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You get the call or realize you are near the top of your lending limit with them. Or maybe they will only grant you the new card if you agree to consolidate your credit limit into this new card and close an already open card.
Do you really care if the limit on your existing card is dropped to ,000 so they can approve this new application? We don’t like that option because it affects our aging, but it may be better than nothing.
It is a little confusing because after you graduate, you probably will write one check to the lender each month to pay for the entire amount you borrowed.
As long as you make the payments on time and in full, the multiple student loans showing on your credit report will not have any negative effect on your ability to get new credit.
We all get the call and you have several choices: As a loyal customer you deserve another credit card (aka sign up bonus), but only have a few thousand dollars of available credit based on your credit scoring model with the bank in question.
They are calling you to offer you the opportunity to move some of your credit line from a card you already have to this new application to make it a big enough line of credit to approve.
By the time you pay a little more than the minimum on each — and sometimes even if you take a a debt snowball or debt avalanche approach — it can still feel as though you are completely depleting your budget each month.
One way to make your credit card debt a little more manageable is to consolidate your credit cards.
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When you’re looking at several credit cards with balances, it can feel as though you have few options.
It’s difficult, too, because you have all of those separate payments and interest rates.
This is not where I typically consolidate cards but it can be useful here.
I’ve used it in the past to get one card with a huge limit that I can do a 0% balance transfer on it.fairly hard the last 6 months to a year and are getting to the point where you are noticing declining credit limits on your new approvals.