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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: capital one and credit reporting Date:  6/16/2007  11:13 PM
Author:  DBAVelvet74 Number:  254511 of 312187

NB: The first "pre approved" high limit offer is NOT the one you want to snap up. Wait a few weeks for a 2nd or a 3rd one. These subsequent offers will carry a very low rate monthly, or a long term "0" rate balance transfer offer.

So... if you have a C-1 card with a low limit, pay it for a year or two. On time, and don't exceed your limit. Then watch the mail for a "pre-approved" offer from them. The first one will be at about 9% plus it will offer a limit twice the highest limit you presently have from any OTHER card vendor. So if your WAMU card is $6k, then your pre-approved C-1 offer will be about 12 grand. Don't take the first one. Wait for the 2nd one. It will have a lower rate and along term "zero" rate balance transfer feature. The third one will be a little better yet. They are spaced about 8 weeks apart or a little less - depending on how greedy they are at the time.

Enjoy and hold out for the low rate and long term balance transfer. Also, I'm told that a balance transfer request will get you a higher limit than the same application without it. Not one for one dollar, but about 50 to 75 cents per dollar of balance transfer will be added to your overall limit.

You do realize that this won't be the same for everyone, right?
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