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A few questions - unexpected new account + balance transfers

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Hidalgo
New Member

A few questions - unexpected new account + balance transfers

Hello, 

I am a customer of a local credit union. I asked for a product change from one card to another. a month or so went by and today i noticed they recently closed the original credit card account (2 years old), then added a new account for the other card. I chatted with their customer service and they said there is nothing they can do about it. they said i could close the new one, but it would hurt my score. and they couldnt remove it from the report. I was wondering if I should try to persue this further. I would not mind just getting rid of the new card if it could be taken off the credit report, but I'm not sure if this is even possible. its only a 5k limit and pretty useless. I wish I just closed the account, stupid of me to even open the can of worms in the first place. 

 

another question: I have to pay off a ~$30k card balance soon that I used during a 0% APY period over the last year. the revolving utilization has pulled my score down quite a bit and im at 30% utilization which is almost all from that card. I've been wondering If I have a good chance to get a good balance transfer credit card with this limit. I was thinking navy federal platinum. If not, I can pay it off then apply for another different card after my score recovers and I am in a stronger position to apply. my fico 8 is 730s "good"

 

I would say my end goal is to get a higher total credit limit, and be able to take advantage of some more 0%APY cards without it lowering my score so much. Thank you for your ideas

Message 1 of 4
3 REPLIES 3
Thomas_Thumb
Senior Contributor

Re: A few questions - unexpected new account + balance transfers

If the old card is closed, its credit limit no longer counts toward aggregate utilization. The new card credit limit is used as well as the balances on both your old and new cards.

 

Score dropped because aggregate CL went down. Close the new card and aggregate CL will go down further. Best to avoid having balances on old accounts.

 

Others can give you suggestions on 0% cards and balance transfer options. I'm old school and don't open accounts to chase 0% APRs.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 2 of 4
SouthJamaica
Mega Contributor

Re: A few questions - unexpected new account + balance transfers


@Hidalgo wrote:

Hello, 

I am a customer of a local credit union. I asked for a product change from one card to another. a month or so went by and today i noticed they recently closed the original credit card account (2 years old), then added a new account for the other card. I chatted with their customer service and they said there is nothing they can do about it. they said i could close the new one, but it would hurt my score. and they couldnt remove it from the report. I was wondering if I should try to persue this further. I would not mind just getting rid of the new card if it could be taken off the credit report, but I'm not sure if this is even possible. its only a 5k limit and pretty useless. I wish I just closed the account, stupid of me to even open the can of worms in the first place. 

 

another question: I have to pay off a ~$30k card balance soon that I used during a 0% APY period over the last year. the revolving utilization has pulled my score down quite a bit and im at 30% utilization which is almost all from that card. I've been wondering If I have a good chance to get a good balance transfer credit card with this limit. I was thinking navy federal platinum. If not, I can pay it off then apply for another different card after my score recovers and I am in a stronger position to apply. my fico 8 is 730s "good"

 

I would say my end goal is to get a higher total credit limit, and be able to take advantage of some more 0%APY cards without it lowering my score so much. Thank you for your ideas


That is a bummer. A credit union I use once did that to me, too, but I think it's possible they told me ahead of time that they were doing it.

 

At this point, you should just:

-leave the new card alone

-pay off the maxed out card

-wait at least a month to let the pay off percolate

-then, armed with higher scores and lower utilization, apply for a new card with a good promo balance transfer offer


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 3 of 4
Hidalgo
New Member

Re: A few questions - unexpected new account + balance transfers

Thanks for the responses. I guess I will wait for a bit instead of trying for a balance transfer 

Message 4 of 4
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