Hello all, Been lurking for a while, decided to post. I get many offers from companies who want me to open accounts and transfer balances with very competitive rates. I am paying off a decent sized balance and would really like to move the money around from good rate to good rate, but am concerned about a.) having too many lines of credit (I have about 6 CC's) and b.) too many inquiries initiated on my behalf which may lower my score. I don't NEED to open new accounts, but I'd love to strike while the rates are so good. Should I be concerned or should I take the offers? Any suggestions? Tx
If you don't plan on buying anything big in the near future then I would do it. I am doing that now too. I look at it this way. I get 0% financing on a 5000.00 cc that I plan on BT to another 0% in June. I have 7 cc now all with different interest rates. What matters most here is you are going to save money and if it costs you a few points then so be it.....
6er 6er, You say you currently have a balance that you're paying off... How is this balance distributed among your six existing accounts? Are there any accounts with a high credit line and a low balance? If so, you might consider contacting the issuers of these underutilized cards and asking them if they can offer you any balance transfer promos. As an example, my Citi Plat has a 6.9% until paid BT offer that seem to always be available. I can access it via Citi's website. Knowing that this is available makes those teaser rates in my mailbox far less attractive. RM
Actually, the balance is all on one card, but none of my others can match 0.0% which is the offer from a new issuer. One offers 7.9 til paid and the other WSJ Prime til paid, nice but still not nothing.
How long does the 0% rate last and what sort of BT fees {if any} are charged and, what is the go to rate? You have the right idea. Pay 'em back as cheaply as possible.
I have 18 accounts. The more the better, but like a poster stated, if you are planning on a big purchase, you may want to reconsider the effect on your score. I don't worry about my score, if they don't want to give me more, I can work with the 18 I have. www.creditsense.com
1 have a couple dozen cc's and thats not even one of my codes and i'm still 700+. The only time that i have seen the reason code "number of bank revolving accounts" was when they were new. I think multiple cc's only count against you majorly for the first year or so but even at that, I don't see 6 to be an issue.
