Hello Everyone, I was wondering if anyone may have some insight on how this works. Currently, I have about 25k in credit card debt. I have about 18-20k available credit out there. Here is a quick run down.\ Credit Union Visa Card- 10k owed 9.9% Fixed Chase card -10k owed 27% floating apr Discover Card 5k owed 22% Floating apr I also have a 5/3 Bank card with a 10k open limit at at 9% and a BofA card with a 5k limit, a Target card with a 3k open limit and a sears card with a 3k open limit. My credit scores have droped well under 700, my highest at 683 and my other two scores under 660. I was wondering if I transfer some of the debt to my unused cards and keep the balances under 50%, if that would help my scores? I can't seem to get any more cards right now, due to my drop in scores, due to the amount I owe on my current cards. I have no lates and my credit is otherwise flawless. Thanks for any input...I need to raise these scores!
Your Chase rate appears to be a penalty rate, intended to make you move your risk and debt somewhere else. Why? Did you miss a payment due date or 2, perhaps in the last 6 months, regardless of whether you were actually 30 days late? Are there any other negative items on your credit reports, such as excessive inquiries, that might make them antsy? Is you income, as stated to them in your credit application, sufficient to support carrying your monthly CC payments?
