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razsey

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should I get another cc to lower pymt on current cc?
Credit score 692-703, ratio 30%used of credit of 2 cards l2007$total cc debt, plus payin 100 month on husband cc balance of 1,000$. Considering new cc with 0%for 18mos, on balance transfer to pay off with less interest charges. Now paying 100 on each for each month. Will that lower my score? Thought about personal loan, but again, interest. Trying to pay down making more than requested pymt, but, seems like im not getting down in the total amt due, int eats the pymt, so like mabe 50$ is going to principal.. Help!

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I agree. Opening a new credit card will cause your score to drop at first for the following reasons:

- Hard inquiry on your credit report

- Average age of your credit will decrease

However, it shouldn't drop significantly (maybe 10-20 points or so), and it will come back up for the following reasons:

- Credit balance to limit ratio will increase

- You'll be making on-time payments

- Your cred balances will decrease faster

It will definitely save you money in the long run. I've done this recently myself - I had a high interest, high balance card. I opened a 0% interest for 12 months card, transferred the balance and knocked it out insanely fast. I was saving about $80/month in interest charges! My credit score dipped for a couple months but now it's back up again. Totally worth it.

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Any time you open a new card or line of credit, your score will drop at first.  However, after about 6 months of payments, it should improve your score overall.  I would do it if I were you.

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