Would give me a new credit card with a $6000 limit?

Some readers might remember that I was recently paralyzed by a 0% offer. While it seemed like an excellent deal, and I have a couple of balances coming due for transfer, I was nervous about how it could affect my credit score; we would like to buy a house this year if we can reduce our debt enough. But I decided to go for it. Not only is this card 0% for 12 months, it will be my lowest interest rate, it also has no annual fee, and I can use it at Costco! (Don’t worry my fellow pf bloggers. Once the balance transfer goes on, the card gets put in a special space and doesn’t get used until its paid off or gets transferred at the end of the 12 months. And once it is paid off, it has to be paid off each month.)

It seems that while banks are refusing to lend and credit is “frozen,” it is thawing on occasion for certain customers. I have come to realize that I make credit companies salivate. Even though our total debt load is 1.5 times what we make in a year, we haven’t missed a single payment in over four years. Which means that even if it’s just the 3% balance transfer fee, the companies know they make money on me.

In other news, I also found out I was pre-approved for a Home Equity Loan….we don’t own a home. Which goes to show, you don’t have to take credit just because you’re approved for it. When they told me I qualified for a $6000 credit limit (after the shock wore off) I just thought, “Why?” I think it must be comparable to when people were told what they “qualified” for in a home mortgage. I am happy that I qualified for the card, though, as it’s an opportunity to keep my interest rates low and keep building (not necessarily using) our credit.

Apparently Mr. MT is drool-worthy too (like I didn’t know); he just received a credit line increase.