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Help on what the best course of action is

Financial Aid is always a popular topic. Use this section to tell other students about resources you have found.

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Help on what the best course of action is

Postby kristi459 » Wed, 18 Jun 2008 01:39:31 -0500

I'm a college student and back home making money right now. I've got an AMEX Blue with 2000 on it (8000 limit) and Chase Freedom with 1200 on it (7500 limit). Both are out of their introductory 0% for a year time limits and I'm now paying interest. I've got an old Citi MTVu Card with no balance and 5000 dollar limit.

I'm thinking of looking for another card that I can transfer these two balances to and hopefully phase out the Chase Freedom. I will keep my MTVu, because I've had it open for 3 years and I love Amex's customer service, so that leaves the Chase either in the sock drawer or closed (any opinions?).
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Joined: Mon, 09 Jun 2008 12:22:06 -0500

Re: Help on what the best course of action is

Postby cezal » Thu, 19 Jun 2008 03:06:28 -0500

747 is a pretty good credit score - so obviously carrying 3 credit cards has helped you establish a decent credit history. Even though it could be higher, you have a good chance of getting approved for most standard credit card offers. The fact that you've already been approved for 2 non-student credit cards is a good sign that most issuers would approve you for an additional card. At this point, it's probably not necessary to cancel any of your existing credit cards since you only have three. Unless you're uncomfortable with having 4 credit cards, I would leave the other ones open and find a new 0% APR offer. If you still want to cancel one, choose the highest interest rate offer (probably the Chase Freedom).
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Joined: Wed, 21 May 2008 10:47:26 -0500

Re: Help on what the best course of action is

Postby jeannielew » Mon, 05 Mar 2012 05:54:28 -0500

If you cancel the card, your credit score will go down. Seriously.

Sources: ... ystem.html ... ted_States)#Makeup_of_the_FICO_score
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Joined: Mon, 05 Mar 2012 05:20:42 -0500

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