Question On Credit Card Transfer And Closing Cards

[potbelly]

 I have several credit cards with high varying APR's.     I would like to transfer balances to my credit unions with the lower APR's and close some cards.   My goal is to have more Prime cards and not these $500 and Credit 1 cards....

What would be my best strategy here?

Capital 1 - 22.6% CL - $5050   Opened - 3/08

Capital 1 - 22.6% CL - $1000                      7/15

Credit 1 Bank - 24%   - $2500                     10/15

Credit union - 11.5%   - $500                       8/15

Credit union - 12%      - 1500                        5/15

[UpperNwGuy]

What is your credit score?  How long is your credit history?  Usually a collection of cards with low credit limits and high APRs indicates either a short credit history or a credit rebuilding phase after a bankruptcy.  If you're new to credit, you will need to be patient and allow your credit history to evolve with the passage of time.  If you want to consolidate your outstanding balances at your credit union, my recommendation is that you stop by their office and meet with a customer service representative to discuss your options.

[CreditInspired]

OP

First, what are the outstanding balance on each card?

Second, you have to have a CL large enough to do the transfer w/o maxing out the card. Neither of your CU CCs can accommodate the Cap1 if there’s a huge outstanding balance.

[potbelly]

Credit Reports from my credit cards are in the 715-750 range.    Oldest account is 11 years, no bankrupcy.   1 collection and 1 - 30 day late from years ago

[potbelly]

I owe around $3k on all the cards...

Forgive my ignorance, Thats where im confused.   I need to have a large limit to transfer?   I just cant transfer the credit one and smaller Cap1 card and have a larger limit on one of my Credit Union cards?  

So if my Cap1 card with a $5k limit is paid off, I cant tranfer another card amount on there?  Trying to understand

[ChessChik47]

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@potbelly wrote:

Credit Reports from my credit cards are in the 715-750 range.    Oldest account is 11 years, no bankrupcy.   1 collection and 1 - 30 day late from years ago

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The amount that you'd want to transfer would be good to know...with those scores, maybe you should request a credit limit increase with your credit union and discuss with them the desire to do a balance transfer.  

[ChessChik47]

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@potbelly wrote:

I owe around $3k on all the cards...

Forgive my ignorance, Thats where im confused.   I need to have a large limit to transfer?   I just cant transfer the credit one and smaller Cap1 card and have a larger limit on one of my Credit Union cards?  

So if my Cap1 card with a $5k limit is paid off, I cant tranfer another card amount on there?  Trying to understand

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Sorry, we must have been typing at the same time...

You don't want to max out any card for a balance transfer.  Request an increase on your credit union card and then do your transfers.

[potbelly]

Have an appointment in a few hours to go talk to them...

Do you know if they do a hard pull for balance tranfers?

[HeavenOhio]

They won't hard pull for a balance transfer, but they'll hard pull for a credit limit increase.

[potbelly]

Ya, hard credit check for creditline increase.   Did not do it.   This credit union has my lowest credit card limit, I doubt I would get a decent increase.   Definetly would not get a big enough increase to trandser balances...

Not sure what to do now, try for a balance transfer card that offers 0%?