topic Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR in Credit Cards

Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

Sk323i — Tue, 29 Dec 2020 00:56:41 GMT

Hello,

My wife has a card with 7K balance - that has been 0% for past 18 months.

It is about to hit 22% APR.

We fell behind due to Covid and reduced income.

I applied for a new credit card - with 0% - through my credit union - which uses ELON Financial - if anyone is familiar with them.

I got denied due to: "Too many Accounts Opened this Year".

I assume this is because I got student loans this year, and I got both my car and house re-financed this year.

So it looks like I have 3 new major tradelines opened this year.

I have good income, and low debt - and my middle score is 690 - so I feel as if I am in a good place.

Do you think if I apply with another lender (IE: US Bank, who held my mortgage previously before I refinanced it) - they will approve, even if the other lender denided it? I hear US Bank also uses "ELON" Financial, so not sure if the outcome will be any different.

Do you think if I wait until January - I will get approved?

I'm really trying to avoid this 22% APR, and really want to do this Balance Transfer ASAP - and take advantage of 0% offers.

Its really stupid that I have nearly a 700 credit score, and make 100K a year, and cant even get approved for a credit card.

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

Brian_Earl_Spilner — Tue, 29 Dec 2020 01:05:19 GMT

U.S. Bank owns Elan. You'll be denied for the same reasons. Have you tried looking at other banks like Citi, Discover, etc.?

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

Sk323i — Tue, 29 Dec 2020 01:17:17 GMT

@Brian_Earl_Spilner wrote:
U.S. Bank owns Elan. You'll be denied for the same reasons. Have you tried looking at other banks like Citi, Discover, etc.?

I have had a charged off and settled account with Citi appox. 5 years ago. So probably not in good standing with them.

I will check out Discover for their 0% offers.

Do you know if they use Household income on their applications?

If they use Household income - I may have my wife apply first - to see if she can get approved for 0%.

She is not currently working - but like I said, our household income is over 100K, because of my income.

Also need to know if I can Balance Transfer from her card to my Discover card if they approve.

Its sometimes a gray area with lenders - there is no clear documentation on this, and I end up getting mixed messages from the lenders.

I am not an authorized user on her account - it's her card, but she has lost her income.

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

Harvey26 — Tue, 29 Dec 2020 02:21:48 GMT

@Sk323i Did you wife charge off with Citi or just you? If not then I would look at Citi , Bank Of America or Penfed Credit Union. Discover has been known here lately to request 4506-T forms to verify income I would hate for her to get approved and then they close the card because she used household income or maybe another local credit union you have in your area that has good BT offers. I would check to make sure they do their own loan decisioning and not a third party

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

Remedios — Tue, 29 Dec 2020 02:30:13 GMT

Using household income is perfectly fine as long as you filed taxes jointly, and the income you list on the application matches last tax return that lender would be able to request.

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

vic6string — Tue, 29 Dec 2020 15:47:58 GMT

Have you tried (or are you even geo-eligible) BB&T? They have a balance transfer card and do the soft pull approvals so you don't even have to worry about creating needless inquiries. They are also pretty easy on approvals and good with starting limits.

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

Sk323i — Tue, 29 Dec 2020 15:50:42 GMT

@vic6string wrote:
Have you tried (or are you even geo-eligible) BB&T? They have a balance transfer card and do the soft pull approvals so you don't even have to worry about creating needless inquiries. They are also pretty easy on approvals and good with starting limits.

What is BB&T ?

im in Arizona.

what other eligibility requirements should I look up ?

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

randomguy1 — Tue, 29 Dec 2020 16:35:43 GMT

@Sk323i wrote:
@vic6string wrote:
Have you tried (or are you even geo-eligible) BB&T? They have a balance transfer card and do the soft pull approvals so you don't even have to worry about creating needless inquiries. They are also pretty easy on approvals and good with starting limits.
What is BB&T ?
im in Arizona.
what other eligibility requirements should I look up ?

No, not available in AZ.

Do you belong to any credit unions? Both Wells and BofA have balance transfer options. Could help if you have a pre-existing relationship.

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

Sk323i — Tue, 29 Dec 2020 16:49:45 GMT

@randomguy1 wrote:
@Sk323i wrote:
@vic6string wrote:
Have you tried (or are you even geo-eligible) BB&T? They have a balance transfer card and do the soft pull approvals so you don't even have to worry about creating needless inquiries. They are also pretty easy on approvals and good with starting limits.
What is BB&T ?
im in Arizona.
what other eligibility requirements should I look up ?
No, not available in AZ.

Do you belong to any credit unions? Both Wells and BofA have balance transfer options. Could help if you have a pre-existing relationship.

My only credit union is Desert Financial and they use ELAN.

im trying avoid ELAN.

I have an address in California - my parents address that I lived at for many year and still receive mail at. should I try to use California address for BB&T.

do Discover or BofA or Wells have Pre-qualification websites that do soft pulls?

i stopped getting offers in the mail - so it seems like no one wants to offer me anything.

seems unusual because my credit score is 690 and my income is high.

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

KatSoDak — Tue, 29 Dec 2020 17:09:05 GMT

BofA Bankamericard Platinum may be an option for a $7k balance transfer. Not sure how long they are offering 0%Apr for though.

@Sk323i wrote:
@randomguy1 wrote:
@Sk323i wrote:
@vic6string wrote:
Have you tried (or are you even geo-eligible) BB&T? They have a balance transfer card and do the soft pull approvals so you don't even have to worry about creating needless inquiries. They are also pretty easy on approvals and good with starting limits.
What is BB&T ?
im in Arizona.
what other eligibility requirements should I look up ?
No, not available in AZ.

Do you belong to any credit unions? Both Wells and BofA have balance transfer options. Could help if you have a pre-existing relationship.

My only credit union is Desert Financial and they use ELAN.

im trying avoid ELAN.

I have an address in California - my parents address that I lived at for many year and still receive mail at. should I try to use California address for BB&T.

do Discover or BofA or Wells have Pre-qualification websites that do soft pulls?

i stopped getting offers in the mail - so it seems like no one wants to offer me anything.
seems unusual because my credit score is 690 and my income is high.

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

fatcomic — Tue, 29 Dec 2020 17:31:49 GMT

It's not a credit card but have you checked with your credit union about a personal loan or whatever they call their consolidation loans? It should reduce the APR%, granted not down to 0% but they might have different underwriting criteria than ELAN. If your goal is to get the credit card balance paid off with less interest, that might be a good option.

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

CreditCuriosity — Tue, 29 Dec 2020 18:37:37 GMT

@Sk323i have you tried bbvausa pre-qual site? They have a physical location in AZ be a SP against Experian to see if you are pre-qualified for card and give you limit and APR although limit and APR can be a bit off until HP is preformed.

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

FinStar — Tue, 29 Dec 2020 18:46:16 GMT

@Sk323i wrote:
@randomguy1 wrote:
@Sk323i wrote:
@vic6string wrote:
Have you tried (or are you even geo-eligible) BB&T? They have a balance transfer card and do the soft pull approvals so you don't even have to worry about creating needless inquiries. They are also pretty easy on approvals and good with starting limits.
What is BB&T ?
im in Arizona.
what other eligibility requirements should I look up ?
No, not available in AZ.

Do you belong to any credit unions? Both Wells and BofA have balance transfer options. Could help if you have a pre-existing relationship.

My only credit union is Desert Financial and they use ELAN.

im trying avoid ELAN.

I have an address in California - my parents address that I lived at for many year and still receive mail at. should I try to use California address for BB&T.

do Discover or BofA or Wells have Pre-qualification websites that do soft pulls?

i stopped getting offers in the mail - so it seems like no one wants to offer me anything.
seems unusual because my credit score is 690 and my income is high.

I would not attempt the BB&T [Californian address] option if that isn't your current primary residence. Folks who attempted this 'alternate' method to circumvent the pre-qualification tool ended up with verification issues.

Discover has a pre-qualification portal. WF and BoA do not.

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

UncleB — Wed, 30 Dec 2020 03:45:19 GMT

@CreditCuriosity wrote:
@Sk323i have you tried bbvausa pre-qual site? They have a physical location in AZ be a SP against Experian to see if you are pre-qualified for card and give you limit and APR although limit and APR can be a bit off until HP is preformed.

I was just about to make this same suggestion... their ClearPoints card is solid, and would be good for the 13 months 0% BT and still useful for the 3% category afterwards.

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

creditfan — Wed, 30 Dec 2020 04:07:10 GMT

try DCU

every year from 01/01 - 01/31. 6 months free BT and no fee

Re: Denied - but really need a new card with 0% to do a Balance Transfer - to avoid a 22% APR

CountryLad — Wed, 30 Dec 2020 04:42:28 GMT

Hello -- I know this is not the suggestion you were looking for in your original post, but have you considered just biting the bullet and paying off the $7000 with some interest? It appears you make decent money ($100K). Running quick numbers, if you could swing a $655/mo payment, you'd pay this off in 12 months. Of course, you'd pay about $860/interest -- which nobody likes, but you have it paid off and be done. If you could afford more, it'd be that much quicker and less interest. ($850/mo would pay it off in 9 months with $650/interest) I suggest this because you've already noted that you've been declined due to "too many inquiries" this year. I'm afraid you'll rack up even more inquires and declines just trying to find an interest-free home for this $7000. As noted, Elan is a subsidiary of USBank and they provide credit card services to hundreds of credit unions and smaller regional banks that don't run their own cards. Also, consider what the coming year might bring (or not bring). You might really need a hard pull or two, depending on what the future holds and you'd have more time on your side and, your FICO scores "should" increase as you pay it off and get farther away from your inquiries. Just a suggestion. I wish you all the best. Good luck.