@Anonymous wrote:I am plannning to purchase a new car soon. Provably withing the next 45 - 60 days. I have a Cap 1 master card that I have had for years. Unfortuntately it's at 23%. Good news is the balance is only $400 and change. I was considering applying for a Quicksilver card and doing a balance transfer to pay it off quicker. I have a pre-approval for a used car loan and I'm not usre if I was to apply for the quicksilver before or after the car loan. The interest rate isn't locked in on the car loan. It can vary between 1.99% - 7.12% and I'd like to stay as close to that 1.99% as possible. Credit scores are in the 639/40 range. I'm trying to decide if I should apply for the quicksilver before or after the car purchase. Any thoughts?
I'm sorry to be the one to break the bad news, but you're likely not going to get a 1.99 with a 630/640 FICO Score. What do you have available for a down payment? what is your limit on the card with the $400 balance? have you requested a limit increase at all recently on this card?
I'm not sure you understand how credit works. theres a lot of great information on this forum. You need to either ask for a limit increase to lower your effective utilization, or pay that card down under 10% to help raise your score. A higher score is going to get you a better interest rate on your auto loan. You said you are willing to apply for another card (which will add an inquiry), but you are not willing to ask for a limit increase on a card you already have that will only result in a SP?
You may get a QS1 with those scores but you will not get a QS. I would recommend you request a CLI on your current card. If that is approved then apply for the new card.
@steelers1 wrote:Unfortunately Capital One will not let you transfer a balance from one of their cards to another one of their cards.
+1
Dont't carry a balance on the 23% card....pay it off then dont use it, and put more money in your pocket....crawl before u walk I want a BMW X5 but I will be driving my 2005 Lincoln Navigator (paid for) until I have a great rate, and my BK falls off Next year...... think big pictue. Or take the plug and be happy with the rate given U. 
You'll need to get a higher limit to show you can handle your cards responsibly. With your present scores I really wouldn't expect a better rate on any credit cards, Perhaps a 0% introductory but that's about it.
If you pay off or at least down your balance to under 10% (or get a limit increase to offset the balance) your scores will climb a little bit.
If you don't like the 23% interest rate, don't carry a balance on the card.
You're on the right track. You just need to make a few adjustments and you'll be on your way to a great score 
