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I had a bankrupcy 8 yrs ago, I have 2 credit cards with 31.49% interest. I would like to find a... |
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Date:
June 26, 2007, 10:16 am |
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I had a bankrupcy 8 yrs ago, I have 2 credit cards with 31.49% interest. I would like to find a credit card where I could do a balance transfer with a low interest rate, but do not want my credit ran numerous times. I applied for a Bank of America card last evening and was denied, due to the bankrupcy, my current FICO score is 654, minus the application, What do you reccommend?
Thank You
Garry Paul |
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Answer:
Nowadays, credit is available to the recently bankrupt. Negative information, especially that of bankruptcy, may stay on your credit report for almost 10 years but that does not mean that you can not get a credit card. It may be more expensive than before, and available with lower limits. Balance transfers are a fine way to consolidate the whole debt on one card or to reallocate the balance from a high rate card to one with more favorable terms. The best balance transfer deals however are offered to those whose credit is either good or excellent, that is above 660. Thus, you are not yet eligible for them. Nevertheless, even if your score is yet not high enough that does not mean you can’t make a transfer of balance. There are cards for people with fair credit (620-659) that allow balance transfers. Turn, for instance, to the Capital One® Standard Platinum or Capital One® Platinum. These are the cards for the people who want to improve their history. They offer no introductory period with 0% APR, nevertheless the balance transfer is possible. Read all the details concerning these cards and if the satisfy your requirements apply for one of them online. |
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