Paydown advice

[Anonymous]

Hi everyone,

This is my first post. I have read some great advice here, and I'm sure you will offer some to me. I have a good credit history. In June my Experian score was 732. I have had several dept store cards for many years and rarely use, and cc, most are long standing accts. My problem is I have accumulated debt on 4 cc's and my income has dropped drastically (sales). I have been  able to pay only slightly above the min on these cc and I  may be paying on the balances for the next 5 years if I don't do something now.

BOA @ 57% CL

Chase @ 78%

Chase @ 54%

Cap1 @ 54%

I really want to consolidate all these, but I don't think I would qualify for a personal loan at this time. I have received and offer from First National Bank Omaha Platinum Edition Visa card (is anyone familiar with this bank). It offers 4.99% APR fixed for life with a max of $99 BT fee for each.  I would like to do this, but I'm afraid they will not give me a CL I need to transfer the majority of my debt. Can I make accepting this offer contingent on my receiving the CL I need? Or, and this probably sounds crazy, do people ever request their CL to be reduced on other cards (the cc to be transfered) in order to qualify for a new acct. And, if so, will this hurt my credit score? I'm sorry this is so long, but I know someone out there has the answers.

[Madison]

Chase allowed me to transfer CL from one Chase account to another. You reduce CL on one Chase card and increase the limit on the other. You can take the reduced credit line balance and transfer it to the new lower interest rate card. This may help you transfer balances if they don't give the the CL you need to transfer all of the amount you need.

[Anonymous]

Keep in mind that consolidation onto a new card is (usually) not going to lower your payments.
Having said that, I transfered a lot onto an amex blue card with 3.99% for life, no BT fee. My score was about 700 (FICO) It is definately worthwhile to get a new FICO score.

If you are a member of a credit union, then the personal loan is probably well within your grasp.

Here's a possible strategy for you. Apply for 0% interest for 12 months on balance transfer cards. There are a few that even do it without BT fees.

http://www.fivecentnickel.com/2007/01/02/zero-percent-balance-transfer-credit-cards/

Apply for enough cards so that you can transfer all. If you need to apply for multiple cards, do it in the shortest time possible (I mean within an hour or so).
Transfer all your money, and do the same thing for the remainder next year.

Off course this is tricky. You you fail to meet a payment, they will most likely default you to a much higher rate. If you fail to get new cards after 12 months, and have a remaining balance, then this too will sit at a higher rate.