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The credit card shuffle

February 1st, 2008 at 09:20 am

Well, I took the plunge and have started the credit card shuffle. Meaning I got an offer in the mail for a cc with a no interest balance transfer offer for 11 months. I decided to pay off one of my cards. The transfer cost me 75 but I will make up the difference in just one month.
I will be working some major OT in April and May so I will be able to pay off the balance then (or very close to it). Even is something major happens and I cannot pay off the balance before I start to accrue interest the interest rate on this card is much lower.
One question thou--When I do pay off the balance to this new card do I close it or keep it open? If I keep it open and no balance then when I go for a mortgage or other major loan the bank will see I have all this available credit that I could potentially charge up this making me more of a risk, but at the same time won't it improve my debt ratio?

2 Responses to “The credit card shuffle”

  1. Ima saver Says:

    Leave it open. Everytime you close a card, it hurts your score!! Just put it away and don't use it.

  2. lost in debt Says:

    As long as you are not using it it will not count against you when obtaining a mortgage, we use the minimum payment to determine your debt ratio. Leaving it open and having it available shows financial responsibility because you are not maxing out the card, when you max it out, then it hurts your credit.

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