Credit Card Question

**terry1156** · 07-07-2007, 10:20 PM

You mentioned in another thread that you have $8000 in credit card debt. Before getting a new credit card, you need to take care of that debt and I think you'll see there is no need for a third card once that debt has been erased.

**Tree0164** · 07-08-2007, 05:01 AM

I agree with Terry no need to get a Amex.

**neatdesign** · 07-08-2007, 05:52 AM

Originally posted by 10can View Post

I applied for this card last week and got turned down because my gross yearly income does not meet their minimum income requirements. ...

Would it be a bad thing to try for another card so soon after getting turned down?

Given that you already have $8k in credit card debt, I agree with the others that opening yet another credit card account probably isn't in your best interest.

That said, I'm curious as to why you applied for that Citi Platinum card in the first place. The Terms & Conditions clearly state the minimum income requirement to be eligible for the card. If you were turned down because you did not meet this eligibility requirement, then it seems that you didn't read the T&C before applying. Before you think about applying for more credit, make sure you read through ALL the T&C of each offer before you do so.

~ Jenney

**10can** · 07-08-2007, 07:18 AM

You are right about missing the annual income in the terms; I see it now.

I was wanting to just have 3 credit cards; Visa, Mastercard, and American Express.

I was planning on transferring a balance to the new American Express and slowly closing a couple of these small visa cards I have.

The ultimate goal is to pay off all this debt within 8 to 12 months.

Thanks

**The Budget Man** · 07-09-2007, 05:04 AM

I like your idea of clearing the credit cards though I can't see you saving much interest by shuffelling the balances back and forward over such a short time frame.

My question is... "Do you know how much you need to invest in this project to clear your credit card in the time you are proposing?"

If you don't know what the repayment should be email me the balance owing, interest rate and how long you wish to pay them off over and I'll use the "Credit Card Calculator" from the "Personality Budgeting Program" to give you an answer.

All the best with clearing your debt.

**jamai** · 07-10-2007, 04:03 PM

is there any specific advantage to an american express card or you just want a card from all three?

**dayana** · 09-21-2007, 01:56 AM

Hai Friends !

What happens when I charge my credit card over the credit limit offered?

Need Advice!

THanks in advance !!

**loanstar** · 09-21-2007, 05:17 AM

Originally posted by 10can View Post

Is it difficult to get the Blue Cash Card from American Express?

Would it be a bad thing to try for another card so soon after getting turned down?

yes it can be, other issuers will be able to see this activity on your credit report.

Originally posted by neatdesign View Post

That said, I'm curious as to why you applied for that Citi Platinum card in the first place. The Terms & Conditions clearly state the minimum income requirement to be eligible for the card. If you were turned down because you did not meet this eligibility requirement, then it seems that you didn't read the T&C before applying. Before you think about applying for more credit, make sure you read through ALL the T&C of each offer before you do so.

Lol, Most people don't read the T&Cs, they just look at the good bits and sign..

**kilcher** · 09-21-2007, 07:40 AM

I don't think multiple cards is a good idea for anyone, much less someone with $8000 in CC debt.

Just let it go.

**buzz** · 09-21-2007, 10:17 AM

Originally posted by dayana View Post

Hai Friends !

What happens when I charge my credit card over the credit limit offered?

Need Advice!

THanks in advance !!

You should have started a new topic for this, but to answer your question--

- you will probably incur a $39 fee

- you may have your APR increased

- if you have a transferred balance at 0%, you will probably lose that rate

- you may have your credit limit decreased

- your credit score may decrease due to high utilization

- your credit report will show a card with a high balance that is higher than your limit (for every other creditor on the planet to see).

- in extreme cases, your card may be terminated

Credit card companies like to screw with people that do not toe their line.

**debtfreecb** · 09-22-2007, 03:37 PM

Been there, done that. Consider it a blessing that you have been turned down for another credit card. Limit yourself the $8000 debt and cut your losses. I make that mistake of having multiple cards and now I have $25,000 in debt.

I'm working very hard to pay them off.

Credit Card Question