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Should I get a new card to transfer balances to?

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Anonymous
Not applicable

Should I get a new card to transfer balances to?

I am looking for an offer to transfer $4,000 to $5,000 off of some cards with high interest rates.  I have seven or eight cards.  I don't need that many, but I am reluctant to close them and possibly hurt my credit rating.  My credit usage only about 15%.  I don't really want more cards, but I'd like to transfer balances on cards charging 15 to 20 percent to a new card with a 0% introductory rate.  

 

So here's my question. Will getting a new credit card hurt more than it helps.  I've been repairing my credit for the past few year and my credit rating is in the low 700's.  If it weren't for a couple of false moves last year, I'd be in the mid 700's.  I have a couple of offers to choose from right now.

 

What do you suggest?

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3 REPLIES 3
NRB525
Super Contributor

Re: Should I get a new card to transfer balances to?

It is a roll of the dice whether you get a good CL on a new app. The new account will slightly hurt score til it ages over a year.

Best place to start is looking at the cards you have. List them out; bank, card brand, credit limit, current balance and APR. There is probably a reallocation you can do for a 3% to 5% fee, depending on the cards involved.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 2 of 4
RonM21
Valued Contributor

Re: Should I get a new card to transfer balances to?

NRB's point is very key in that it is definitely a crap shoot with new approval SL's. You mentioned you had a few offers to choose from. What are they?


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 3 of 4
NRB525
Super Contributor

Re: Should I get a new card to transfer balances to?

I was originally going to use the CS term, but tried to keep it family friendly.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 4 of 4
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