sunk818

You could pre-pay so the utilization is 20% before the statement closes. Credit report has so many holes. For example, on my AmEx SPG card, I have a credit line of $1k, but I already purchased over $10k on it this month. When the statement closes, none of those purchases nor payments will be reflected on my credit report.

Some people have reported applying for two credit cards from different banks successfully.

6 questions on post-bankruptcy credit card http://www.bankrate.com/finance/debt/6-questions-on-post-bankruptcy-credit-card.aspx

Why would a bank offer you credit if you've been shown to be irresponsible with your finances previously? I wouldn't lend you money.

Thanks for clarifying about carrying a balance from statement to statement. There is so much misinformation and myths out there, I'm glad there are those that understand to correct these misunderstandings.

You don't need to do all that cancel your credit card. You just need to call them on the phone and cancel it. Cut up the card multiple times so no one can swipe it on a card reader. I read on here that if you cancel a card, the average length of time that you have a credit card open can be reduced. For example, I closed several credit cards last year and it shortened my average from 8 years to 2 years. I really took a hit on my credit score because it looked like I was a new credit user even though I've had a credit card since college.

Lots of people on FlyerTalk make it a sport to apply for credit cards that give cashback or a great number of points. From what I've seen we are talking $250 cash or 50k in points (good for at least two round-trip flights). I think you can apply for one card every 3 months. As long as you take precautions to handle any identity theft issues, I don't think its a big deal to have cards open that you don't utilize often. You can throw these cards into a safe or cut them up but record the info in a secure file. Its just doing the change of address can be a pain with so many cards though.

How do you mean "frozen"? Would just cutting up the card like the previous reply have been enough? Balance transfers usually have an immediate 3% to 4% transfer fee. That means you are responsible for $105 to $140 on top of your debt obligation. If you're not paying down your debt quickly, then even with a BT fee, you might still save money on interest in the long run by transferring to a lower APR card. Another method is to get a new card with a permanent low APR. Use that to charge, pay the minimum, then focus on paying down your higher APR debt. If you don't shrink your debt total overall, then you have an income problem (not making enough money) or expense problem (spending too much). For example, if you have $3,000 left on your old card, but your new card has a $1,000 balance, you've just increased your total debt by $500 more than before... not good.

Why do you want to cancel a credit card?

Debt is not always rational. While paying the highest interest rate card first is the most rational financial advice, others say to pay off your lowest total owed card first. The reason is so you feel a sense of accomplishment and don't feel like your balance will never go down. I know one of the Citi cards offer 0% APR for 21 months on purchases and balance transfers. Rather than pay a balance transfer fee, if you have monthly expenses, you can consider using the Citi to pay for expenses, while paying off the other card. Now that you've shifted some of your balance to the Citi, you don't have interest payments which you can use toward your debt.

How would you pay your landlord with a credit card? Do s/he accept a credit card? For me, they have always wanted checks. I know in college, I had three roommates who could not pay on time. So, luckily, back then I had access to cash advance checks with 0% APR so I would front the payment with the credit card until people were able to pay me 1-2 weeks after. I think it is nearly impossible to find 0% APR with no transfer fee cards any more. Have you considered spending less? Do you really need a data plan on your smarphone? Do you really need to cable TV? Do you really need to eat out when you can cook at home?

It would be too easy to engage in credit card churning if BTs were categorized as purchases. I don't think BTs are either really. I know at least one Citi and one CapitalOne card that gave you the balance transfer amount as a check written out to you. Whether you used that to pay off another credit card or you used it yourself was entirely up to you.

How did you find out you did not get approved? Did you receive a letter in the postal mail, or was the determination online? If you get a postal letter, it will say why you were denied. A credit score is not that useful in understanding why. Someone could have a higher credit score and still get denied cards.