I have two credit cards that I would like to consildate to a balance transfer card. My question is that what happens if I apply for a new credit card but they don't give you enough credit to do the balance transfer? How does that affect my credit score? Do I just keep the new account and not use it? I'm assuming that maybe it would be a good thing to have more credit utilization? I filed chapter 7 back in 2010 so I'm trying very hard not to "be in trouble" again. I have money in the bank where I could pay everything off, but if I did that, I'd be left with very little in savings, and with the current economy, it scares me not to have any liquidity.
Thanks for any advice.
Please sign in to leave a comment.