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:
The Bank of Missouri: First Access Visa® Solid Black Credit Card
Apply Online
Perfect credit not required for approval; we may approve you when others won’t
The Bank of Missouri: Milestone® Mastercard® with Choice of Card Image at No Extra Charge
Apply Online
Prequalify for a card today and it will not impact your credit score
Horizon Card Services: Horizon Gold
Apply Online
Instant $500 Credit Line. No Credit Check.
Celtic Bank: Surge Mastercard®
Apply Online
See if you’re Pre-Qualified without impacting 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

20Mar

The situation with СOVID-19 is rapidly progressing. At the moment, more than 240,000 cases have been registered worldwide. Not a single state was left untouched by the virus. A lot has...

22Jan

Great news for those who were pondering over the wisdom of applying for one of Chase Southwest Rapid Rewards credit cards. If you were waiting for some sign, then here it is! No need to...

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