topic Re: Balance transfer for challenged credit consumer in Credit Cards

Balance transfer for challenged credit consumer

luvfran — Thu, 29 May 2008 17:42:24 GMT

Hello,

I am currently carrying approximately $5500 in credit card debt. However, my credit score is suffering due to high balances in relationship to low credit limits. Does anyone know of a card that will allow me to transfer all balances (or a few that will let me transfer portions) at a lower, preferably introductory, interest rate? I am paying over the minimum due every month, but am hoping to open a new credit card (or cards perhaps) that will allow to me to pay off the balance of all cc debt much faster. Any advice?

Respective FICO scores are as follows (as of today):

TU: 648

Experian: 645

Equifax: 621

Thank you in advance for help!

Re: Balance transfer for challenged credit consumer

Creditaddict — Thu, 29 May 2008 17:57:33 GMT

try the pre-approval site for bank of america and see if they offer you anything. once you get approved you can call back door number and tell them your intentions to consolidate all payments to one and they might increase you to enough to do this.

Re: Balance transfer for challenged credit consumer

luvfran — Thu, 29 May 2008 19:21:38 GMT

Tried that actually, no such luck. Any other suggestions?

Re: Balance transfer for challenged credit consumer

Creditaddict — Thu, 29 May 2008 19:23:55 GMT

a local credit union and a signature loan.

Re: Balance transfer for challenged credit consumer

luvfran — Thu, 29 May 2008 19:37:29 GMT

A signature loan from a credit union? Or elsewhere? I don't know what that is.

Re: Balance transfer for challenged credit consumer

Creditaddict — Thu, 29 May 2008 19:39:41 GMT

My credit union calls there unsecured loans a signature loan.

Personal loan from a credit union is probably your best bet to consolidate. probably a 10-15% rate though.

Re: Balance transfer for challenged credit consumer

concorduser — Thu, 29 May 2008 19:40:57 GMT

It is just like regular loan except you get charged interest on only amount you borrow on the account.

luvfran wrote:
A signature loan from a credit union? Or elsewhere? I don't know what that is.

Re: Balance transfer for challenged credit consumer

ccats704 — Thu, 29 May 2008 19:52:05 GMT

luvfran wrote:
A signature loan from a credit union?

Do you know of any other credit unions besides Penfed?

Re: Balance transfer for challenged credit consumer

Creditaddict — Thu, 29 May 2008 20:16:23 GMT

I would look local.

I don't qualify for any of the credit unions contantly posted on the boards, they all require memberships (mostly military of some sort).

a lot of local ones (maybe through your employer) are open enrollment (meaning you put $25 into a savings and your in)

google "your city" credit unions - to get a list and call them and ask if they are open enrollment, if they are go check them out.

Re: Balance transfer for challenged credit consumer

cheddar — Thu, 29 May 2008 20:26:36 GMT

Creditaddict wrote:

I would look local.

I don't qualify for any of the credit unions contantly posted on the boards, they all require memberships (mostly military of some sort).

a lot of local ones (maybe through your employer) are open enrollment (meaning you put $25 into a savings and your in)

google "your city" credit unions - to get a list and call them and ask if they are open enrollment, if they are go check them out.

NFCU and USAA are the only ones you need a bona fide military affiliation to join.

You can get into Penfed, Patelco, JFCU, NASA, Digital, Addison, Delta, etc. etc. by joining an affiliated organization.

Re: Balance transfer for challenged credit consumer

luvfran — Thu, 29 May 2008 20:47:01 GMT

Applied for a credit card as well as a signature loan from PenFed. Denied both. "Amount owed on recently opened accounts is too high. Length of time accounts have been established." The recently opened accounts wouldn't be so high if they would grant me the loan or a credit card! I asked for a manual review as opposed to one done by the system. I have a couple very small medical bills that are my "baddies" (3: $35, $75, and $815). ALL other accounts have been paid on time, 100% of the time (car, mortgage, credit cards, student loans, etc.). My high balances in relationship to the limits is what is pulling my scores down. The medical bills are old, so they aren't really having a huge effect anymore (still dragging my scores down, but not killing them). Will PenFed do a manual review? If not, any idea who will? My grandfather is ex-military so I should qualify for the ones requiring a military affiliation.