@Anonymous wrote:
Long time reader, first time poster.
Would like to pay back as much of our debt as we can ASAP, then get a 0% balance transfer or 0% credit card and continue to pay the cards off. After we pay back both cards to approx 40-50% total debt to credit ratio (approx 6-7 months), would it help to transfer all balance to one person's account, apply for card and then transfer back? Should we apply for a joint card or individual card? I feel that my wife would have better chance since no bad marks
Here is some more info:
Combined income $90k.
Me: Current fico ~ 660. Credit cards: CapOne QS1 $3k CapOone venture1 $2k, citi $2k, Bofa $500. total Debt to credit ratio 75%. No mortgage or car payment. charge off (medical) of about $2,000 4 years ago and multiple lates many years ago but have been working on my credit for past 2 years and no negatives > 2 years
Wife: Current fico ~ 600. Credit cards: Wells fargo $12k, discover $6k, chase $1.5k. Debt to credit ration 90%. No mortgage but Car payment $200. No charge offs or lates
Any recs would be appreciated. Thanks
I would be optimizing your scores, make sure only a tiny balance reports by statement cut date on one of your cards. See if you can combine your two cap1 cards into one with the aF removed (ideally the QS). QS does no AF bts, so you can shuffle some debt to you and then back to her discover at 4.99% for 18 months wtih no BT fee.
Ask for APR reductions on all cards every 3 months. She should be asking for increases but should have all cards removed from her except for your citi card or her chase card.
There is no reason why you couldnt have 2-3x your income each in CL's and have recurrent BT offers. Focus payments towards highest interest cards first.
Consider a credit union that looks at proof of income, to yield higher starting limit. Penfed, etc.
Do not apply jointly that is just not worth it. She can include your income on her scores. Get your charge off taken care of, however that works maybe if you pay it they take it off, start writing/reaching out via calls/goodwill letters to address your lates.
Open up a shared secure loan with alliant to boost your scores, especially you. Probably wont help her too much but heck why not try. Stay away from banks that will not grow with you, allow your limit to be increased beyond a 6 month clock, and offers APR reductions if not at already single digit fixed interest.
Move all your banking to a credit union, high yield checking account, at least 2-5%. Maybe go to where you bank now and see if they can help. Sofi may be your only hope with scores like these, if I were you I would be getting the SoFi in her name only. Plan your purchases. Dont make emotional based buys every time. Read in to Dave Ramsey and mix in a little Suze Orman.
Cut costs wherever you can. Cut the cable bill. Get a free cell phone plan through ring plus. Sell unused items on ebay. You would be surprised the amount of extra income you could amass just a few hours a week of couch time. check out thepennyhoarder
