Hi, Right now I owe 3000 on a 24.99% amex card. I can BT 600 to my Capital One card with BT rate of 5.9%. I owe nothing on the card so I am not hit with the high purchase rate problem I could also transfer $1000 to my citibank with BT rate of 3.9%. I know it will reduce the debt, but overall how much would I save? Do you think it is worth doing it? Thanks, Allen
Heck yes it's worth doing!The $1000 at 3.9 vs 24.9% will save $210 a year in interest. The 19% difference on $600 will save$114.
You may want to ask for a limit increase to cover the whole $3,000...you have NOTHING to lose...AS LONG AS THE DON'T DO A "HARD"...
How would I know if they are going to do a Hard? Any my scores are only in the mid-600's not sure if they will do anything. Thanks... Allen i want my 18k in cc's paid off by the end of the year!
"I was wondering if I could get a LIMIT INCREASE (so I can take full advantage of the BT @ X.XX%), BUT I can't have a "HARD" inquiry...since it will KILL my F.I.C.O. score" If they say "HARD" required~~~SAY NEVERMIND!!! --------------------------------------------------------------------------------------- ****THEY SAY THERE IS NOTHING DIFFERENT BETWEEN A "SOFT" AND "HARD" INFORMATION WISE WHEN A COMPANY PULLS IT~~~EXCEPT THEY GET TO WATCH YOUR SCORE DROP AND CHARGE YOU HIGHER RATES****
Um, Allen, I think George was giving you an example of what you could say when you call to get an increase. He is not making fun of you.
AAH! I am so sorry George... my mistake... my mind is so cluttered with crap... At this point I am going to try to not even try for a credit line increase cuz then when i pay it off it is just more for me to have to resist using. I really appreciate all of your help. I think I will do the 2 bt's I can do tomm. Thanks, Allen
Allen, I'd do the request for a line increase even if they do a hard inquriy--UNLESS your credit is spotty (and it might be, given your 25% rate.) If it raises warning flags, they might remove the BT offers. If you'll be tempted to use the extra credit--well, the best solution would be to cut up one or more of the cards so that they'll be less temptation (unless phone or net purchases are your downfall), but not close them. Good luck, Dave
Thanks Dave... here is where I stand currently: Equifax - 622 Experian - 645 (was 606 11/01) Trans Union Personal - 732 Privasta - 671 - why is this higher than equifax when they say they use the same????? Annual salary (around 85k) I currently owe: Amex 24.99% (closed) - $2800 Amex Delta 14.75% (just lowered yay) - $1000 Citibank - 12.99% - $7500 Discover - 19.8% (closed acct) - $2200 Capital One - 5.9%BT - $900 Att UCS - 16.7%purc/19.8%cash - $2500 Student Loans - 4.76% - $10000 (in 6 diff loans) Car 9.9% - $13000
