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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Transferring credit to lower rate||Date: 10/8/2011 7:00 PM|
|Author: SmoothHughes||Number: 303314 of 308858|
If I'm understanding your question Bock you are asking if the it will be harder to get credit in the future if you transfer from a 17%+ card to a 5.9% card with a $10,000 initial credit limit. Assuming that is the question here is my answer.
Yes, having more available credit will make lenders less likely to give you credit in the future. How much less I can't say but your total amount of available credit is a factor.
That said the benefit of the much lower credit rate on your remaining debt is money in your hand. The "maybe I might not get a loan" is not money in your hand today, just a possibility in the future. You might shop around some more and see if you can get a low intro rate with a credit limit you are more comfortable with. You could also ask the lender of the platinum card you are considering to start you with a lower limit than what they would otherwise give you.
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