Here's the deal, we finished a DMP in March, and our credit score has risen up to 687 in the past few years. We hope to stop renting and purchase a house where we are now in summer 2012. In the past year we opened a personal LOC with our bank to help with some of the costs of getting the house ready to sell and pay for the mortgage while we were trying to sell it while not in it, which we are now renting out. We moved states due to my wife's job and are anticipating a ss on our house from the current renters hopefully pretty soon which we know will hit us for around 50 - 75 points.
We have been paying off more than the minimum payment each month on the few cc's we still have open to pay those off quicker. I have been toying with applying for a new cc with an intro balance transfer rate of 0% for at least 12 months to pay off even more debt while we continue to not use those cards. I have only opened 3 accounts in the past 3 years, car loan 3 years ago, Firestone card a little bit less than a year after that, and the personal LOC this time last year.
I just got a letter from Citi for a Thank You card with a 21 month no interest balance transfer offer. I am serisouly thinking about that one. How much of a credit hit does opening a new cc should I expect? Would it be as much as 20 pts? Based on the fact that my Firestone card has automatically gone up nearly $1k since we opened it I think I should be able to get a good enough credit limit to transfer a good amount of debt over to it. I have thought about calling one or 2 of the cc's to see if they can lower the APR but not sure if I would save that much, plus that would be 2 hits to my credit score instead of 1.
Sorry for the long post, I just see other ones where people ask for more info and I wanted to try to get it all up front.
