To keep or cancel Credit Card?

[Mayfriday0529]

I posted before that I wanted a new CC for Balance Transfer so I ended up Applying for a: Citibank Platinimum Mastercard.

I got approved and just got the card but the limit is for only $1200. I was hoping for at least $5000 to balance transfer...

Anyways should I keep it or cancel it?

Update: After my conversation with Citibank the credit line was increased to $5000

 

[kranky]

Did you request a balance transfer when you applied?

 

[jagec]

It's silly to get financial advice on ATOT, because everyone has such a different take on how to live life.

That said, BT onto a credit card is always a bad idea. Don't do it.

 

[Mayfriday0529]

Originally posted by: kranky
Did you request a balance transfer when you applied?

Card has 0% balance transfer for 12 months with no fee, but in the applications it said nothing about it or how much you wanted to transfer

 

[Kyle]

Originally posted by: jagec
It's silly to get financial advice on ATOT, because everyone has such a different take on how to live life.

That said, BT onto a credit card is always a bad idea. Don't do it.

nah- I took a high balance from one card and transfered it to a new card with a locked 2.9% till it was paid off- paid it off and w/ a lot less interest. (no fee either)
Now it CAN be bad if you use your old card and start charging w/ it...but by itself it can be a good deal.

 

[BigJ]

Originally posted by: jagec
It's silly to get financial advice on ATOT, because everyone has such a different take on how to live life.

That said, BT onto a credit card is always a bad idea. Don't do it.

Why would a BT of 12-month no-interest, no fees be a bad idea?

Hell, even a BT of No interest for the life of the loan and a marginal fee of 3% be a bad idea if they're going to wind up paying more than that 3% down the road?

 

[jadinolf]

Originally posted by: jagec
It's silly to get financial advice on ATOT, because everyone has such a different take on how to live life.

That said, BT onto a credit card is always a bad idea. Don't do it.

Plus most of us are only thirteen.

 

[JasonE4]

Keep it. Try to get them to increase the credit limit by calling. Or you can wait 6 months and request a credit limit increase. You have 12 months to do the balance transfer and then another 12 months of 0% from the day you do the transfer.

 

[Mayfriday0529]

Originally posted by: JasonE4
Keep it. Try to get them to increase the credit limit by calling. Or you can wait 6 months and request a credit limit increase. You have 12 months to do the balance transfer and then another 12 months of 0% from the day you do the transfer.

Yeah i'll call them say i want to cancel it.. expected more... maybe they will increase it. I still need at least $4500

 

[sniperruff]

Originally posted by: Jnetty99

Originally posted by: kranky
Did you request a balance transfer when you applied?

Card has 0% balance transfer for 12 months with no fee, but in the applications it said nothing about it or how much you wanted to transfer

the folks over at FW finance are doing apps-o-rama... use BT cash to invest on bonds and CD and the like. seems like it's really working out for them.

 

[Mayfriday0529]

Originally posted by: Jnetty99

Originally posted by: JasonE4
Keep it. Try to get them to increase the credit limit by calling. Or you can wait 6 months and request a credit limit increase. You have 12 months to do the balance transfer and then another 12 months of 0% from the day you do the transfer.

Yeah i'll call them say i want to cancel it.. expected more... maybe they will increase it. I still need at least $4500

I called them and they will request for the increase. They said to call back in about 8 hours. They said that because this is my first CC with them (Citibank) thats why they gave such low credit.

I got a Fleet now Bank of America card for $6000 before but I hear Citibank is tough

 

[Tom]

Originally posted by: sniperruff

Originally posted by: Jnetty99

Originally posted by: kranky
Did you request a balance transfer when you applied?

Card has 0% balance transfer for 12 months with no fee, but in the applications it said nothing about it or how much you wanted to transfer

the folks over at FW finance are doing apps-o-rama... use BT cash to invest on bonds and CD and the like. seems like it's really working out for them.

Sounds like 1929 all over again.

 

[Yzzim]

My Citibank CC is the second card I've owned. Signed up for it with a less than stellar FICO (<700) and recieved a limit of $3500. Transferred $1200 onto the card with 0% interest for 12 months. Just about got that paid off and my limit was increased to $4500.

 

[mwtgg]

Odd, Citi gave me a $4000 limit on the Dividend Platinum Select card.

 

[Mayfriday0529]

Originally posted by: Yzzim
My Citibank CC is the second card I've owned. Signed up for it with a less than stellar FICO (<700) and recieved a limit of $3500. Transferred $1200 onto the card with 0% interest for 12 months. Just about got that paid off and my limit was increased to $4500.

My first card is a MBNA card, its a college student card that i got back in 98 with $1000 limit.
In the past year it has gone from $1800 to $4700 but they don't offer a Balance Transfer offer.

 

[kranky]

Originally posted by: Jnetty99

Originally posted by: kranky
Did you request a balance transfer when you applied?

Card has 0% balance transfer for 12 months with no fee, but in the applications it said nothing about it or how much you wanted to transfer

It's very odd for an application to offer a 0% BT but not ask you if you want one.

There's a theory that if you ask for a BT with a CC app, you could get a higher credit line than you might have gotten without a BT request. But it's not for certain.

 

[Mayfriday0529]

I got updated to $5000... I'll get to pay at least one of my very high interest CC that i have.

 

[compuwiz1]

Originally posted by: jadinolf

Originally posted by: jagec
It's silly to get financial advice on ATOT, because everyone has such a different take on how to live life.

That said, BT onto a credit card is always a bad idea. Don't do it.

Plus most of us are only thirteen.

So, jadinolf, you have been posting here since you were 5 years old?

 

[AgentJean]

Keeping or closing a credit account is a tricky call.

On one hand if you too much of a credit line it can harm your chances for future loans.
On the other not having enough can also harm your chances.
Also you don't want to keep opening or closing accounts just to get some nice intrest rate. This really torpedos your credit score.

 

[Kyle]

Originally posted by: AgentJean
Keeping or closing a credit account is a tricky call.

On one hand if you too much of a credit line it can harm your chances for future loans.
On the other not having enough can also harm your chances.
Also you don't want to keep opening or closing accounts just to get some nice intrest rate. This really torpedos your credit score.

I had never heard that having too much OPEN credit was bad at all- they look at balance to available credit ratio, so having open credit is a good thing.
However-
You do generally take a hit when you open new accounts, but once the damage of opening has been done, I dont think there is a point to closing the account- if anything it will just reduce your score.

 

[Reckoner]

Never cancel a credit card, just sock drawer it.

 

[jagec]

Originally posted by: Kyle

Originally posted by: jagec
It's silly to get financial advice on ATOT, because everyone has such a different take on how to live life.

That said, BT onto a credit card is always a bad idea. Don't do it.

nah- I took a high balance from one card and transfered it to a new card with a locked 2.9% till it was paid off- paid it off and w/ a lot less interest. (no fee either)
Now it CAN be bad if you use your old card and start charging w/ it...but by itself it can be a good deal.

Why were you carrying a balance in the first place? Don't buy something unless you can pay it off every month, or at least get a really low interest rate.

0% BT can be a good way out of a pit, but it's better never to fall in in the first place.

 

[Kyle]

Originally posted by: jagec

Originally posted by: Kyle

Originally posted by: jagec
It's silly to get financial advice on ATOT, because everyone has such a different take on how to live life.

That said, BT onto a credit card is always a bad idea. Don't do it.

nah- I took a high balance from one card and transfered it to a new card with a locked 2.9% till it was paid off- paid it off and w/ a lot less interest. (no fee either)
Now it CAN be bad if you use your old card and start charging w/ it...but by itself it can be a good deal.

Why were you carrying a balance in the first place? Don't buy something unless you can pay it off every month, or at least get a really low interest rate.

0% BT can be a good way out of a pit, but it's better never to fall in in the first place.

Car repairs, medical emergencies, text books, unexpected bills etc etc etc
not all people that carry a balance went out and bought somthing for themselves that they couldnt afford.
My problem was unexpected car repairs- transfered the balance to a low interest card and paid it off.
It may be better to never fall in the first place, but if its after the fact (which it always is if they are contemplating a BT) then there is no reason to say its always a bad idea.

 

[Mayfriday0529]

Originally posted by: Kyle

Originally posted by: jagec

Originally posted by: Kyle

Originally posted by: jagec
It's silly to get financial advice on ATOT, because everyone has such a different take on how to live life.

That said, BT onto a credit card is always a bad idea. Don't do it.

nah- I took a high balance from one card and transfered it to a new card with a locked 2.9% till it was paid off- paid it off and w/ a lot less interest. (no fee either)
Now it CAN be bad if you use your old card and start charging w/ it...but by itself it can be a good deal.

Why were you carrying a balance in the first place? Don't buy something unless you can pay it off every month, or at least get a really low interest rate.

0% BT can be a good way out of a pit, but it's better never to fall in in the first place.

Car repairs, medical emergencies, text books, unexpected bills etc etc etc
not all people that carry a balance went out and bought somthing for themselves that they couldnt afford.
My problem was unexpected car repairs- transfered the balance to a low interest card and paid it off.
It may be better to never fall in the first place, but if its after the fact (which it always is if they are contemplating a BT) then there is no reason to say its always a bad idea.

I hadn't used credit for a while except for school loans. Man I was so happy my MBNA CC was paid off. Then this year I spent like $3000 in Vet fees for my dog... stuff happens.

 

[NanoStuff]

Max it out and then cancel it. Tee hee hee, sneaky