I just received two pre-qualified applications. One from BANK of America at 9.99% and once from Fleet at 8.99%. Currently I have one credit card and nothing else (no dep. store cards no nada). My current card is from Bank Of America and was one given to me by them when they gave me my Auto loan ($20K). The cardâ??s max limit is $1500 at 0% at the movement. I have had the card for 3 months now and it basically brought down my credit rating by 50 because the average age of my card went down quit a bit. My questions are: Which card is better and is transferring the balance of $500 and applying for one of the platinum cards a good idea? Which of the two companies is more or less hassle free and which can I negotiate the rate/credit limit with in the future more easily? Also, If you get a pre-qualify letter and you credit rating is decent (730 TU, 668 EQ) can they still turn your application down? Thanks.
You can apply for both. If you received a preaproval from Fleet. It´s 100% guarantee that you will get approved with the rate they gived to you 8.9% and 0 % intro for six months. So you can request to transfer the $500 when you submit the application. The problem is the bal transfer fee (About 3%) and probably a low limit. you can apply online using the invitation number. BofA is a great Bank. If you get approved they will offer a 8.9% intro and bal transfer rate for 6 months, no fees. And the go to rate is probably around 14% if you have short history. or 9.9 with a good history. Limits are usually higher.
