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Personal Finances / Buying or Selling a Home


Subject:  Re: Help on new construction? Date:  6/16/2002  5:08 PM
Author:  CatherineCoy Number:  43563 of 129473

I may not have answered your credit card question completely. I went back and read your previous post and I see what you're doing. What you're doing is playing the "credit card shuffle" and exploiting the various offers extended to you. Nothing wrong with that; anyone is entitled to maneuver in the marketplace to get the lowest interest rates obtainable on balances. The only possible danger is that the balance transfer from one 0% interest card to another 0% interest credit card may not occur efficiently. Remember, the credit card issuers are notorious for their poor reporting habits, as are the CRAs for their poor posting habits. No one is monitoring the news makers or the news givers. When the lender runs your credit, the balance may not have "cleared" one credit card issuer's books before it appears on another credit card issuer's books. That's why I always advise consumers to call each credit card issuer and determine when they relay (or "update") their information to the CRAs. By knowing this, you may be able to effect balance transfer efficiently so that both balances aren't showing up on your credit profile at the same time. Otherwise, you have to prove to the lender that the balance has been duplicated and you owe only 1x$, not 2x$.

Catherine Coy
Mortgage Broker
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