Just Input

[capitalkid]

Hey guys,

This forum is oh so helpful and I am in need of input.  really i do more reading than posting and so this is my first post ? rather than reply to a post ? .

I have a friend just getting back into the swing of things w/credit.  She is in need of two BT cards. In 2012 she had family tragedy happen that kicked her bills up and has prior not been aware that there are such things as BT cards and even with decent payments is not clearing the APR hurdle.   I have some ideas, but feel this is better run on the board for more eyes and ears = more viewpoints to go on.  Any ideas would be appreciated.  Here are her data points:

CK-Current 690

Chase Home Loan

Original Amount 175K/ Age: 6 mo/ Payment $1200 / Resp:Joint w/Husband

CC-Open

First National Bank of Omaha / TL:1K / Age:12 Mo / Bal:0 / HB:0/Resp:Individual 

CareCredit

TL:3K / Age:65 mo / Bal:0 / Resp:Joint w/Husband

Les Schwab #1

TL:1K / Age:2 Mo / Bal:$455 / Resp:Individual

Les Schwab # 2

TL:1450 / Age:19 mo / Bal:0 / Resp:Individual

Northwest Community CU

TL:7500 / Age:33 Mo / Bal:7036.00 / HB:$7536 / Resp:Joint w/husband - [Been Carrying 22 mo]

Sierra Central credit Union

TL:8K/ Age:68 mo/ Bal:7K / Resp:Joint  - [Been Carrying 22 mo]

Closed accounts PIF

State Farm Financial Services/  Secured Loan     / OA 14,650/ Term 48 mo/ Joint / PIF Oct 2012

Northwest Community Credit Union / Auto Loan / OA 11,569 / Term 36 mo / Joint /  PIF Mar 2013

Cit Card /CC / TL 500 / HB 0 / Age : 18 mo / Resp AU  Inactive Closure Aug 2008

Citi card CC /TL 525 / HB 0 /Age: 20 mo / Resp Individual / Inactive Closure Feb 2006

BOA CC / TL 2500 / Bal:0 / Age: 60 mo / Resp:AU CBC Oct 2010

BOA CC / TL 5500 / Bal:0 / Age: 43 mo / Resp: AU CBC Oct 2012

BBY CC /TL: 1500 /Bal: 0 / Age: 39 mo /Resp:Joint w/husband Inactive closure June 2012

Time Investment / LOC / OA: 1950 / Term NA / Joint /PIF Aug 2004  

Wells Fargo Dealer Services / Auto Loan / Term 72 mo / OA 19,654 /Joint / PIF Dec 2011

INQ EQ: 1

INQ EX: 10 , 2014 1, 2013 5, 2012, 4

INQ TU :UNK

PR: Short Sale

Chase HL / OA 199,500 / listed as "Paid In Settlement" under Negative CI.  OK for 32 mo prior to shortsale.  

[DevotionToU]

With a few maxed out cards, at decently high limits, I'm not too sure they will be able to get multiple cards that will allow them to transfer the entire balance.  Have they tried contacting the banks those cards are from asking for APR reduction (temporary or not) to try to get the balances a little more under control?  The best balance transfer card is Chase Slate, with Discover IT being slightly less desireable (has a 3% BT fee, but has the same 0% APR for 15 months).

She should transfer off of her highest APR card and then immediately work to pay off the rest of that card (if they do not allow the entire balance to be transferred, which may or may not happen).  If she is able to get both transferred, that is the ideal situation.  If not, then she should pay the minimum amount on the 0%, and put as much as she can toward the highest interest balance.

[capitalkid]

How  much weight do you think the closed Installment loans will have on new apps with current balances?