Robert_N
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You are going to get a lot of replies from anti-credit card people here telling you to simply work on paying that one off.
The bottom line is that you need to do whats best for you. If you get an approval at a much better rate, its silly not to do it. Just make sure that youre going to stick to your guns at pay it down.
Remember, if you do a balance transfer at a special rate, DO NOT purchase anything else with that card, as the lowest interest items are paid off first, which means the new purchases at higher rates are sitting there untouched, building more and more interest.
Edit: I feel that Roger is wrong to advise you to cancel the current/old account. Open lines of credit are VITAL in maintaining a good credit score. A large part of your scoring is based on AGE of the accounts. DO NOT close an old account. Just dont use it. |
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babyblue9087
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No! Then you will just get into a vicious cycle. Keep doing what you are doing. If you are having a problem with the interest, call the credit company. They can help you out with that. |
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faithluvus
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don't get another card! I have the same problems, if you get another one the balance on that one will just increase, then you'll have 2 cards with a payment to worry about. |
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DebtFree
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you are playing with snakes. eventually they will bite you.
pay it off, use cash. don't have cash? that means you can't afford to buy xyz... |
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Deb S
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Most everyone who does what you are thinking of doing wind up using both cards. You start off with good intentions of paying the one off & only using the new one but it rarely happens. I suggest keeping what you have & work on paying it off. As you build up about 6 months of on time payments call the company and they should lower your interest rate. |
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Roger N
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No!
If you are having trouble with one, you'll have more trouble with another.
The ONLY way I'd say "Yes" is if you found a better CC, transferred the balance, cut up the old card, and close the account. |
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Helper
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You can transfer your balance from your current credit card to a new card with 0% interest for one year from Chase. This will give you one year to pay off your current balance with no interest. Also make sure you always pay your bills on time. It will help your credit score and give you a chance at getting a lower rate on a credit card. |
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CHOPPER
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cutting up the card is a smart move and if yuou can get another card that allows you to pay yours off with a lot lower interest rate go for it and in the future its okay to keep a card in case of emergencies but put a limit on it so it will not let you get buried again and only use for emergencies not a new purse or something like that. good luck! use only money you have for everything else even if it means working two jobs |
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Daisy
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DON'T GET ANOTHER CREDIT CARD!
CUT UP YOUR CURRENT CREDIT CARD!
USE ON-LINE BANKING TO SET UP THE HIGHEST MONTHLY PAYMENTS YOU CAN AFFORD WHICH ARE SENT TO THE CREDIT CARD COMPANY IN THE FORM OF A CHECK!
I am 49-years-old and I have NEVER had a credit card! Learn to live within your means. If you want something bad enough, save up for it! If you can't force yourself to do that, then you really don't want or need the item(s) badly enough!
I live off of $850.00/month.
My monthly expenses are:
Land payment: $350.00
Auto insurance for two vehicles I paid cash for: $100.00
Water: $30.00
Electricity: $30.00 - $60.00
Garbage: $25.00
Gasoline: $20.00 - $40.00
Food: $100.00
Misc: $100.00
I live comfortably and within my means. I always have at least $300.00 in my checking account on the last day of the month. I also have to pay property taxes each year in the amount of $350.00. If I can do it, so can you! You are throwing away money by using credit cards (as you well know)! Get that card paid off and your life will be much less stressful! |
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iamtooproud
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If you are trying to improve your credit, then I say get another card and tranfer at least half of the balance to the second card.
But, if you are concerned about the interest, then if you can find one with a lower one, go for it. Just make sure that you keep the first one open, with a zero or small balance to keep the card active. Once your payment history has improved, your interest rate can be lowered.
In addition, if it has been at least 6 months since your last late payment, you can call the company and see if they will lower your interest. That may help. |
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Dewey K
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You can find a good credit card to do that, just be careful and read all the fine print. I know a good site that specializes in helping people with less than perfect credit and they offer a good selection. They helped me get one. Go to their site: www.1-800BadCredit.com and check them out. I'll bet they can help you too. |
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KAZONE
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get another card with 0% for at least 1 year introductory offer on transfer balances. when you get that, cut the card and pay if off. do not use whatsoever. |
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