Credit Card Questions & Answers

Selected cards: 0
Compare
Advertising Disclosure

Hi, my card application online with a 763 credit score was approved instantly, but I got a letter shortly after turning down the 0% balance transfer I had requested due to it exceeding the credit limit I had no way of knowing. I wouldn't have applied for the card without the transfer. Can I cancel the card and apply to another without killing my score?

Answered on September 26, 2012

Well, you can but do you really need it. As I understand you can’t transfer your entire balance on your new balance transfer credit card because limit is exceeding. Then why not to do it in several steps? Transfer just a part of your balance at first, pay it off in short possible time and then transfer the rest of your balance. Any way even if you are not allowed to balance transfer your entire dept, getting rid of just a part of it is already a big plus.
If your decision is firm and you don’t need this card, then contact the credit card issuer and cancel the credit card. Destroy the physical card too. Check your credit report a couple of months later to be sure the cancellation took place and how it affected your credit score. It shouldn’t harm your credit score much though. Your score may temporarily go down a bit but it will come back up.

looking for a Credit CARD:
Credit One Bank®: Credit One Bank® Platinum Visa® with Cash Back Rewards
Apply Online
Qualified applicants will enjoy benefits including 1% cash back rewards on all purchases, no annual fee, and a competitive APR. Terms apply
The Bank of Missouri: Milestone® Mastercard® with Free Choice of Card Image
Apply Online
Applying is quick and easy with our fast decision process
Horizon Card Services: Horizon Gold
Apply Online
Instant $500 Credit Line. No Credit Check.
Credit One Bank®: Credit One Bank® Platinum Visa® for Rebuilding Credit
Apply Online
See if you Pre-Qualify without harming your credit score

Other Questions And Answers

Have a question about cards? Ask Expert!
William Colon, free credit advice William Colon, money expert. Free credit card advice online.

Read Also Related News

23Sep

Rotating rewards credit cards are popular with consumers because every quarter, they offer bonus cash back in a different set of spending categories. Usually, this means extra rewards when...

1Sep

A new partnership between Chase Card Services and Expedia Group will allow Chase Ultimate Rewards members to enjoy more choices, more flexible rewards redemptions, and enhanced capabilities...

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • 0 Selected Cards Compare