Re: Balance transfers - any experiences?


"John A. Weeks III" <john@xxxxxxxxxxxxx> wrote in message
news:john-CEFDC7.06522830082006@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
In article <eaadnaIVaopllWjZnZ2dnUVZ_sudnZ2d@xxxxxxxxxxx>,
"Timothy Stark" <fsword7_nospam@xxxxxxxxxxx> wrote:

Yes, you can call and ask for a credit line increase. That isn't
always a good thing. First off, you could get turned down, and that
could ding your credit rating, making future borrowing more expensive.
Second, if you are maxed out now, adding more credit is only going to
make things worse. Third, while the balance transfer might have a low
promotional rate, the existing balance still is at the normal interest
rate, which you will end up paying through the nose. Finally, the
low interest rate offer is contingent on good behavior. If you are
late on any bill (credit card or otherwise), for any reason (even if
it gets lost in the mail or some other creditor makes a mistake), the
low rate can be cancelled and the new rate is the maximum allowed by
law. As Dave Ramsey says, if you play with vipers long enough, you
are going to get bit.

If I could get turned down, will it cause another creditors will raise
interest rate as default? I am concerned about that because many creditors
are anti-consumer and unforgiveness.

No, my creditor offer me for balance transfer on fixed APR for entire life
of balance.

Well, 2 years ago, I made a balance transfers from two credit cards into my
new credit card and it did not affect my credit score or a little according
to my monthly credit monitoring.

Thanks for some replies,
Tim


.

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