I haven’t gotten approved for any of the 3 cards I applied for in order to transfer the balances. So what should I do? Should I consider a consolidation loan? How can I get approved for a new card without having to wait months for my credit score (it is between 625 – 670) to change?
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Each time you apply for a card or loan, you are dropping your credit score a bit by adding another inquiry to your report. These inquiries stay on your report and affect your score for 2 years.
Since your score is in the 600s and you have already been rejected for 3 0% offers, you probably won’t be approved for another card until your score improves some.
Trying to get approved for a consolidation loan with your score is probably not going to drop the rate on your cards much, if at all, so ask what the rate would be for someone with your score before you apply and add another inquiry to your report.
Have you tried calling your credit card companies and seeing if they will give you a lower rate? If they won’t, ask them what you need to do to get a lower rate and when you should call back to request it.
Probably the best way to improve your score is to pay down some of your current debt. Start by cutting your expenses (go out to eat less often, use your cell phone less and change to a lower minute plan, drop premium channels from cable, brown-bag your lunch, etc.) and then put all that ‘saved’ money toward your highest rate card, in addition to the minimum payment. When you get that card paid off, add what you were paying to the minimum payment of the next highest rate card until that one is paid off.
As you pay cards off and down, you will probably be able to get lower rates and possibly some good balance transfer offers from the cards you have, without having to apply for any more cards.
First off, you need to stop trying to get approved for credit cards. Everytime a credit card company has to try to approve you they look at your score & this counts as a negative. It will lower your score from 10+ points each time. If you have more than 3 inquiries over a 2 yr period, your score could drop more than 70 points.
How much are you trying to transfer anyway? If it’s a large sum, then chances are you wouldn’t be able to transfer even half the amount to a new card if you do get approved since your score is already on the lower side.
Start a budget and find out where you can get any extra cash every week. Cut out frivolous spending (coffees, etc.) and put that money towards your balances. If you can’t find enough money to pay them off fast enough, then get another job or something that will supplement your income.
When a credit card holder transfers his balances from one credit card to another this balance transfer fees is charged by the credit card company. This fees is generally a percentage of the amount for which balance transfer is desired. The credit card companies can fix a certain amount as the minimum fees for balance transfer. Example 3% (min $10). Read more about it at: http://www.credit-card-gallery.com/article/255,Do_you_know_the_5_important_fees_types_associated_with_a_credit_card