Need Advice on How to Handle This...

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Need Advice on How to Handle This...

Postby dannyk12 » Wed May 31, 2017 9:07 am

Hi All

Here is my situation -

I'm 34. My current credit score is just under 800.

I have the following 3 cards open -

Capital One - 23.95% APR (first card I ever had - since I was 18) - PAID OFF ($4,300 limit)
Chase Slate - 13.74% APR (opened around 2005 - but was not originally a Slate card) - PAID OFF ($7,500 limit)
Chase Freedom - 14.74% (opened around 2006 - but was not originally a Freedom card) - $10K open balance ($13,000 limit)
** Chase changed my cards and sent me new ones as the years went on.

I am researching my options in doing a balance transfer to a new card to pay off the Chase Freedom card.

Citi is offering a 0% APR Simplicity card for 21 months on balance transfers and new purchases, which is good, because I consolidated all of my recurring payments onto the Freedom card.

I do not want to cancel my Cap One card since it is my first card and has great credit history on it, but it has a $4,300 limit and 23.95% APR. I've done a lot of reading about Cap One and it seems like Cap One does not like to reduce interest rates for anyone.

I do not want more than 3 cards in my name (truthfully, I would be content with just 2).

So, I originally wanted to transfer my Chase balance to another card, have the Chase balance paid in full and cancel that card, since that's the last card I opened (albeit, over 10 years ago).

How damaging would it be if I transferred my balance from my Chase card to a new card, but kept the Chase open (paid in full - transfer my recurring payments to the 0% APR card) and cancelled the Cap One card.

I don't want to use it due to the extremely high APR. It's strictly for emergencies only, but even then, I still don't want to use it.

Should I avoid the balance transfer and just pay down the Chase card like normal (micro payments) and keep the 3 existing cards open?

Should I look into the balance transfer and cancel the Cap One card, since I still have 10+ years of good credit history with the two Chase cards?

Any advice / suggestions would be greatly appreciated.

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