Can I transfer all my balances to the new card for one payment and still keep the other accounts open?

 Can I transfer all my balances to the new card for one payment and still keep the other accounts open?

I applied for an Iberiabank card because I wanted low interest over anything and they reported as low as 7.50%. It was a couple days before I heard back from them and they needed additional information to complete my application (which they told me via phone, email & mail). I had to mail/fax them verification of my phone number, address and employment/income. Once I did that a couple days later I received a phone call and when I returned the call and left a message they never called me back. Two weeks after I faxed my information I received the acceptance letter in the mail. With a credit score of 770 (as reported by Credit Karma) I was approved for a card (not the platinum card) with an APR of 10.25% (prime +7%), 2% fee on balance transfers and a 1.99% APR on Balance Transfers for 6 months. The 10.25% is great for me since the card I used to have around that APR is now 17% and another that used to be around 17% is now 27% for NO reason other than credit card companies inflating APRs! Since I just got it, I can't report on how it is to use them, but can report the facts on being approved for the card. If I had a lower Credit Score I'd probably have been accepted at a higher APR. My average age of credit is only 3 years as I am in my 20s. Also, I just signed up for the online account access and they use a 3rd party website which is very rudimentary and no-frills if that's something that is important to you.

When Iberia says "perfect credit" what they mean is a CLEAN report.

That means not a single late payment showing on any tradeline, zero collections, zero public records, nothing in IIB, no BKs in the past, and ideally---zero or one hard inquiries on each of the 3 credit reports and low utilization (below 25% on any account).

I'd also avoid them if you don't have a thick file (i.e. new to credit; younger than age 26).


Not many folks meet this criteria, so unless you do--don't waste a hard inquiry on these people.

Hi All,
I have a question, if my credit score it 719 would I be able to get approved for the credit card CreditOkarma is offering? cause like other said on their comments, If I am not going to get approved then I dont want it on my record in order words whats the point. thanks

Thank you for all of you comments! i was going to apply - based on creditkarma's recommmendation - but if it is just to set me up for rejection (based on PERECTcredit!) then why bother? I also don't want another "hit" on my credit record!
THnaks- MJ

How quickly should I expect to hear about my application? I applied several days ago and got no confirmation email or any other info. I realize this might mean they're going to just send me a rejection notice in the mail... but how long should I wait before trying an application for another (lower barrier-to-entry) card?

there IS an annual fee I see

If you have to have perfect credit (& by the way what number would that be?), why would Credit Karma recommend this card?

my currently score is 685 but all payment has been on time. does this require above 685 score?

I actually bank with Iberia Bank and was denied because as ggrandovic mentioned you have to have perfect credit.