So let me get this straight - do you have any baddies on your credit report? Lates, collections, foreclosures, repossession, etc?
Utilization has the ability to tank your score, but your scores may still be fine. Do you have any idea what your FICO is at this point?
My suggestion, based on the answers to these questions, will be to apply for a card or two to do a BT. If those are both declined, I would avoid going further to allow yourself other options without further hurting your credit. The Chase Slate has a 0% BT fee, which is amazing, and Chase has been really reasonable on reconsidering borderline approvals recently based on my experience and what is discussed here on the forums.
This action alone could help you make a significant dent in your debt by saving money on interest. Let us know what is on your credit report, and we will try to help. Do not apply before giving us some more information.
Scores, income, utilization, baddies, INQs, etc.
Utilization has the ability to tank your score, but your scores may still be fine. Do you have any idea what your FICO is at this point?
My suggestion, based on the answers to these questions, will be to apply for a card or two to do a BT. If those are both declined, I would avoid going further to allow yourself other options without further hurting your credit. The Chase Slate has a 0% BT fee, which is amazing, and Chase has been really reasonable on reconsidering borderline approvals recently based on my experience and what is discussed here on the forums.
This action alone could help you make a significant dent in your debt by saving money on interest. Let us know what is on your credit report, and we will try to help. Do not apply before giving us some more information.
Scores, income, utilization, baddies, INQs, etc.
hmm do you happen too own your own home?
they do take into account utilization, but since youll be paying off that debt, it negates it. something too think about.
but 2nd best choice if you don't own would be a chase slate, or a cu cc that has 0%fee
on 47k at 3% would be roughly... 1.4k just too bt, but i guess thats better then 700 in intrest a month.
good luck!
@hopefulCA wrote:I am in my late 30s and for the majority of my life have had great credit. I didn't have a single black mark on my credit history. But 2012 sucked for me, which means I had to live primarily on my credit cards, and after one bad year I have 50,000 dollars in credit card debt - (two cards maxed out, one with 47,000 limit and one with a 3000 limit). I never missed a payment over the year, but clearly my debt to credit available ratio is terrible now. I am back on track now financially; back to my original salary but essentially for the first year I won't be paying more than 2000 off each month. 700 dollars a month is going towards interest alone. I have been told to join a debt consolidation program to lower my rates, but I am afraid of what it will do to my credit history... then I was told to take out a personal loan because that would be less than my 13.5 percent APR, but I can't imagine anyone will give me a personal loan given that I don't have any collateral and only have this mountain of credit card debt. Any advice?
Welcome to the forums!!!
IMO a personal loan is the best option. I would go to a local CU (even better if your a member with one already) and explain your situation. Good luck!!!!
