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Question By
nonbeliever

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Transfer of Funds
on you credit rating page there is an offer of a Mastercard w/ a lower percentage rate by half. It says the chance is good. My credit is fair but to apply would lower my credit rating even though I am trying to lower the percentage I pay. What are my realistic chances of obtaining this new card with Credit Karma with three cards already?

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Credit Karma just advertises the cards and has no input in determining who gets one.  The card issuers who advertise are the ones who are paying for this site to be on the Web for your use.  You do know that it costs money to set up and maintain a Web site?

Here's my story.  My credit was only fair.  I had 3 credit cards with a total credit limit of $3000 and about a 75% usage rate,  Interest on the cards was 19.99%.  I went to my credit union and applied for a balance transfer card by phone.  To my very pleasant surprise,  I now had a card with a 12.99% APR and a $12,500 credit limit (minus the approx $2350 consolidated cards) at ZERO interest for 12 months.  Of course I've been putting large payments into the card to get the balance down ASAP.  My credit score went from 667 to 701, which put it in the GOOD category.

Do I realy care about the inquiry that appeared on my credit report because of this?? NOT ON YOUR LIFE!!!  It helped me, not hurt. 

But, I will suggest you get hold of all three credit reports to check them  and see if any errors need correcting.  Read the articles and use the tools on this site so you can gain more knowledge of  how to build and maintain a good credit score.  That is what Credit Karma is all about.

Reply by
nonbeliever

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jwsister:  I appreciate your response and it was helpful.  My concern is since I have only a fair rating; any application; accepted or not deminishes your credit rating (I don't know by how much).  If you belong to a credit union already the chances are more than good they will accept you.  Nevertheless, I feel I will apply as I also want a lower rate and will discard one of the other cards in favor or this new one.  Thank you.

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