Which Credit Card Should I apply for balance transfer?

[Anonymous]

Hello everyone,

I have been viewing these forums off and on for about a year now. I just signed up and thank everyone for all the advice.

I need some help - I am trying to consolidate debt and not sure what I should do. First, I will go over my credit profile:

VantageScore 673

Card Utiliziation 63%

Chase Slate - $398 of $500 limit- This is the card I tried to apply ~6 months ago, hoping I'd get a large credit limit to pay off Discover and Capital One off in 15 months - but I was wrong!

Discover - 97.64% of $2,500 limit

Capital One - 94% of $2,000 limit

Commerce Bank - 85% of $2,000 limit

Synchrony Bank (Discount Tire) - 32.43% of $2,800 limit

Furniture Store Card - 18% of $6,000 limit

Plus a few I am authorized user on + student loans.

Which card do you suggest applying? I have no late payments with average account age 3 years 2 months. I would really like to get a card with a $5,000 cl minimum, but I keep getting offers from AvantCredit with 35% APR. Who would want that??? Thanks for your help.

[Anonymous]

What is the interest rate on each card?  Although utilization is high almost on all, it makes sense to pay the ones with the highest interest down first.

[Involver]

I wouldn't apply for anything.

Your FICO is going to be crushed by 3 maxed out cards, with the Slate not far behind.

I would focus on paying down your highest interest balances before worrying about applying for new credit lines.

[Anonymous]

I dont suggest applying for anything..

That utilization will result in denials most likely..

[Anonymous]

Just pulled out Discover statement. FICO score 658.

Interest rates:

Chase Slate - 0% APR until September 2015 - 22.9% thereafter

Capital One - 22.90%

Discover - 18.99%

Commerce Bank - 16.8%

Synchrony Bank - I have a 0% APR expiring next month which I'm paying off in full balance approx. $900

The furniture mart card is 0% APR until 2016.

Thanks for the input so far... any other ideas or suggestions please. I am very glad to be on this forum!

[Anonymous]

Also, any thoughts on CLI increases? Discover was denied not awhile ago and the same with Capital One.

[Involver]

You could look at a Prosper or Lending Club loan. Interest rates won't be great put you can pay it all off at once. Your score will be improved however the debt will stay. It seems as if you're just kicking the can down the road which will not end up well. I hope I'm wrong.

[Anonymous]

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@Anonymous wrote:

Also, any thoughts on CLI increases? Discover was denied not awhile ago and the same with Capital One.

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You really need to focus on paying down the cards that you have.  I'm not sure a CLI is what you need.    No one is going to want to extend you more credit either in a CLI or a new card until you demonstrate that you handle what you have now.

[Anonymous]

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@Anonymous wrote:

Just pulled out Discover statement. FICO score 658.

Interest rates:

Chase Slate - 0% APR until September 2015 - 22.9% thereafter

Capital One - 22.90%

Discover - 18.99%

Commerce Bank - 16.8%

Synchrony Bank - I have a 0% APR expiring next month which I'm paying off in full balance approx. $900

The furniture mart card is 0% APR until 2016.

Thanks for the input so far... any other ideas or suggestions please. I am very glad to be on this forum!

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If you don't mind me asking, how much cash do you have pay these down? If you can at least try to bring the utilization down on each card to below 30%, you be a semi-better shape should you decide to apply for something new.

[Anonymous]

Im just trying to think of ways to avoid paying interest on these ...i can devote about 500 a month on these