Comments on: Consolidate Credit Card Credit Limits http://www.thesunsfinancialdiary.com/personal-finance/consolidate-my-chase-cards-for-the-big-move/ Fri, 03 Feb 2012 17:42:24 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Johnhttp://www.thesunsfinancialdiary.com/personal-finance/consolidate-my-chase-cards-for-the-big-move/#comment-12934 John Wed, 04 Jul 2007 05:35:29 +0000 http://www.thesunsfinancialdiary.com/personal-finance/credit-cards/consolidate-my-chase-cards-for-the-big-move/#comment-12934 Hi Sun, My friend who plays the 0% CC game did mention that it affected his score and report negatively; but the effect was temporary. However in one case he was unable to reallocate the credit limit back to the original card after he paid the debt and this has caused a permanent "negative" record on his credit report. So while he still plays the game, he no longer moves the credit limits. That is why I was curious in checking if any others have experienced similar negative effects. Hi Sun,

My friend who plays the 0% CC game did mention that it affected his score and report negatively; but the effect was temporary. However in one case he was unable to reallocate the credit limit back to the original card after he paid the debt and this has caused a permanent “negative” record on his credit report. So while he still plays the game, he no longer moves the credit limits.
That is why I was curious in checking if any others have experienced similar negative effects.

]]> By: Sunhttp://www.thesunsfinancialdiary.com/personal-finance/consolidate-my-chase-cards-for-the-big-move/#comment-12931 Sun Wed, 04 Jul 2007 05:08:44 +0000 http://www.thesunsfinancialdiary.com/personal-finance/credit-cards/consolidate-my-chase-cards-for-the-big-move/#comment-12931 John: Yes, if I lowered the card's limit to $500, then some charges in the past definitely exceed this new limit, but I am not so sure on how this will have a negative impact of credit score/history. Did you have any information about this issue? If so, please share it with me. I need to do some research on this, but I doubt it will mean anything. John: Yes, if I lowered the card’s limit to $500, then some charges in the past definitely exceed this new limit, but I am not so sure on how this will have a negative impact of credit score/history. Did you have any information about this issue? If so, please share it with me. I need to do some research on this, but I doubt it will mean anything.

]]> By: Johnhttp://www.thesunsfinancialdiary.com/personal-finance/consolidate-my-chase-cards-for-the-big-move/#comment-12920 John Wed, 04 Jul 2007 03:44:38 +0000 http://www.thesunsfinancialdiary.com/personal-finance/credit-cards/consolidate-my-chase-cards-for-the-big-move/#comment-12920 Sun, When you consolidate the credit limits from various cards do you often run into situations where the high balance (highest amount ever owned on the card) is greater than the lowered credit limit. Would that not appear as if you have exceeded your credit limit? Sun,
When you consolidate the credit limits from various cards do you often run into situations where the high balance (highest amount ever owned on the card) is greater than the lowered credit limit. Would that not appear as if you have exceeded your credit limit?

]]> By: Sunhttp://www.thesunsfinancialdiary.com/personal-finance/consolidate-my-chase-cards-for-the-big-move/#comment-12702 Sun Mon, 02 Jul 2007 02:17:13 +0000 http://www.thesunsfinancialdiary.com/personal-finance/credit-cards/consolidate-my-chase-cards-for-the-big-move/#comment-12702 Kujimon: For this transfer, I just gave Chase my BoA account number and they will transfer the money directly to my checking account. Many times before, I asked them to send me a blank balance transfer check so I can write it to myself and deposit it.ispf: Thanks for the information and the tip to get a higher credit limit is very useful. I never bothered to fill out the balance transfer part when applying for a card, even though the card is for balance transfer. Kujimon: For this transfer, I just gave Chase my BoA account number and they will transfer the money directly to my checking account. Many times before, I asked them to send me a blank balance transfer check so I can write it to myself and deposit it.

ispf: Thanks for the information and the tip to get a higher credit limit is very useful. I never bothered to fill out the balance transfer part when applying for a card, even though the card is for balance transfer.

]]> By: ispfhttp://www.thesunsfinancialdiary.com/personal-finance/consolidate-my-chase-cards-for-the-big-move/#comment-12583 ispf Sat, 30 Jun 2007 15:47:41 +0000 http://www.thesunsfinancialdiary.com/personal-finance/credit-cards/consolidate-my-chase-cards-for-the-big-move/#comment-12583 Hey Sun,$750 for 4 months is sweet! Congratulations!I started out with about $55K last year. When the 0% offer was up, I decided to fold it into another offer for this year. If you chose to go this way, here are some tips - * If possible move the balance to your wife's credit cards. Since your utilization is high at this time and hers may not be, she has better chances of getting the application approved. * Request for a balance transfer in the credit card application itself. I have noticed that when I apply for a card without a BT request, my approved credit line is around $10K. But if I apply for a card with a BT request of around $25K, I usually get approved for $20K+ lines. * Call up and check if any of your existing credit cards will offer a 0% balance transfer, so you can avoid opening a new account. * Send more than the minimum payments - this is supposed to look good on your credit history. Apparently, even $5 more should be OK, since the exact amount is not listed. This will help your case, if you choose to open a new account in your own name.It makes me feel good whenever I read about someone making money from 0% BT game :) Finally, payback for the credit cards that made money from me when I was still an ignorant oaf!!! Hey Sun,

$750 for 4 months is sweet! Congratulations!

I started out with about $55K last year. When the 0% offer was up, I decided to fold it into another offer for this year. If you chose to go this way, here are some tips -
* If possible move the balance to your wife’s credit cards. Since your utilization is high at this time and hers may not be, she has better chances of getting the application approved.
* Request for a balance transfer in the credit card application itself. I have noticed that when I apply for a card without a BT request, my approved credit line is around $10K. But if I apply for a card with a BT request of around $25K, I usually get approved for $20K+ lines.
* Call up and check if any of your existing credit cards will offer a 0% balance transfer, so you can avoid opening a new account.
* Send more than the minimum payments – this is supposed to look good on your credit history. Apparently, even $5 more should be OK, since the exact amount is not listed. This will help your case, if you choose to open a new account in your own name.

It makes me feel good whenever I read about someone making money from 0% BT game :) Finally, payback for the credit cards that made money from me when I was still an ignorant oaf!!!

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