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Credit card question.

Credit score question. Open a new credit card and a balance transfer.?

  • Hi, I currently have about 5 or 6 credit cards. I only have one from chase bank. I was just in my chase bank today to pay some money to my chase credit card and the teller was telling me how I can open a new card with them and the amount it was showing on the computer that they would give me is $4,500.00. My credit score is currently 766. How many points will it go down if I apply for this new chase credit card? She said it was a freedom card and I would get 0% on all balance transfers for I think about a year or so. Will my credit score go down also for the balance transfer? I currently owe $2,500.00 on another card from another bank which I want to tranfer onto the new chase credit card which has a credit line of $4,500.00. What can you tell me about all this? How will I hurt my credit? How low will the credit score points go? Any info on this matter is greatly appreciated. Thank you for your time and hope to hear what you think. Thanks again.

  • Answer:

    your credit score does go down by a few points for every account you open.BEWARE of the balance transfer game!!!your balance tranfer amount gets paid first,any balances on the card prior to the transfer get paid last.example i just went through.i had a 4500 on a card,i then transfered 6000 to the same card for 2.9 apr for the life of the balance.any payment i made only went towards the 6000,as the 4500 never got any money towards it and just accumulated interest at 11%.ONLY TRANSFER BALANCES ONTO CARDS THAT HAVE A ZERO BALANCE TO BEGIN WITH.

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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. Get all information about yourcredit score at: http://www.credit-card-gallery.com/article/136,Seven_Must_Know_Credit_Tips

farrell h

The more credit cards you have the more your credit score will drop if you are smart you will pay off your credit cards and cut them up and only keep 1 or 2. Dont open any more accounts. If you want to build up your credit purchase small items with your card and pay off each month.

Julia

Having a good credit rating, helps a consumer get a loan or credit at better rates and for larger amounts.To know "How to improve credit rating, credit score" plz follow link- http://www.acreditlibrary.com/improvecredit.html

ram k

Another item to consider: If your balance is close to the limit of a card, your score suffers. Therefore, even if your other cards were well below their limits, you will now have a card near maxed out.

Han Solo

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