As of the end of March 2007 I'll be 100% out of credit card debt. It got really hairy there for a minute, but I paid it all off thank God. I told myself I'll never get in that situation again, so I'm trying to make my credit work for me. I'm going to be buying furniture in the near future, around $5000 worth, and I want to put them on my credit cards.....AFTER I have 100% of the cash saved up. I don't have any furniture as I'm only 24, so I have to buy everything; living room, dining room, bedroom, etc. My problem is all of my current cards have high interest rates. Here's the brake down:
Card - Interest Rate/Credit Limit
Circuit City Visa - 19.74%/$2,500.00 (dont qualify for a lower rate)
Macy's Visa - 24.9%/$7,500.00 (will drop to 21% in 2 months)
Target Visa 19.24% var/$700.00 (have to wait til May for a lower rate)
I don't have the best credit score in the world (684) but using a FICO simulator it says if i pay off my credit cards my score could possibly go up to 724. I don't know how accurate those simulators are, but I figured I'd throw it out there. So should I try to apply for a low interest rate card and risk getting denied because of my low score, or should i just grin and bear it with the cards I have and the high rates?
I'm not planning on buying the furniture for the at least 6 months, so my score could go up a lot in that time, but I figured it'd be smart to get started now.
Thanks for any help
Card - Interest Rate/Credit Limit
Circuit City Visa - 19.74%/$2,500.00 (dont qualify for a lower rate)
Macy's Visa - 24.9%/$7,500.00 (will drop to 21% in 2 months)
Target Visa 19.24% var/$700.00 (have to wait til May for a lower rate)
I don't have the best credit score in the world (684) but using a FICO simulator it says if i pay off my credit cards my score could possibly go up to 724. I don't know how accurate those simulators are, but I figured I'd throw it out there. So should I try to apply for a low interest rate card and risk getting denied because of my low score, or should i just grin and bear it with the cards I have and the high rates?
I'm not planning on buying the furniture for the at least 6 months, so my score could go up a lot in that time, but I figured it'd be smart to get started now.
Thanks for any help
Comment