Help trying to get out of this stump!
11-14-2012 08:21 AM
Good morning everyone,
So I've been anxiously trying to find a credit card in order to transfer some balances from other cards that have really high int. rates on them. I've only applied once so far (for the Citi Simplicity) and was denied due to high util and a serious delinquency on my CR (2 paid CO's from 2007).
I've come to the realization that I probably won't be able to get another card in order to transfer these balances in order to pay down some of this debt until I pay off some of my current cards, but it's so dang hard when the int. rates and minimum payments are so high!
I called my CU and talked to one of the LO's there about my situation and since I don't have any collateral or the title to anything I probably wouldn't be able to get any sort of unsecured loan either. My credit is in the 660's, 1 paid medical collection from 2007 I'm currently trying to HIPAA, 2 paid CO's from 2007 and the following CC's:
1. WTXFCU: $5842.08 / $6K = 97%
2. HD: $3,534.58 / $4.5K = 78%
3. DB: $370 / $2,250 = 16%
4. Kohls: $83 / $200 = 41%
5. Chase: $2,053.02 / $3K = 68%
6. BM: $2226.09/ $3,400 = 72%
Overall util: 74%
The cards I'm trying to transfer are cards #2 & #5 for a total of $5,587.60. Even though the balance is high on card #1, the int. rate on that card is only 8%. I will be paying cards #3 & #4 off next payday to show these 2 at a $0 balance.
Any other ideas on how I can get myself out of this mess? I don't guess I really have many other options aside from either finding another card to BT or getting a loan of some type to pay these cards down. The int. rate on the 2 I'm needing to pay off are almost 30% and even the min. payments are killing me! Any advice is greatly appreciated!
Closed on my first home 12/07/11! Officially a homeowner, thanks to this forum!!!