I have two credit cards with my bank. One is $2,864.99 at 11.99 % APR and the other is $1,881.60 at 9.24% APR. (A total of $4,746.59) I have no late payments.
Do I opt out of any APR increases and freeze the accounts and pay them down? Or do I transfer the balances to a 5.99 % and 3.99, respectively, % APR intro
deals my bank is offering? How can I consolidate the two balances? Any suggestions would be appreciated. Thanks
Credit card help
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 TroutBum4wt.clarksclassicfl... |
Credit card help |
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Posts: 3 04/07/09 06:28 PM |
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creditcounselor1 |
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Posts: 96 04/08/09 07:06 AM |
If you would be freezing the accounts at 11.99% and 9.24%, but you have the ability to transfer them to a card at 5.99% and 3.99% then I would transfer them
and close the original 2 accounts. Make sure that a transfer balance is at 5.99% and 3.99% and this rate does not apply to purchases only. I do not know what
the available line will be on the 3.99% card but if it is $4800 or more then I would transfer both balances to the one new card at the 3.99% rate. That would
give you only one payment a month.
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TroutBum4wt.clarksclassicfl... |
#2 | |||
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Posts: 3 04/08/09 12:19 PM |
If I "close" the two orginal accounts, would this be a negative mark(s) on my credit score? Or do you mean freeze the rates on the two old acounts
and not use them?
Thanks for the information. Very helpful. |
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creditcounselor1 |
#3 | |||
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Posts: 96 04/08/09 02:08 PM |
You are right, I do not mean close them but pay them off with the lower rate card and do not use them. They will still show as a good credit rating on your
credit report.
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TroutBum4wt.clarksclassicfl... |
#4 | |||
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Posts: 3 04/09/09 08:33 AM |
It turns out I can't combine my two credit cards and get the intro rate. It can't happen since the two cards are my bank's products. It has to be a
card from another company/bank to make it work. So, do you know of any low-rate deals out there I can take advantage off and combine my two cards? I'll be
looking, of course.
Thanks |
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creditcounselor1 |
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Posts: 96 04/09/09 10:33 AM |
There are a lot of cards out there and each has it's own deal. You can go to www.bankrate.com and search for credit
card "deals". Just make sure you understand the "whole deal".
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