Opening up a new card with this balance possible? or Call my bank asap?

Question

Ok my balance is about $16,298. I had normally back in march $7,900 on there. So the rest of it , I spent on my own for my company I am working for.

My mininum is $575. If I pay back $700 that will take my new balance to $15,600 .

My credit limit is $15,200 so I will be $400 over. Should I open up a new card to transfer at least $500 over and then try to lower my balance on the first card ? I get paid $1200 a month which is not alot to survive off of.

Do other banks allow new account creation with the balance I have now? Every time i put money back into my principle balance, Im staying constant over the credit limit. At least I can pay off easier knowing that I have open up a new card that has 6 to 15 month 0 interest.

Answer 1

As long as your bill is paid on time, you shouldn't have any black marks on your credit report.  That's what CC companies look at.

However, I strongly urge you to NOT go out and get another credit card.  You've got a massive amount of debt right now.  Go "Cash" for several months.  If you don't focus on paying it down as quickly as possible, the interest will continue to mount and you'll very quickly find yourself in a serious hole.  And then you'll start getting behind and that *will* put black marks on your credit history.