According to myFICO, I need to transfer my high-interest credit cards to a lower-interest card. My concern is opening yet another card. 6 months ago, I opened a new card in order to transfer my largest balance, and only a portion of the balance ended up being transferred and after the 6 months, the 0% APR went up to 25% (variable rate) and they will not lower it, and so now I have another card. I really want to pay off my cards, but with 25% rates, it makes it difficult to pay more than just interest. Is it possible to transfer all the high-interest cards to one card? If so, how? And then how do you make sure that interest rate stays at a low rate? And, do I cancel the other cards or leave them open once the balances are transferred? Please help! Thanks
I don't mean to hijack the thread, but if someone is willing to offer advice on OP'ers position, maybe they won't mind looking at my similar situation.
HSBC $900 cap, $100 yearly fee, Balance=$556.51, 30 days late about a year ago, 34% IR. Sears $1440 cap, Balance=$1206.21, 60 days late about a year ago, 34% IR . Closed auto loan, $12000 cap, closed 2005, 30 days late about three years ago. $140,000 2005 mortgage, Balance=135,000, never late.
Divorce one year ago led to lates. Current EQ score of 630.