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Originally Posted by SoCalS14
Sykik, maybe you can help me with a rumor I heard.
This guy told me, that if you get a credit card, run up a moderate balance. THEN, when you get an offer for a lower interest rate, apply for that card, and PAY OFF the balance of the other card, then close account. When you get another offer for a lower interest card, repeat the process.
You basically just move around the balance, but you show a history of paying off cards...Said this increases your credit rating, and subsequently your credit limits.
Is this true?
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BAD idea.. opening and closing credit accounts frequently also lowers your FICO.
silviadriver - as i said earlier.. Credit card companies report your credit more frequently when they are making money off you. It's sort of like paying for better credit. As long as you keep your balance low, you finance charges will only be a couple bucks at most.