I have a credit card debt of about $7000 spread across 3 different credit cards. It would be nice to consolidate them so I only have to worry about writing one check every month. I received a notice from MBNA the other day saying I'm pre-qualified for their "Clean-Sweep" program that is pretty much a variable APR loan that I can use to pay off my credit cards. It said it was offered to me since I'm a valued customer since 2002 but I closed all my accounts with them since a year ago.
I'm tempted to call them and apply for this loan in hope of getting a lower rate (currently I'm at about 10-14% on the 3 cards). But I was wondering if I'm just wasting my time and if it's worth it having a mark on credit history for inquiring in on this loan. My credit is good but keep in my mine I'm maxed so my debt to credit ratio isn't too great. What's the likelihood of them approving the loan at a competitive rate? Do companies who generally send out this pre-approve stuff really even look at your history before saying "you're specially selected?"
I'm tempted to call them and apply for this loan in hope of getting a lower rate (currently I'm at about 10-14% on the 3 cards). But I was wondering if I'm just wasting my time and if it's worth it having a mark on credit history for inquiring in on this loan. My credit is good but keep in my mine I'm maxed so my debt to credit ratio isn't too great. What's the likelihood of them approving the loan at a competitive rate? Do companies who generally send out this pre-approve stuff really even look at your history before saying "you're specially selected?"
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