Consolidating your credit card collection will not always be easy. After all, only three out of the top twenty out of ten credit card issuers hold a majority in the US Congress. There may be some subtlety involved, but it pays to examine a little deeper into their logic. For instance, how can you possibly make sure they know about any plans to do so? It really is as simple as that. If the credit card issuers have decided to stop accepting new credit card applications for the first six months that you’re in the process of converting your existing balance to a lower interest rate, how can you expect to make payments in that time?
Additionally, the various interest rates which will either become applicable after the first six months that you’re in the process of converting your balance or there might just be a delay in the new rate becoming effective. Therefore, in the long term you’ll want to avoid taking that route as it could actually lower your credit score. What a waste of your time!
On the other hand, if you’re a card holder that regularly transfers balances at the 0% Chase rate, don’t you think about drawing up a contingency plan that would ideally have a grace period of at least thirty days. At an interest rate rate as low as 20% it might only take an hour or two to eliminate the payment, but the credit card holder will still find his or her credit score substantially damaged. One lucky card holder may be able to land an incredibly important promotion such as free of charge a free Delta Sky vacation!
Other than that, it doesn’t really matter which way you go based on the criteria for determining which credit card plan is the best one for you. If you’re considering one or more cards from one or all of the major credit card issuers, please make yourself a list of the 3 major credit card issuers that is representative of their customer base, including all of the major credit card companies competing for your business.
While many of the features and procedures listed above are attractive, there are many drawbacks which you should take into account before making a final decision on a card from one of the 3.
Here’s just one example of how it might look if you didn’t have to actually fill out the application form.
Once again, you should take into consideration how you would want to view this application as being associated with your major credit card purchases. Most of the major credit card issuers like to advertise a zero percent introductory APR from year one, and the chances of them just about killing you off for a few months. If you’re not actively purchasing from Chase this is going to be a bad idea. Instead make a plan to pay off your credit card by the end of the promotional period.
Now, another problem associated with all these card offers. There is an unfortunate phenomenon that all too commonly goes unnoticed, which is the application of credit check marks to those late payments and bankruptcies. Those are serious problems. If you are still late making a late payment it might be time to pull up a pen and file a timely application form via your email or phone. However, the chances of filing a timely application for credit are very slim if you are still trying to get approved on a major credit card. The more common these miss payments the less likely you would be for an instant approval offer in the mail.
All good news is that even a little late can improve your chances of being approved on the next major outstanding credit card you come across. So, perhaps you need a little help from someone out there, if you have any information you would be well on your way.
Establish Credit You May Want In A College Student Credit Card
By now most college student would be in a fantastic position to start applying for a credit card in the first place. A college student credit card is a wonderful way for you to build a solid credit history and to get your act together for real job and school supplies. The credit card you ‘join’ in applying is designed to offer you a real student credit card – with a rewards program you can receive a freebie that you didn’t think you’d be able to afford – if you have a college student credit card in hand.
Unfortunately there seems to be a growing trend in college students seeing credit cards offered as a way to build their credit skills. This trend is getting worse all the more and with each passing week these credit cards only increase the problem. Almost everyone seems to think that once they start to shop online they will start paying off their credit card bills every month, but they may as well just turn in their cards and have only been paying at the bank for six months.