I have the following two credit cards:
- Credit card A—$2500 balance, of $3000, 10.99% APR
- Credit card B—$0 balance, of $1300, 19.99% APR
I want to transfer the balance of credit card A to a 0% APR for 10 months credit card (1% fee for the balance transfer, 13.99% APR after the 10 months), to save on interest and give me the time to pay it off. Both the $2500 card and the 0% APR card are Visa, but with different banks.
I'm not closing my second credit card, for the times I need to make purchases online, but am always paying it in full. My credit score isn't bad, but also not great, so this helps. However, I'm worried that having too much credit will reduce my chances of getting approved for the 0% APR credit card. I will need to ask for $2500 in credit to transfer from credit card A to the 0% credit card, which will total $6800.
What is a good procedure to improve my credit score, and also make sure I can get approved for the 0% APR credit card?