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Help with Transfering 2 credit card balances

Help with Transfering 2 credit card balances

HI folks, i need advice what todo about transfering 2 credit card balances ..

 

I owe Discover like $15,000 , its $5,000 over its limit, i only have $10k limit ,

plus i have a Mastercard with a $25,000 lmit that is at its maxed

 

ive been paying the minimum payments for 5 years on these and i have the same $50k annual steady job for 35 years, great credit other than these 2 credit cards

 

is it possible or realistic to transfer my 2 credit cards outstanding balances to 1 NEW credit card and then be included in some promotion that would give me like 12 months interest free , so that if i do that, i will have like 12 months to try & pay these off and then each montly payment will then goto the principal instead ot he interest monstly that its going to currently??

 

DOes anybody know the best offers out there for my situation of wanting to transfer my 2 credit cards ?? any good promitons i should look into it ??

 

I appreciate any help or advice about how to transfer these balances to another promtional interest free card offer..

 

Ive NEVER done this before, im very new to the credit card world other than just using them these past years for family emeergencies and now im at my limits...and over 

and HATE being sucked into only being able to afford the bare minimums which are CLEARLY all interest..

 

thank you for any help....

 

Chris 

9 REPLIES
Moderator Emerita

Re: Help with Transfering 2 credit card balances

What else is on your cr? Baddies, inq's, CS? Are you a member of a CU?
Super Contributor

Re: Help with Transfering 2 credit card balances


christopher_cappan wrote:

HI folks, i need advice what todo about transfering 2 credit card balances ..

 

I owe Discover like $15,000 , its $5,000 over its limit, i only have $10k limit ,

plus i have a Mastercard with a $25,000 lmit that is at its maxed

 

ive been paying the minimum payments for 5 years on these and i have the same $50k annual steady job for 35 years, great credit other than these 2 credit cards

 

is it possible or realistic to transfer my 2 credit cards outstanding balances to 1 NEW credit card and then be included in some promotion that would give me like 12 months interest free , so that if i do that, i will have like 12 months to try & pay these off and then each montly payment will then goto the principal instead ot he interest monstly that its going to currently??

 

DOes anybody know the best offers out there for my situation of wanting to transfer my 2 credit cards ?? any good promitons i should look into it ??

 

I appreciate any help or advice about how to transfer these balances to another promtional interest free card offer..

 

Ive NEVER done this before, im very new to the credit card world other than just using them these past years for family emeergencies and now im at my limits...and over 

and HATE being sucked into only being able to afford the bare minimums which are CLEARLY all interest..

 

thank you for any help....

 

Chris 


your chances of getting approved for a new credit card while having 2 cards maxed out (1 overlimit) is extremely slim.

It's best that you talk to a banker at a bank / CU where you already have established banking relationship and see if they can do anything to help you about this. If you are to try open a new account with a bank that has no prior relationship with you, chances are pretty moot.

 

good promotions for BT cards are Chase Slate (0% fee, 0% APR for 15 months) and Chase Simplicity (18 to 21 months 0% APR offer, depending on what link / promo u use). There are also many other cards with 12-15 months 0% APR promo, such as Barclays cards, Chase Freedom, Citi cards, BofA cards, etc.

 

Your best bet right now might be to get a personal loan.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor

Re: Help with Transfering 2 credit card balances

Chase slate, but you probably wont be approved unless you have some sort of long relationship already with them since there is that much debt
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Highlighted
Super Contributor

Re: Help with Transfering 2 credit card balances


christopher_cappan wrote:

HI folks, i need advice what todo about transfering 2 credit card balances ..

 

I owe Discover like $15,000 , its $5,000 over its limit, i only have $10k limit ,

plus i have a Mastercard with a $25,000 lmit that is at its maxed

 

ive been paying the minimum payments for 5 years on these and i have the same $50k annual steady job for 35 years, great credit other than these 2 credit cards

 

is it possible or realistic to transfer my 2 credit cards outstanding balances to 1 NEW credit card and then be included in some promotion that would give me like 12 months interest free , so that if i do that, i will have like 12 months to try & pay these off and then each montly payment will then goto the principal instead ot he interest monstly that its going to currently??

 

DOes anybody know the best offers out there for my situation of wanting to transfer my 2 credit cards ?? any good promitons i should look into it ??

 

I appreciate any help or advice about how to transfer these balances to another promtional interest free card offer..

 

Ive NEVER done this before, im very new to the credit card world other than just using them these past years for family emeergencies and now im at my limits...and over 

and HATE being sucked into only being able to afford the bare minimums which are CLEARLY all interest..

 

thank you for any help....

 

Chris 


Stop if your credit is good take out a personal loan at better low int% rates and take a fixed monthly payment pay off CC's, cut up cards.. sorry but true

BT's won't help you if you don't make a plan to be debt free .....by this date 7/24/?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Valued Contributor

Re: Help with Transfering 2 credit card balances

if you own your own house and have equity. this might be a good solution as they look at everything not just credit cards.  besides a 0% card i dont think you'll find a better interest rate depending on what you qualify for. 

 

Do you know what credit score your at? For any bureau? 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Valued Contributor

Re: Help with Transfering 2 credit card balances

I think getting a personal loan might be a solution or home equity if you can. You mentioned only paying min on the cards the past 5 years so im too am not sure if getting a new cc will be a good idea...new cc if approved most likely wont grant you enough cl tto be sble to transfer that much of debt. So im afraid another means must be taken instead of apping for a new cc. Gl tho op! Hope you get it all straightened!


GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---
Frequent Contributor

Re: Help with Transfering 2 credit card balances

Maybe I'm alone on this but I would never take unsecured debt and turn it into a secured debt...especially on my house.

He has quite a bit of debt and how you're over your limit by that much is shocking. Moreso that Discover even allowed that to happen.

He has $40k in cc debt. To be honest if working something out with your bank doesn't work out I would contact a non profit agency for a debt management program. This isn't something that a balance transfer can fix. The odds of getting a limit that high is 0%.

You need something more realistic. Go to the nfcc.org website and look for a good non profit to call. They can work with your creditors to reduce the rates quite drastically and their programs will pay off the debt within 5 years.


Best of luck.

Frequent Contributor

Re: Help with Transfering 2 credit card balances


christopher_cappan wrote:

HI folks, i need advice what todo about transfering 2 credit card balances ..

 

I owe Discover like $15,000 , its $5,000 over its limit, i only have $10k limit ,

plus i have a Mastercard with a $25,000 lmit that is at its maxed

 

ive been paying the minimum payments for 5 years on these and i have the same $50k annual steady job for 35 years, great credit other than these 2 credit cards

 

is it possible or realistic to transfer my 2 credit cards outstanding balances to 1 NEW credit card and then be included in some promotion that would give me like 12 months interest free , so that if i do that, i will have like 12 months to try & pay these off and then each montly payment will then goto the principal instead ot he interest monstly that its going to currently??

 

DOes anybody know the best offers out there for my situation of wanting to transfer my 2 credit cards ?? any good promitons i should look into it ??

 

I appreciate any help or advice about how to transfer these balances to another promtional interest free card offer..

 

Ive NEVER done this before, im very new to the credit card world other than just using them these past years for family emeergencies and now im at my limits...and over 

and HATE being sucked into only being able to afford the bare minimums which are CLEARLY all interest..

 

thank you for any help....

 

Chris 


 

BOA is offering 0.00% APR on balance transfers good thru 11/2014.  However, there is a 3% transaction fee.

Moderator Emerita

Re: Help with Transfering 2 credit card balances

Hopefully, OP will reply to some of the questions posed earlier.