FINANCE QUESTION

Oct 14, 2006 03:13

Okay, someone must know if this will work ( Read more... )

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mac_girl October 14 2006, 21:47:51 UTC
So...first, I'd recommend going here:

http://www.oprah.com/money/debtdiet/steps/debtdiet_steps_main.jhtml

Oprah's Debt Diet - it's amazing!

One of their recommended steps for "playing the credit card game" is to first call the credit card company and ask them to lower your APR before you transfer - they tell you that having another named card and interest rate ready helps in getting them to lower the rate. So maybe try that before transferring?

Given what I know about credit scores and histories, it would be best for you to leave one card open, even tho it shows no balance. This shows potential lenders you're responsible with credit and haven't charged up to your maximums, which is what your report may look like if you transfer all of your balances to one and close the other. Make sense?

I have monthly monitoring through TransUnion and for something like $9.95/month, you get unlimited pulls of your credit report, their FICO score for you, and some advice on how to increase your score. Might be something to check into, too.

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jby_0804 October 16 2006, 13:54:35 UTC
Thanks so much for the advice! The TransUnion thing sounds like a great thing, too! I will definitely check it out!

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