i have about 3 visa/mastercards and a couple department stores cards all with about 400-800 on each..i just got a preapproved offer for another MC with 0% balance transfer until dec 08 and i wanted to consolidate..if i accept how much will this affect my credit score...i am also trying to get a used car loan now, so i don't want it mess things up....PLEASE HELP.
2007-10-18 13:48:48 · 6 answers · asked by andierue 2 in Business & Finance ➔ Credit
Zero. Credit cards are for suckers.
2007-10-18 13:52:56 · answer #1 · answered by Bob 5 · 0⤊ 0⤋
Okay, breathe. Feel better?
READ THE FINE PRINT. 0% until December 2008 - how much is the balance transfer fee? 10%? Well, if you HAD a 5% APR, they just made double that in a single transaction.
How many SHOULD you have? That depends. Department store cards are good if you use the discounts they provide. And credit score is basically two factors - risk, and the amount of credit you have versus how much debt you're in - the ideal situation being that you are not late or in default, that you can borrow or charge a very big amount, and that you carry no balance - that's the best way to go. (Personal, home, and autoloans are included).
Read the offers - there are good ones out there, but read every single word and pay attention - you'll be surprised what you'll learn.
2007-10-18 14:08:53 · answer #2 · answered by thedavecorp 6 · 0⤊ 1⤋
400-800 what on each, balance or limit? If limit, this is a strong indication you don't need any more cards - those limits are way low. Generally, opening new credit will lower your credit (however, ironically, having only some of your limit on a card used is scored better than having a card maxed or almost maxed out).
It is quite likely your move will not help your used car loan. Get the used car loan first, then consider the 0% bal xfer thing (and consider getting rid of one of the older cards, unless they've been on your credit report for a LONG time, in which case this also helps your score, assuming you have been responsible with payments, etc.).
2007-10-18 14:05:30 · answer #3 · answered by heart_and_troll 5 · 0⤊ 0⤋
0. stay away from credit cards. They make all the rules and can change the rules anytime they want.
Banks spend millions brainwashing people into thinking they need credit cards and a high fico score to make it in todays world. Thats a load of buffalo dung. Save your money and pay as you go. You'll come out ahead.
2007-10-18 18:29:59 · answer #4 · answered by heybulldog 5 · 0⤊ 0⤋
Zero
2007-10-18 13:57:47 · answer #5 · answered by DLA 4 · 1⤊ 0⤋
You should have one card, preferably one that gives you points or air miles. The more cards you have, even if you don't use them, simply adds to the total debt about that you could potentially have.
2007-10-18 13:52:23 · answer #6 · answered by Alice Lockwood 4 · 0⤊ 0⤋