06-02-2006, 02:38 PM | #1 |
Senior Member
Join Date: Dec 2005
Posts: 5,996
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Hey, Homeboy...
I know you said you keep getting 0% credit cards for balance transfers, and then keep transferring your cash around after the 0% offer expires.
I have been doing the same, but my 0% is about to expire for the first time. Do you cancel the credit card currently holding the cash (which will be transferred to another 0% card) or do you just open a new card and keep the old one too? Wouldn't it hurt my credit to keep the old card open? Thanks for the tips! |
06-02-2006, 03:26 PM | #2 |
Senior Member
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Hoya....
I have done this for about 5 years now. I don't really worry about my credit score. Wife and I are in the mid-700's. Wife is higher than mine. Once I transfer the balance I cancel the card. That simple. I own 3 cars and have never paid a dime of interest on any of them. Would be stupid to do. I have a date planner that tells me when my 12-18 months of interest free expires and then I get busy about 6 weeks before hand. Great if you can do it. I have a friend who whittles down his house debt this way.
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Spooooooon |
06-02-2006, 03:33 PM | #3 | |
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Join Date: Dec 2005
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Thanks for the input! |
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06-02-2006, 03:46 PM | #4 | |
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Join Date: Jan 2006
Location: Clinton Township, MI
Posts: 3,126
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If not your credit score doesn't really matter. When it come to your credit score it based mostly if you pay your crap on time. then your debt to equity ratio. and then how much you owe. http://moneycentral.msn.com/content/...ng/P136689.asp
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Its all about the suit Last edited by Mormon Red Death; 06-02-2006 at 03:56 PM. |
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06-02-2006, 04:15 PM | #5 | |
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Spooooooon |
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06-02-2006, 07:10 PM | #6 | |
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Join Date: Aug 2005
Location: Norcal
Posts: 5,821
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As long as you've whittled down to just 2 or 3 cards prior to your loan application you should be fine. You can also request that your credit limits be lowered on those cards prior to applying if you think your score needs to go up. Since you said you are in the mid 700's, you really have nothing to worry about anyway. |
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