seeking for legal advice about credit card debt

Edwards Finance > Debt Help

Q. I want to transfer my credit card debt to another card or cards with the lowest possible interest rate. What is the best way to do that, of what should I be aware, etc? (All my debt is unsecured. I've had two marginally late payments in the last two years. Don't know my 'score': is it advantageous to me to find out and, if so, how can I use whatever it is to my advantage, etc.?) Is there an authoritative site on the web that addresses the subject? Does applying for such cards in any way hurt your credit? I also read somewhere on the net -- think it was some fellows site in the UK who had been thru all this -- that if you use 80% or more of your available credit on a card, that that counts aGAINST you: is that true?

A. _Knowing your score doesn't do too much for you, especially since you are not planning to borrow additional money beyond what you already have borrowed. The big thing is to keep paying on time. That is the number one thing that kills your credit. _Every credit application will ding you a few points. Getting more credit will also ding you since your credit limit to income ratio is impacted. _If you are close to being maxed out on a card, you will get dinged. In your case, the advice is simple. Take advantage of any low rate offers you get. If you haven't gotten any low rate offers, then call each of your credit card companies and ask what their best deal is on a balance transfer. You really don't want a low rate deal on a card where you already have a balance since that balance might still be at the old rate. Transfer the balance out, clean up the card, then use the lower rate offer.

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