help with credit card balance transfers?
by Author on Monday, July 12th, 2010 | 6 Comments
i owe about 17,000 on 1 card that has an 18,000 limit. i applied for another card from different bank so i can transfer my balance and i only got a 5000 limit. my score is 800 so im a bit confused. I would like to transfer the whole 17g's into 1 card..is it possible to get another 18,000 limit again?
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It could be possible but you need to look at issuers who are known for giving high limits. For example, you’d never get that much from Discover as they are pretty stingy with initial credit lines. Don’t apply to places at random – you want to focus on issuers who give large initial credit lines.
Are you getting credit card offers in the mail? If you’re not (and you haven’t opted out) that’s a sign that credit card issuers aren’t overly impressed with your credit record. How long of a credit history do you have? If you have a short history, the high score of 800 won’t be enough.
I would research at the creditboards.com credit forum, and search for topics about "Penfed" (the Pentagon Federal Credit Union). They have been pretty generous with credit lines for new customers if they have excellent credit.
Not with the current limits you already have. I suggest you work towards repaying the amount owed rather than trying to get more loans.
Usually you are given a limit that is standard and it is increased over time. Call the company and explain in person what you want to do and a live person will look at it and perhaps increase your limit.
You haven’t said why you feel you need to move the entire balance to a new card.
If you want to move it to get a lower interest rate, call the current company and ask for a better rate. They can frequently do so, if your payment history is solid with them.
If you had a problem with service, again a call to their company could clear up some issues (and they may ‘apologize’ by offering a better rate). The more recent inquiries you have, the LESS likely any of them are to give you a good deal.
Remember that applying for other cards (whether or not you ever use them) lowers your credit score, and a group of applications makes you look like a risk to ALL lenders — including your original company.
And, regardless of your credit score, the amount you owe compared to your income (debt-to-income-ratio) can keep you from getting more credit. You right now have access to $23,000 in credit ($18,000 plus new $5,000) and that may be more than a good lender is likely to risk on you.
when you have the balance you have……. on a credit card…it looks bad!!! you see you limit to balance ratio is very important!!!!!!! you don’t want your balance to be as high as the limit…… you want it as close to half as you can get it!!!!!! my advise, balance transfer a portion of the balance to your new card!!! keep paying on both accounts this will help even things out!!! after 6 months of GOOD payment history with new account ask for an increase in the credit limit! do this again after a year….. slowly but surely you will build a higher credit limit….
Yes you can get another 18k limit, it just takes time. The same amount of time it took your other card. About 6 months per increase if the account remains in good standing. It sounds though like you’re playing the rat race. I know you don’t want to hear it, but you need to make it a bi-weekly habit to log onto that account and pay down the balance, that’s the only way you’re going to find relief from your grief. It won’t take that long, and you’ll feel like a new person once you’ve accomplished this goal. The problem you’re facing now is the overwhelming though of 18 thousand dollars. I’m here to tell you thats a small, ant sized, peanut of an amount. You can handle it. Good luck to you. Ps. never use debt consolidators. you’ll spend more money in the process.