should i apply for a new credit card now?

[violetuniverse]

hey guys,
i need some advice...
im very spooked after reading that there may be a 2 TRILLION dollar cut in cc.
what bothered me was that the guy said his card was cancelled by chase. i bk'ed on chase in 2005. in the article the guy said he paid his bills on time and was still cancelled. im worried that they will cancel my wamu card as soon as the systems marry. my credit score as of now is 656...my question is should i try to apply for anther card in a month after my score changes or do it now so i can transfer my balace?
does applying for cards hurt your credit score?

thanks

[ready2puke]

Yes appling for cards lowers your score..Why would you want to get another card, especially with a Bal Trans? How about using a Debit card. You cant get into trouble again with those? Its going to get harder to get credit anyway even for those with perfect credit...

[Flamingo]

Your card with WAMU should be fine if you obtained it after your BK in 2005 and you carry a good ratio (30% or less) of a credit balance compared to your credit limit and pay more than the minimum payment each month and pay on time. However, even then there is really no guarantee as a credit lender can cancel your credit card for any reason at any time (read the paperwork that came with your card). We have a WAMU Visa obtained after our discharge in 2006. We were advised so far that all we will see is a name change on the account and we, too, had Chase in our Chapter 13.

If it is cancelled, there is nothing you can do as lenders everywhere are closing accounts and lowering credit limits. With your BK on your records, applying for another card niow may just get you denial after denial so I would suggest to sit tight and see what happens as even those with excellent credit now are having a hard time borrowing.

[violetuniverse]

^ thanks for the help