docdaddy wrote:1. I see you guys talking about a "hard pull" when you apply. Just how bad a hit is that on your credit? I"d hate to call and apply and only get something like $5000 CL and decide to look elsewhere, i.e. turn it down, and get a hit of my credit rating just for checking.
Hard pulls don't have a big impact on your credit, I wouldn't worry too much about it if I were you. They have a bigger impact on people establishing credit just because there is not as much other information in their profile. They will come into play if someone has a lot of inquiries, as it sets off a red flag that the borrower is desperate for credit. In your case, an additional few inquiries shouldn't hurt you too much. They do have a negative impact, but that may
easily be outweighed (none of us can say for sure) by your improved utilization assuming you get approved.
docdaddy wrote:2. I know it would be a guess, but what are the odds Chase Slate would give me a credit line high enough to transfer that entire $13,000 over?
I agree with rockyrock, and would guess the odds are high given your current limits. I would think you'd easily be approved with a 735 FICO (according to Credit Karma the average approved score for the Slate is 646 and typical high [95th percentile] is 749 - not on FICO but on their CK model I assume - for whatever it is worth). If you get approved for a lower limit than you would like, you may be able to call and request a higher limit. I've never done this, but it would be worth a shot. Normally I doubt this would get you anywhere (you really have no bargaining power as a newly approved member), but if you explain you want to transfer more of a balance to your new card, it could help.
docdaddy wrote:3. Let's say they only give me, oh, $6000. Is my credit going to be hurt if I move $6000 of the Discover over and then have an additional card? My plan was to move it all then cancel the Discover - is that a bad idea credit score wise?
The additional card would likely help you because of your improved utilization. I am guessing with your balances and credit limits, you have a decent history. If you close the Discover it would reduce your total credit limit, which would lower your utilization. Keeping the Discover open and putting it in the sock drawer would be best for your score, but if you want to close it so you can't be tempted to use it and don't think you could resist if it was available to you, I would close it.
Your credit score has no practical use unless you are planning on applying for a loan soon. My philosophy is do what is best for you, manage your finances responsibly, and your credit score will improve over time. If you don't need a mortgage or other loan soon, you don't gain anything by worrying over every point you can get. Getting your credit card debt to a 0% card will save you money in interest, and, in my opinion, would be worth a dip in your credit score if you had to choose between the two. So I say go for it, and good luck!