobkmn — Sat, 03 Sep 2016 19:05:57 GMT

I have 4 open accounts. Is there a place in this forum where I can go to get my usage %?

Re: Opening a new card questions

Anonymous — Sat, 03 Sep 2016 19:21:10 GMT

@bobkmn wrote:
I have 4 open accounts. Is there a place in this forum where I can go to get my usage %?

Simple math... total balances/total credit line

Re: Opening a new card questions

bobkmn — Sat, 03 Sep 2016 19:49:27 GMT

ok, 4 open accounts, usage is 52%

Re: Opening a new card questions

bobkmn — Sat, 03 Sep 2016 19:50:51 GMT

4 open accounts usage:52%