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New Member
luvfran
Posts: 7
Registered: ‎08-01-2007

Balance transfer for challenged credit consumer

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!

Starting Score: UNKNOWN
Current Score: UNKNOWN
Goal Score: 700


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Mega Contributor
Creditaddict
Posts: 18,500
Registered: ‎10-23-2007

Re: Balance transfer for challenged credit consumer

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.
Fico Scores: EQ 639 Navy, TU 667 GE, EX 677 Prosper (06-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
New Member
luvfran
Posts: 7
Registered: ‎08-01-2007

Re: Balance transfer for challenged credit consumer

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

Starting Score: UNKNOWN
Current Score: UNKNOWN
Goal Score: 700


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Mega Contributor
Creditaddict
Posts: 18,500
Registered: ‎10-23-2007

Re: Balance transfer for challenged credit consumer

a local credit union and a signature loan.
Fico Scores: EQ 639 Navy, TU 667 GE, EX 677 Prosper (06-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
New Member
luvfran
Posts: 7
Registered: ‎08-01-2007

Re: Balance transfer for challenged credit consumer

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

Starting Score: UNKNOWN
Current Score: UNKNOWN
Goal Score: 700


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Mega Contributor
Creditaddict
Posts: 18,500
Registered: ‎10-23-2007

Re: Balance transfer for challenged credit consumer

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.
Fico Scores: EQ 639 Navy, TU 667 GE, EX 677 Prosper (06-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007

Re: Balance transfer for challenged credit consumer

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.



New Contributor
ccats704
Posts: 105
Registered: ‎05-15-2008

Re: Balance transfer for challenged credit consumer



luvfran wrote:
A signature loan from a credit union? 


Do you know of any other credit unions besides Penfed?
I'm better than blessed!
Mega Contributor
Creditaddict
Posts: 18,500
Registered: ‎10-23-2007

Re: Balance transfer for challenged credit consumer

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.
Fico Scores: EQ 639 Navy, TU 667 GE, EX 677 Prosper (06-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: Balance transfer for challenged credit consumer



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.
 
----------------------------
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TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )

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