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Answer:
Yes, because of the high credit utilization ratio your credit score drops and it cuts you off from lower interest balance transfer credit cards. The best thing in your situation would be to reduce your debt ratio in the first place and only then shop for a low APR balance transfer card. For this, stop using your credit cards for a while and continue making monthly payments on time. This should bring your debt to credit ratio down. Once this is done, you get access to a great diversity of credit cards with favorable APRs on balance transfers. Do not hurry though. It is very important that you choose a credit card right for your current credit rating. Thus, you'll need to check your credit report before making application decision. If your credit history is excellent or good, More Card-Clear from Discover would be your best variant. In case you have an average credit rating, we can offer you two options - Standard Platinum and Platinum cards from Capital One Bank. As these cards are for average credit rating, their balance transfer APRs may not be as enticing as with excellent credit cards, but they still are a good option to reduce high interest balances on your current cards. Your approval for any of these credit cards will also depend on their credit limits. If the limit of on a new credit card is smaller than on any of your current cards, you won't be approved. So, as the credit limit is the reflection of your credit rating, make sure your payment records are in good standing before you apply. |
