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Balance Transfer Credit Card Bad Credit
Herbert Said:is changing credit card bad for credit? balance transfer?
We Answered:Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
if it helps kindly remember me in your voting!.. cheers!
Jessie Said:Is paying off my auto loan with a credit card balance transfer check a bad idea? Why or why not? Thanks.?
We Answered:That would be a bad idea, if you are late on a car payment you will pay a minor late fee, if you are late on a credit card payment they can double your interest rate and demand payment in full for the balance owed, you need to read the small print. Credit cards are not your friends you need to pay them off as quickly as you can and only keep them for an emergency. Do not get stuck in the credit card trap.
Cory Said:Should I transfer my credit card balance?
We Answered:retain the oldest card, cos it may be helpful for your credit checks. grab the new card that is offering 0% bal trfrs, but try to get rid of your three cards otherwise you end up 6 cards
keep the oldest and another card that u might think u need and the new card and cancel other three.
Jo Said:credit card balance transfer, good or bad?
We Answered:It won't hurt your score, but eventually, the companies will realize you are card hopping and stop sending 0% teaser offers and start closing the accounts.
Rhonda Said:Is changing credit card bad for credit? balance transfer?
We Answered:Earlier, it was very easy to find credit cards which allowed to transfer balances without any fee what so ever. These credit cards came with 0% intro APR for a specified period like 6, 12, or 15 months. This was used as a goldmine by those with large outstanding balances. They would simply transfer their balances to such credit card and get rid of existing high APR's. The 0% intro offer would then be exploited by them. Just by paying the minimum balances they would stay in the good books of credit card companies, and when the 'golden period' of0% intro APR was nearing its end, voila they shifted their huge balances to another credit card with similar offer.
So, this resulted in loss of revenue for credit card companies in terms of interest rates, but a more disastrous consequence of this process was that the credit card holder was increasingly getting into huge debts.
A major issuer of such no fee balance transfer credit cards, Morgan Stanley with their range of Discover credit cards, took strong exception and withdrew all such offers. Now they decided to take a certain percentage on balance transfers. To counteract such measure the credit card companies now have a different APR for balance transfer, this includes credit card with 0% intro APR. Read more from at: http://www.credit-card-gallery.com/credi…
I too had an issue like this once and it realy got out of hand. At that time, I referred to http://www.superiorpaper.net/ for solution but nothing came up. Only if I would have known about this info earlier, things would have been so much simpler for me.