transferring balance

[nanrobbi]

I'm in a DMP on a few cards and making progress.

One card would not negotiate and interest rate is near 30% (not part of DMP)

I'd like to try and get a 0% interest card and transfer the

balance.  My fico is 661, brought down by too much

debt, a low interest card would help a lot.

Will I be able to transfer a balance?  Its 4,000.

I do not use any cards, I'm just paying them down.

I can't make progress though on the high interest card.

Any input is appreciated,

thanks!

[Jazzzy]

If you are in a DMP, are you allowed to get a new card?

If you are able to, do some reading and research here on the Credit Card forum. Maybe list your utilization, average of accounts, any new accounts, etc. and you can get some advice on any cards that might work for you. If you have high utilization, that could be a problem.

[nanrobbi]

thanks.  I'd have to check with the DMP admin to see.  It seems

that it would make sense, same amount of credit, just lower interest,

and not using the card..... but whether it will be viewed that

way, who knows.  My utilization is 85% ...... so high.  I hate to

apply, have it hit my credit as an inquiry, just to be turned down,

but its probably the only way I'll know.  I have to get out of

the high interest rate, I keep paying having it only go to

interest....... very frustrating.

thanks for your reply!

[cdtotten]

With utilization that high and your current credit status, you are not going to be able to secure a good credit card that offers a BT option you want.

Your best option is to check with a local CU about obtaining a personal loan. Print off a copy of your credit report and bring it with you to see if there is anything they can do to help. Even 15% is better than 30 and if you get the loan, it will move the debt to installment which is much better for FICO scoring.

[nanrobbi]

thanks, that sounds like excellent information.  I am a member of a CU, have a mortgage

through them and am also paying down a credit card with them, so I'm not sure I

could even get a loan through them or another CU.  Its worth talking to them about with

the printout.  It seems to make sense for someone to help on interest, I've been paying

everything my score has gone up 70 points in the last year +.  My strong points are

length of credit history and payment history - very weak point is the debt utilization.  But

its better than it was. 

Congratulations on your fico improvement - it gives me incentive to keep plugging along,

thanks for your reply!