@drvbasic wrote:
Hi,
@I have about 6500 in credit card debt with no baddies. About 55% utilization. I am thinking about applying for a card to transfer my balance over @ 0%. Scores are 660,663,666. What do you guys recommend?
Have you requested a CLI with the current card? Who is it with? What is the current APR? Have you contacted them to see if they would lower your APR (cap1 does this frequently) in the mean time?(Balance transfers take 7 days to a month!) Request CLI on all other cards.
What other cards do you have? Your scores are good enough for Amex ...possibly. See if they prequal you for 0 for 15months. Doubt they would give you a limit higher than 5k.
you could split it between two new cards?
I would say 6500 is not quite enough for a consolidation loan. What do you fellow myficoers think?
Worst case scenario, your credit takes a hit for opening a new account, the new limit will lower your total UTIL, so may see it go up, but when you do the BT it will swing back a bit, but overall you could be higher than lower with scores. Transfer it all to the new card, pay it down fast, and you may be surprised at the results.
Your inquiries are high now, so you could just be forced to app for cap1. Only the qs, qs1, venture1, and prestige will offer 0% interest. Leave capital one as a last resort because they wont care about adding 1 or 2 more inquiries...Venture1 will have the higher limit most likely so do that first.
