Hi everyone I am new to this message board,and i have been reading alot of your posts.Now i need some advice about opening up new credit card accounts.I have applied for a total of 4 credit cards so that i can take advantage of their low rate balance transfer offers.I have been approved for 3 of the 4 that i applied for,and total credit limits are $19,500.00.Now i don't know about the 4th one yet.I should be hearing from them any day now,and if approved this will put me at around 25K in new lines of credit.So my question is this: Would this be too much credit opened at one time?When anyone applies for any credit card you don't know wether you will get it or not.I do use my credit responsibly but with most C.C.C. reviewing credit card accounts every month would this send a danger signal or would they just watch me closley on how i use these accounts?I am not going credit crazy or anything but just wondering if it is safe to keep all these new accounts?Your posts would be greatly appreciated. rse843
RE: Opening new credit card ac If you use your credit responsibly, you will have no problems. I always recommend 3 to 4 applications around the same time. I also recommend applying till you get turned down. Once you get turned down, you must change your credit situation by decreasing your debt or increasing your income or assets. Our "credit sense" approach has helped participants in the CreditWorks program reach credit limits in the 6 figures within a couple of years. Please visit http://www.creditsense.com or e-mail me at creditworks@msn.com for details on how $25,000 can become $100,000 within months. http://www.creditsense.com
Why would anyone want this muc Do you plan to run it up and declare B.K.? Normally all that credit would hurt you when you need a mortgage etc.
RE: Opening new credit card ac Welcome to the board. I have read that if you open new credit card tradelines and you have had past credit problems, this causes a lowering of your credit score. It is almost like a probation period. Alot of new credit with past mistakes is considered a risk, However, if you have no bad history this will not hurt you. Use it responsibly and you will never have a problem. Good Luck. roni
RE: Why would anyone want this No i am using it to get out of debt by taking advantage of every low rate offer that i can get,and i make very high payments to my accounts.This pay off more to my principal then ever before.I will be completley out of debt by mid 2005.I am a firm beleiver,and i don't belive in bankruptcy what so ever.If i have taken my creditor's money to begin with.I owe until every last red cent is paid.Does this answer your question about bankruptcy?I will not need no mortgage in the future therefore this wouldn't be a factor for any future credit decisions.
RE: Why would anyone want this I make 19.47% APR with my credit, minus the interest I pay. Of course, there are lots of tax advantages to running a business. Our business is to use credit. Please visit our web site or e-mail me at creditworks@msn.com for details. http://www.creditsense.com
