topic Re: Cards with low rate for balance transfer, bad credit. in Credit Cards

Cards with low rate for balance transfer, bad credit.

Anonymous — Fri, 12 Jun 2009 23:30:22 GMT

Hi,

I have less then fair credit. My scores are:

EQ 590

EX 585

TU 573

I have a balance on my only credit card but since I defaulted on the card I want to find another credit card with a low balance transfer rate. Anything lower then 29.99% would be great since Chase will not lower my rate until Sept, or so they say.

Any advice on this would be greatly appreciated.

Re: Cards with low rate for balance transfer, bad credit.

UpNUp — Sat, 13 Jun 2009 00:54:45 GMT

Are you serious? I don't want to sound mean BUT, if I'm reading your post correctly, you defaulted on the only credit card you have and you are looking to be approved for another card and with a low APR? In my opinion you will not even be approved for a bottom feeder card with a 50% APR and all kinds of rediculous fees. Even in the best of times, but especially now, you should make good with the one you have and work on your scores and any other derogs that you may have on your reports before even thinking of applying for another card. Maybe in a couple of years...

I apologize for being so brutaly honest.

Re: Cards with low rate for balance transfer, bad credit.

Anonymous — Sat, 13 Jun 2009 01:53:26 GMT

Are those Fico scores? If yes, I'd say you are about 100 to 120 points away from good balance transfer offers. Try to keep Chase happy and keep the card. In the meanwhile, you might find a local CU that wants to build a relationship with you and help you improve your credit. At some point they might refinance your credit card debt in a personal loan with a somewhat friendlier APR, but I don't think that this will be an immediate solution.

Re: Cards with low rate for balance transfer, bad credit.

Anonymous — Sat, 13 Jun 2009 02:31:40 GMT

I understand that I have made mistakes and I am working on correcting them. I was just seeing if I had any options. Apparently I do not and will need to suffer the consequences of my mistakes.

I have paid off any other accounts that I have had and I believe the only debt I have now is the Chase card.

Thank you for your opinions.

Message Edited by cire1184 on 06-12-2009 07:31 PM

Re: Cards with low rate for balance transfer, bad credit.

GregB — Sat, 13 Jun 2009 03:22:49 GMT

You won't get any BT offers with your history and the current credit climate. Your best option is to make Chase as happy as you can and try to minimize the damage.

Try to do it soon as possible since whatever negatives you end up with will last a long time.

Good Luck

Re: Cards with low rate for balance transfer, bad credit.

Anonymous — Sat, 13 Jun 2009 03:23:16 GMT

@Anonymous wrote:
I understand that I have made mistakes and I am working on correcting them. I was just seeing if I had any options. Apparently I do not and will need to suffer the consequences of my mistakes.
I have paid off any other accounts that I have had and I believe the only debt I have now is the Chase card.

Thank you for your opinions.
Message Edited by cire1184 on 06-12-2009 07:31 PM

You should probably try and KNOW the debt you have. Is disorganization the reason for your defaulting?

Re: Cards with low rate for balance transfer, bad credit.

Anonymous — Sat, 13 Jun 2009 03:55:56 GMT

I guess that was a poor choice of words. As far as I know from my credit report, my chase card is the only form of credit that I currently carry a balance on. Is that better?

Re: Cards with low rate for balance transfer, bad credit.

Anonymous — Sat, 13 Jun 2009 04:15:07 GMT

Do you mind asking what kind of default it was? Do you have any other entries on your credit file?

Re: Cards with low rate for balance transfer, bad credit.

Anonymous — Sat, 13 Jun 2009 04:23:02 GMT

Hmm how would I exactly post that? I'm not quite sure what you mean.

Re: Cards with low rate for balance transfer, bad credit.

llecs — Sat, 13 Jun 2009 11:41:25 GMT

OP, I would pay Chase in full ASAP.

Also as someone mentioned, you should pull your FICO scores as they will be different than the score you had posted.

Re: Cards with low rate for balance transfer, bad credit.

Anonymous — Sat, 13 Jun 2009 19:36:15 GMT

Are you serious?? i am sorry but you must get your act togther!! WAIT A YR>!!! i went from a 509 EQ fico to a 695 Eq fico in that time frame!! some on here got those scores in 90 days or less!! Now i have 11 cards with >10k in cl's!! U CAN DO IT!!!