Jan 162010
I currently have a Capital One card and another credit card. Both have very high interest rates. However, Capital One just increased my credit limit by several thousand dollars. I’d like to use that increase to transfer my other balance this card. I am curious to know if they would play ball with me–lower my interest rate in exchange for me transferring my other balance to them. Ideas? Thanks.
They might do that, but you would need to be careful that they don’t raise it back up a few months after you Transfer the balance of the other card. You also should be aware that having a high balance on a card can have a signifigant effect on your credit score. Keep in mind it is best to have your debts evenly distributed and maintain credit card balances of 30% to 50% of the credit limits for an optimal credit score. Once you get a balance over 50% of the credit limit on a card it can drop a credit score as much as 30 – 40 points, depending on a couple of other factors on your reports.
If you want anymore advice contact me at my email. treyhall@graceba.net
I have been a Ceritified Credit Specialist for 7 years.
Do not close the card cause it lower you available credit line. You also can use this service to pre-estimate future scores for different scenarios of credit card payments. – freecreditreport.hotusa.org
Some companies do offfer like ZERO percent or lowered rates if you transfer your balance……
I use a web site that you can compare different companies and rates…http://www.bestbalancetransfers.com
doubtful – usually they only offer low balance transfer teaser rates to new customers – if they already have you locked into a high rate, they don;t need to entice you to do anything
Does not hurt to ask, Capital One though is the worst of the bottom feeders thats 1 thing that should not be in your wallet
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