Balance Transfer Help

[Jayla127]

I currently have (2) active capital one credit cards with very high balances because of my credit. One has a credit limit of $1,000 and the other $750.00. The interest rates are high 20.49% on the 1,000 and 25.49 on the $750.00. Does it do any good to transfer the balance to the lower APR. both are over 20%. Also, the APR is a variable. I'm just patiently waiting for my credit score to get better in order to apply for a Chase card since I bank with them.

[Anonymous]

What are your scores right now? (FICO not CreditKarma).

[Jayla127]

EQ 598, TU 617, EX 614

[Anonymous]

It looks like recently they've been pulling TU based on creditpulls database. If you can get your TU/EX scores up to about 630 then I would say it would be safe to apply for the Chase Slate card to do a Balance Transfer. Those are some really high interest rates and it's best to get far away from them.

[Anonymous]

If you have an offer to transfer to the lower apr card with no fee I would diffinately use it. The only cons to a balance transfer are the fee, in most cases, and posting time to the CRAs. Depending on when things post the balance may show up on both accounts until the higher APR account reports $0. However utilization has no memory so it's not a big deal in the long run.

[Anonymous]

Chase Slate has no BT fee and 0% apr for 15 months