Credit Cards???
Credit Cards???
Ok I have a question about credit cards. I just got a new credit card to pay off another one because it has 0 % till Jan 2009 on balance transfers. I got approved for $8,000.00 (by the way I have very good credit). Now let me state 1st that I have already a Chase credit card and when I got this new credit card (which is by Chase again) I was trying to pay off my old Chase...now I was informed in the beginning that I can and now they say I can't (which would make sense) but I went on there word. So anyways I paid off my other credit card, which was by an auto store and closed that account today! Now I want to apply for a MasterCard now (which isn't by Chase) to pay off both of my Chase...how soon do you think I should apply for it. Should I wait a month so it will reflect on my credit that I closed the other one?
One last thing...I am not using all the $8,000.00 I was approved for..So far I only put $1,500.00 on it.
Answers:
mister_galager: Applying for multiple cards in a short period of time will affect your score slightly.
However, if you are not going to need a loan for any large purchases (car, mortgage, etc.) in the near future, I wouldn't worry about it.
2007-09-18 12:12:13
teamlessbear: if you apply now, before your new card (with the 8000 limit on it) shows up on your credit report, you have a better chance of getting the new Mastercard.
2007-09-18 12:12:29
Chosen Answer
Moosey: Chase sucks period. Get away from them. They have bad customer service and do bad business. If you have good credit, you can do it whenever you'd like, you don't have to wait.
2007-09-18 12:12:53
crutchduck: it doesnt surpise me that they wouldnt let you pay off there card with one of there other cards. you should certainly give it some time, if you keep running out to get new cards it will reflect badly on you. also closing out cards all the time can look bad as well.
2007-09-18 12:14:01
Cindy B: Just an FYI. Usually these 0% deals are paid off last. This is a problem if you use the credit card AT ALL after you transfer the balance. Any payment you send will go towards the 0% debt plus the minimum payment. So the new debt will start to build up and you will need to pay interest on the new charges. If you transfer the balance keep tha card completely clean of any other charges to get the full benefit of the deal.
2007-09-18 12:18:48
Barkley Hound: Part of your credit score is based on credit used divided by total credit available. Closing a credit card causes the ratio to increase which lowers your score. Have you checked if the auto store reports to the credit bureaus? Paying off their card with another card can also raise the ratio.
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2007-09-18 12:22:38
Cindo: Get the MC right away, before anything with Chase reflects on your credit report.
2007-09-18 19:13:38
dolly blaine: Avoid too applying for too many credit cards all at once. When ever you check your credit score it leaves a mark. If you have too many marks too fast lenders thing you've hit a financial wall and are headed for trouble. One case that comes to mind is about a first time home buyer. They were approved for the home loan but it hadn't been finalized. The buyer thinking he was getting a home applied for a credit card to buy furniture. Because the loan had not closed the new credit card application caused the loan to be rejected at the last minute. This one application caused his credit score to drop to an unacceptable level and he lost the house. The moral: be careful with the timing of your credit card applications. Read more form:
http://www.credit-card-gallery.com/article/136,Seven_Must_Know_Credit_Tips2007-09-19 04:54:26
cymakk: You can get a Citi mastercard. The best one is the Citi Diamond Preferred Rewards card which gives you 0% on balance transfers for 12 months plus u can earn up to 5 ThankYou points for every $1 you spend. Citi has great customer service and their reward program is one of the best out there. To learn more or apply for a citi credit card, u may go here:
http://www.creditcardondemand.com/citi-credit-cards.asp2007-09-19 14:03:52
The Phenom: I would caution against opening and closing accounts in a short period of time as it will adversely affect your credit score. Other than that I have nothing else. Good luck!!!!!!!!
2007-09-20 00:11:55
