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Getting approved for balance transfer ?Getting approved for balance transfer ?
dance82 said: "I have two credit cards... instead of making two payments a month I would like to get a new credit card, then transfer the two balances to the one so I would only have to make one payment a month... but the thing is I can't get approved for a new card because I have all the credit that I am allowed to have... but I want to cancel my old cards right away, then I will not be over my limit... But the credit card companies don't know that I will cancel my old cards as soon as the balances are transferred, so they wont approve me for the new one... is there anyway to do this?
Or maybe I could ask for an increase on one of them, then transfer the other balance to it... but I don't think they will increase it since like I said I have reached the limit on the amount of credit I can have... but I will cancel the old one immediately, how do I make them understand that?"
credit_card_collector said: "If those two cards are rather old then they are helping your credit with age, canceling them and getting a new card will actually hurt your credit because the age of your accounts will drop. If I were you and you really wanted to do this one payment a month thing, I would ask for an increase on the older card and transfer the other card to that card. :)
How high of balances we talking?"
dance82 said: "Thanks, I will try to get my limit on one card increased and transfer the balance from the other... one card I've had for a year and the limit is 2,000... the other card I've only had for about 4 months and the limit is 750... so I will try to get the limit on my older card raised to hopefully 3000, cause my 750 card is over the limit... but I'm just worried that they wont grant me the limit increase.. well actually I'm pretty sure that they wont. :("
credit_card_collector said: "Well if your payments have been on time I do not see why not, they don't usually do increases based on credit history, they did not pull my file for my increases, they do them based on your payment dependability to them and also income and job history, I have been getting noticeable increases every few payments, so give it a go, good luck, I will keep my fingers crossed. :)"
rapidanian said: "How over the limit are you? Are both cards maxed out? Is this a repair issue or a budgeting issue? Is extra credit really going to help you? I know you are getting dinged for being over limit-are you also getting dinged for being late? More credit may not be the answer here.......... :confused:"
dance82 said: "I'm over the limit by about $150-200 on my card that has a $750 limit... my other card that has a $2000 limit is not over the limit, but it is maxed out... it's only about $30 under the limit... but it's been over the limit in the past, by about $30-50... and I definitely don't want more credit (which is why I said that I want to immediately cancel whichever card I transfer the balance from) I just want to consolidate the payments... so yes it's a budgeting issue... with my card that has a $2000 limit, I was only late with the payment once and it was only because I always pay online and their website was not working on the day I had to make a payment... my other card I've been late twice."
rapidanian said: "I don't know your scores, but you need to get that card under the limit or you are paying 30 a month in overlimit fees. They LOVE this! If your credit history is otherwise still good see if you can get another card at all. Even a $300 would help you at this point. At least you would able to BT the overage and maybe get an intro rate on the new card."