I signed up for an American Express preferred Blue card and got approved for a limit of $25,000. I have a 830 credit score. I realized that the places I shop don’t accept that card and you have to pay for it yearly so I canceled it.
Then I decided I was going to get a Costco Visa. Once I signed up the credit limit was only $5,000. So I canceled that one. So I stupidly signed up for a Wells Fargo Visa and that was $4,000.
Don’t leave yet and please don’t make fun of me but I’m not done being stupid. I decided I wanted a different American Express card and when I signed up for it the credit limit was $2,000 so I canceled that one.
Again I know I’m fucking stupid but how bad did I just fuck up my credit?
This is completely legal and very common, in the US at least, I don’t know why people think it’s some shady thing. It’s called a balance transfer and credit card companies actually advertise low teaser rates for doing it. They want you to do it.
They usually have a different interest rate specifically for balance transfers. They’ll give you a month or two of no interest and then your normal spending will start accruing normal interest, but the transferred balance will accrue interest at some ridiculous rate
It’s usually 12 months or longer.
Whether its 12 months of grace or 12 seconds, the interest rate that comes after the grace period is still scalping
Not so much the case anymore. 10 years ago yeah, but recently most cards won’t charge back interest. Interest going forward is horrendous though, so yes definitely have a plan to pay it off beforehand.