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Need help on Debt Consol., 0% Int, BT Cards, Loans, etc.

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Anonymous
Not applicable

Need help on Debt Consol., 0% Int, BT Cards, Loans, etc.

I'll preface this by saying any and all help is appreciated and whatever info, specific bureau and/or version scores, etc. that you need to better assist me let me know and I'll post it ASAP.

 

Also, if this isn't the right subforum for this thread, please move.

 

I would like to consolidate and pay off about 26k of debt.  In addition to a new better paying job I just got that will help me pay this off, I would like to consolidate as much of it as possible onto some sort of 0% Interest credit card/loan/whatever to help minimize additional costs.  My info is below, and then my questions after that.

 

-DEBT/SOURCE/INTEREST - 13k on a USAA card with 9.15% (prime +5.65%) interest, 6k on a USAA Auto Loan with 8.99 APR that accrues on an actual/365 basis, and about 7k on a BoA card I got last year with a 0% Interest promotion that ends next month, at which point the interest becomes 19.24%.

 

-UTILIZATION - 98/99%, though I just got the new job so that will be going down steadily, and I'm overdue for CLIs on both cards, which I will be requesting next week after salary details are finalized.  I'm looking to ask to raise my limits to 20k on usaa and 15k on BoA respectively, though any thoughts/advice on that is welcome!

 

-CREDIT SCORES:  Again, let me know which specific scores you need, but as of today the FICO Score 8s are 676 Eq., 678 TU, and 691 Exp.

 

-CREDIT REPORTS:  Clean, no issues.

 

 

QUESTIONS:

-What credit card would you guys recommend I get that would give me as high a CL as to allow me to put most of my debt on it AND minimize my interest for as long as possible?  I was originally looking at CITI Simplicity, but I've read they give very low CLs.  Is there another 0% Interest/BT card out there that has close to a 21 month promo period?  I know Chase Slate only allows 15 months, and Discover It allows 18 months.  Any thoughts on their starting CLs?

 

-For what I'm looking for, would some sort of loan be a better way to go?  If so, any recommendations?

 

-I've heard good things about Credit Unions, though I don't know if I'd be eligible for any.  I live in Leesburg, VA, work in Herndon, VA and went to college in CT, so the only credit unions I may be eligible for are Apple Federal CU, or maybe one in CT since I went to school there, but I can't find a lot of info.  Any thoughts?

 

Again, any help would be appreciated, and if you need more info, let me know.  Thanks!

10 REPLIES 10
Samac
Regular Contributor

Re: Need help on Debt Consol., 0% Int, BT Cards, Loans, etc.

With your current profile I highly doubt you'll be able to get a credit card with a high enough limit to handle all the debt. You'd most likely get cards in the range you have. You can at least transfer the BoA balance as its your highest interest rate though.
You might want to check and see if you can get a personal loan in the 6-7% interest range to pay them off, I'm not up to what the going interest rate is, someone else might help you out more.

I wish you the best of luck!
Message 2 of 11
_NERD
Established Contributor

Re: Need help on Debt Consol., 0% Int, BT Cards, Loans, etc.

Wow your scores must be really great when util is <9%. That is significant debt, and 98% util is rated Very Poor. I can't get CLIs for any of my accounts when they're maxed out.

CU loan would be the viable solution. Best of luck.

3B profile optimization in progress...
Message 3 of 11
SouthJamaica
Mega Contributor

Re: Need help on Debt Consol., 0% Int, BT Cards, Loans, etc.


@Anonymous wrote:

I'll preface this by saying any and all help is appreciated and whatever info, specific bureau and/or version scores, etc. that you need to better assist me let me know and I'll post it ASAP.

 

Also, if this isn't the right subforum for this thread, please move.

 

I would like to consolidate and pay off about 26k of debt.  In addition to a new better paying job I just got that will help me pay this off, I would like to consolidate as much of it as possible onto some sort of 0% Interest credit card/loan/whatever to help minimize additional costs.  My info is below, and then my questions after that.

 

-DEBT/SOURCE/INTEREST - 13k on a USAA card with 9.15% (prime +5.65%) interest, 6k on a USAA Auto Loan with 8.99 APR that accrues on an actual/365 basis, and about 7k on a BoA card I got last year with a 0% Interest promotion that ends next month, at which point the interest becomes 19.24%.

 

-UTILIZATION - 98/99%, though I just got the new job so that will be going down steadily, and I'm overdue for CLIs on both cards, which I will be requesting next week after salary details are finalized.  I'm looking to ask to raise my limits to 20k on usaa and 15k on BoA respectively, though any thoughts/advice on that is welcome!

 

-CREDIT SCORES:  Again, let me know which specific scores you need, but as of today the FICO Score 8s are 676 Eq., 678 TU, and 691 Exp.

 

-CREDIT REPORTS:  Clean, no issues.

 

 

QUESTIONS:

-What credit card would you guys recommend I get that would give me as high a CL as to allow me to put most of my debt on it AND minimize my interest for as long as possible?  I was originally looking at CITI Simplicity, but I've read they give very low CLs.  Is there another 0% Interest/BT card out there that has close to a 21 month promo period?  I know Chase Slate only allows 15 months, and Discover It allows 18 months.  Any thoughts on their starting CLs?

 

-For what I'm looking for, would some sort of loan be a better way to go?  If so, any recommendations?

 

-I've heard good things about Credit Unions, though I don't know if I'd be eligible for any.  I live in Leesburg, VA, work in Herndon, VA and went to college in CT, so the only credit unions I may be eligible for are Apple Federal CU, or maybe one in CT since I went to school there, but I can't find a lot of info.  Any thoughts?

 

Again, any help would be appreciated, and if you need more info, let me know.  Thanks!


Credit unions which are not hard to join: Alliant, NASA, Penfed, MECU Baltimore


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 4 of 11
Anonymous
Not applicable

Re: Need help on Debt Consol., 0% Int, BT Cards, Loans, etc.

Thanks for the help thus far.  When you posted I was actually looking up CUs to join, and read about Alliant and Connexus, etc.

 

My biggest question is - while some of these CUs may be easy/cheap to join, is there any way to find out if they'd give me a loan with a duration, interest rate, amount, etc. that I'd want BEFORE joining?  Or is the standard strategy to join a few and then apply and see what happens?

Message 5 of 11
OmarGB9
Community Leader
Super Contributor

Re: Need help on Debt Consol., 0% Int, BT Cards, Loans, etc.

I think you need to apply for membership and then credit products, yes.

As to your original question, it'll be hard to get a CC with a high enough limit to carry 26k when you're already maxed out. It'll also make getting CLIs harder. That being said, a personal loan might be your best bet. Checking your rate on those is free and only a SP.

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 6 of 11
_NERD
Established Contributor

Re: Need help on Debt Consol., 0% Int, BT Cards, Loans, etc.

Did you find the solution you were looking for?

3B profile optimization in progress...
Message 7 of 11
Anonymous
Not applicable

Re: Need help on Debt Consol., 0% Int, BT Cards, Loans, etc.

Good luck!

Message 8 of 11
Anonymous
Not applicable

Re: Need help on Debt Consol., 0% Int, BT Cards, Loans, etc.

UPDATE:  I finally requested my CLIs.  USAA approved 2k only and BoA denied it entirely.  It's a good thing I got something, because after two months of promising me a job, the company I was working for went back on their promise, and now I have bigger problems than getting my finances in order to worry about.

 

Question:  I think I read somewhere in the forums about appealing a cli decision.  Anyone have any experience/advice on that?  I was thinking on appealing the BoA decision.  Any thoughts welcome!

Message 9 of 11
Skye12329
Valued Contributor

Re: Need help on Debt Consol., 0% Int, BT Cards, Loans, etc.

Assuming its past the 30 day mark since you last requested a CLI from BOA. They might pull your credit again, if your utilization is still really high i wouldn't risk the pull if i were you because it would most likely be denied. Lenders get nervous if debt is too high.

As for appealing the decision, you request an increase if denied then you call a backdoor number in the credit card applications forum. Find BOA, call, an analyst will look over the denial reasons and credit pull to determine if they will override it
BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)
Message 10 of 11
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