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Author: doctorrico Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308473  
Subject: CreditGurus, can I use the CCC to my advantage? Date: 4/19/2001 11:15 AM
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Hello. I've been lurking, I've read the FAQ, now I'm ready to ask my question(s):

(1) other than "fine print" surcharges for cash advances or balance transfers, assuming I'm not going to miss payments, any reason I shouldn't use a convenience check to pay a part of my student loan rolling at 8% in order to switch to an APR of 3.9% until September, provided I can pay off the balance by then?

(2) once I transfer this debt via convenience check, any reason I shouldn't balance transfer to a totally new CC with an intro APR of 1.7% for as long as the promo period lasts, again, provided I can pay it off before they slam me with the high rate?

(3) once this promo period ends, any reason I can't roll this balance along to a new card with a new low APR, assuming I can find one (we all know they mail an offer about once a week). Mainly, I'm worried about if there are implications for my credit report if I open and close a bunch of new cards just to take advantage of their low rates.


In sum,

(1) are there other pitfalls besides "fine print" surcharges for cash advance and transfers, as long as I don't miss payments, and

(2) could there be a potentially adverse effect on my credit rating to open and close new credit card accounts to get the low APR and then toss/close them after the intro period is over?

I'm sure I'm not the first person to think of this. Who knows the answer?

Thanks,

Doctorrico
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