0 Apr Credit Cards

Question: When can i transfer to 0% apr credit cards (read details of my credit card bills)?

(Posted by: nickname on 2009-09-19 20:41:17)

I know my credit is nowhere close enough to do a 0% APR balance transfer...so... tell me when you think I& #039;ll have good enough credit...Here are the details...I used to have 8 credit cards, now I only have 5. (I closed my Macy& #039;s and JCPenney and Mervyn& #039;s ones recently after I paid them off in full). This month, I am going to pay off and close my Old Navy credit card, so I will only have 4 credit cards and here are the details of them.... Chevron- $2, 500 credit line.... I basically have it almost to the top each month..like $2, 490 by the time I pay it each month Shell- $180 credit line..same deal, almost to the top each month Bank of America- $7, 500 credit line, almost to the top each month Capital One- $2, 650 credit line, every month it& #039;s like $2, 750 it& #039;s been & #039;over& #039; for the past year, even though I never use it cuz I only pay the minimum cuz that& #039;s all I could afford so it& #039;s constantly & #039;over& #039; the limit. ..I am working on getting a better job so I can start paying them down, but for & #039;good credit& #039; or & #039;good enough that you can transfer your credit cards to 0%APR balance transfers, & #039; how much of my current debt do i have to have paid off so that I can qualify for those 0% balance transfers? (Which will help me out even more so I can have like no interest for a year on credit cards)

Posted by: rayt721 on 2009-09-19, 20:50:37

Getting a 0% interest rate (and remember there are fees to do balance transfers) is not going to help you. You need a repayment plan for the debts you already owe. Moving a balance isn 't going to help you at all. Why are your closing down your credit cards when you pay them off? You are lowering your credit limits and increasing your debt to limit ratio in the process. Stop cancelling... that in itself if lowering your score, not raising it. You should be focusing on paying off what you owe in a timely manner. You would be better off with a consolidation loan for everything you owe and make ONE payment with a fixed rate on a fixed loan IF YOU QUALIFY. If not check out the books (library books) by Dave Ramsey. If you follow Ramsey 's plan, you will become debt free. You didn 't get in debt overnight so don 't expect to get out of debt overnight. 0%, 8%, or 15% interest isn 't going to matter all that much and won 't mean anything if you pay the debts off. Consider increasing income and/ or reducing expenses. In the meantime stop cancelling your credit cards or you 'll be working with no credit and a low credit score in the future. Set your goals, make a plan and stick to the decision to get out of debt... not just juggle it around from creditor to creditor.

Posted by: MadMan on 2009-09-20, 06:00:46

0% APR cards are only given to those with good credit, which you do not have. You need to continue to pay down your credit cards but NOT close the cards when you have. This actually hurts your credit. You need to concentrate on paying off your card with the highest interest rate first.