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georgemcohen

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Will transferring debt help me raise my score
I am 24 years old. I have had one credit card for almost 2 years. I have a $6,148 balance which is $1,148 over my credit limit. I have only been over my limit for one month. My credit score on credit karma is 698 and on freecreditreport.com it is 703. My one credit card is the only credit that i have, so i assume my score is good consideringi have thin credit. I do not have any other debt on my credit report. Should i get a new low interest credit card and transfer debt from my other card so that i am not longer over my limit and also to reduce my percentage of debt to credit line? Also, opening a new card will thicken my credit? Any advice on how much i should transfer if i do get a new card?

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That's a bad move!

Helpful to 1 out of 1 people

You wil just waste a hard inquiry. Most bank wil deny you because all aspects of your credit report at the moment look bad to a credit grantor, especially the important aspects like utilization (>100%) and length of credit history (< 2 years). If you have a few more cards and just this one card over limit, then you may have a very slight chance.

My suggestion for you is to lower down your balance before you can think of applying for a new card.

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