topic Re: Urgently Advice Needed in Credit Cards

Urgently Advice Needed

vikash1986 — Fri, 01 Mar 2013 22:22:41 GMT

Credit Card	Credit Limit	Balace Owed	Date Open	Comments
Bank Of America	5000	0	Nov-09	Individual
Capital One	4000	0	Dec-09	Individual
Barclays	2500	0	Feb-13	Individual
Best Buy	3000	0	Nov-11	Individual
Macy's	2600	0	Jun-11	Individual
USAA	1500	0	Dec-12	Individual
Discover	4750	1000	Sep-12	Individual
Amex Clear	2000	0	Feb-13	AU***
Amex Cash	6000	2000	Aug-12	Individual
Amex Sky Blue	25000	22000	Oct-12	AU***
Amex Gold	NPSL	0	Aug-12	Individual
TOTAL	56350	25000

Utilization	44%
Combine Income	65000
Inquires	15
AOA	1.2	Years
Oldest Account	3.3	Years
Current Credit Score	642
Car Loan @ 8.5% USAA	$41,000	60 Months

I spend my 22000 for a family emergency on my sister-in law Amex Blue Sky card as an authorized user and the promotional 0% expires on August 18, 2013. I really need some advice on a plan to refinance this cc debt so I don’t have to pay 24% interest rate. I believed in 3 months time I will pay off everything on my Discover Card and Amex Cash. The remaining Amex Blue is my problem.

1) How do I stay afloat away from paying any interest by paying $1000 towards this card beginning June 2013 till it’s paid in full? I see USAA have a promotion for any BT transfer before April 8th 2013, there is not BT fee and 0% interest until the balance is paid off. My USAA is about 4 months old.

2) Is there any way USAA will give me that much credit line. I am a full member.

3) Should I remove myself from the Amex Blue Sky and then apply for a credit line increase with USAA.

My current score was from a hard pull last month when I apply for Barclay’s card. Most of these limits are about 6-8 months old when my score was in the mid 700’s when I app for new accounts and request CLI. Currently all accounts are current with no late payments, no collection activity, no negatives. Never had any negatives on my credit report with a clean perfect history. Sometimes I will carry a balance.

Any advice will be greatly appreciated no matter how small please let me know what you think will be a good strategy for repaying this debt without having to paying this high interest rate.

Re: Urgently Advice Needed

Anonymous — Fri, 01 Mar 2013 22:55:36 GMT

@vikash1986 wrote:
Credit Card Credit Limit Balace Owed Date Open Comments
Bank Of America 5000 0 Nov-09 Individual
Capital One 4000 0 Dec-09 Individual
Barclays 2500 0 Feb-13 Individual
Best Buy 3000 0 Nov-11 Individual
Macy's 2600 0 Jun-11 Individual
USAA 1500 0 Dec-12 Individual
Discover 4750 1000 Sep-12 Individual
Amex Clear 2000 0 Feb-13 AU***
Amex Cash 6000 2000 Aug-12 Individual
Amex Sky Blue 25000 22000 Oct-12 AU***
Amex Gold NPSL 0 Aug-12 Individual
TOTAL 56350 25000

Utilization 44%
Combine Income 65000
Inquires 15
AOA 1.2 Years
Oldest Account 3.3 Years
Current Credit Score 642
@Anonymous Loan @ 8.5% USAA $41,000 60 Months

I spend my 22000 for a family emergency on my sister-in law Amex Blue Sky card as an authorized user and the promotional 0% expires on August 18, 2013. I really need some advice on a plan to refinance this cc debt so I don’t have to pay 24% interest rate. I believed in 3 months time I will pay off everything on my Discover Card and Amex Cash. The remaining Amex Blue is my problem.
1) How do I stay afloat away from paying any interest by paying $1000 towards this card beginning June 2013 till it’s paid in full? I see USAA have a promotion for any BT transfer before April 8th 2013, there is not BT fee and 0% interest until the balance is paid off. My USAA is about 4 months old.
2) Is there any way USAA will give me that much credit line. I am a full member.
3) Should I remove myself from the Amex Blue Sky and then apply for a credit line increase with USAA.
My current score was from a hard pull last month when I apply for Barclay’s card. Most of these limits are about 6-8 months old when my score was in the mid 700’s when I app for new accounts and request CLI. Currently all accounts are current with no late payments, no collection activity, no negatives. Never had any negatives on my credit report with a clean perfect history. Sometimes I will carry a balance.

Any advice will be greatly appreciated no matter how small please let me know what you think will be a good strategy for repaying this debt without having to paying this high interest rate.

With your current limits it's going to be hard to find a bank to give you a 20K + credit line but it is not unheard of.

-What is your housing situation?

-Can you refinance your car and get any cash out?

-Do you have anything negative on your CRs?

You're probably looking at having to open up anywhere from 2-4 new accounts to transfer that balance to, it would be better if you can get as much cash from something else at lower interest rates to beat some of that down

Do you have anything of value that you can finance and pull any cash out?

How many Inquiries do you have on your Experian?

Re: Urgently Advice Needed

Anonymous — Fri, 01 Mar 2013 23:05:29 GMT

Seems like a lot of these urgent messages from 1 post people have been popping up lately. So you spent 22,000 as an authorized user. Let me ask (so I can entertain your little game), who owns the acct that you're an AU on?

Re: Urgently Advice Needed

Anonymous — Fri, 01 Mar 2013 23:21:05 GMT

Check Chase Slate - they do a 15 month 0% balance transfer introductory offer. As in, not only do you pay 0% on the balance for 15 months, you also pay $0 on balance transfers that are done in the first 60 days of you having the account. Don't know what kind of limits they might offer you, and you can only transfer up to 80% of the limit.

Re: Urgently Advice Needed

LS2982 — Fri, 01 Mar 2013 23:22:16 GMT

@vikash1986 wrote:
Credit Card Credit Limit Balace Owed Date Open Comments
Bank Of America 5000 0 Nov-09 Individual
Capital One 4000 0 Dec-09 Individual
Barclays 2500 0 Feb-13 Individual
Best Buy 3000 0 Nov-11 Individual
Macy's 2600 0 Jun-11 Individual
USAA 1500 0 Dec-12 Individual
Discover 4750 1000 Sep-12 Individual
Amex Clear 2000 0 Feb-13 AU***
Amex Cash 6000 2000 Aug-12 Individual
Amex Sky Blue 25000 22000 Oct-12 AU***
Amex Gold NPSL 0 Aug-12 Individual
TOTAL 56350 25000

Utilization 44%
Combine Income 65000
Inquires 15
AOA 1.2 Years
Oldest Account 3.3 Years
Current Credit Score 642
@Anonymous Loan @ 8.5% USAA $41,000 60 Months

I spend my 22000 for a family emergency on my sister-in law Amex Blue Sky card as an authorized user and the promotional 0% expires on August 18, 2013. I really need some advice on a plan to refinance this cc debt so I don’t have to pay 24% interest rate. I believed in 3 months time I will pay off everything on my Discover Card and Amex Cash. The remaining Amex Blue is my problem.
1) How do I stay afloat away from paying any interest by paying $1000 towards this card beginning June 2013 till it’s paid in full? I see USAA have a promotion for any BT transfer before April 8th 2013, there is not BT fee and 0% interest until the balance is paid off. My USAA is about 4 months old.
2) Is there any way USAA will give me that much credit line. I am a full member.
3) Should I remove myself from the Amex Blue Sky and then apply for a credit line increase with USAA.
My current score was from a hard pull last month when I apply for Barclay’s card. Most of these limits are about 6-8 months old when my score was in the mid 700’s when I app for new accounts and request CLI. Currently all accounts are current with no late payments, no collection activity, no negatives. Never had any negatives on my credit report with a clean perfect history. Sometimes I will carry a balance.

Any advice will be greatly appreciated no matter how small please let me know what you think will be a good strategy for repaying this debt without having to paying this high interest rate.

Why not remove yourself as AU, Pick maybe 2-3 BT cards up to get close to that amount and slowly pay the rest down on the AMEX?

Re: Urgently Advice Needed

09Lexie — Fri, 01 Mar 2013 23:23:22 GMT

@LS2982 wrote:
@vikash1986 wrote:
Credit Card Credit Limit Balace Owed Date Open Comments
Bank Of America 5000 0 Nov-09 Individual
Capital One 4000 0 Dec-09 Individual
Barclays 2500 0 Feb-13 Individual
Best Buy 3000 0 Nov-11 Individual
Macy's 2600 0 Jun-11 Individual
USAA 1500 0 Dec-12 Individual
Discover 4750 1000 Sep-12 Individual
Amex Clear 2000 0 Feb-13 AU***
Amex Cash 6000 2000 Aug-12 Individual
Amex Sky Blue 25000 22000 Oct-12 AU***
Amex Gold NPSL 0 Aug-12 Individual
TOTAL 56350 25000

Utilization 44%
Combine Income 65000
Inquires 15
AOA 1.2 Years
Oldest Account 3.3 Years
Current Credit Score 642
@Anonymous Loan @ 8.5% USAA $41,000 60 Months

I spend my 22000 for a family emergency on my sister-in law Amex Blue Sky card as an authorized user and the promotional 0% expires on August 18, 2013. I really need some advice on a plan to refinance this cc debt so I don’t have to pay 24% interest rate. I believed in 3 months time I will pay off everything on my Discover Card and Amex Cash. The remaining Amex Blue is my problem.
1) How do I stay afloat away from paying any interest by paying $1000 towards this card beginning June 2013 till it’s paid in full? I see USAA have a promotion for any BT transfer before April 8th 2013, there is not BT fee and 0% interest until the balance is paid off. My USAA is about 4 months old.
2) Is there any way USAA will give me that much credit line. I am a full member.
3) Should I remove myself from the Amex Blue Sky and then apply for a credit line increase with USAA.
My current score was from a hard pull last month when I apply for Barclay’s card. Most of these limits are about 6-8 months old when my score was in the mid 700’s when I app for new accounts and request CLI. Currently all accounts are current with no late payments, no collection activity, no negatives. Never had any negatives on my credit report with a clean perfect history. Sometimes I will carry a balance.

Any advice will be greatly appreciated no matter how small please let me know what you think will be a good strategy for repaying this debt without having to paying this high interest rate.
Why not remove yourself as AU, Pick maybe 2-3 BT cards up to get close to that amount and slowly pay the rest down on the AMEX?

Exactly!

Re: Urgently Advice Needed

Anonymous — Fri, 01 Mar 2013 23:23:34 GMT

BTW, where is that score from? Is it a FAKO or a FICO? And are the other 2 balances you have also on cards you're an AU on?

Re: Urgently Advice Needed

Anonymous — Fri, 01 Mar 2013 23:41:24 GMT

I would recommend you just get a personal loan. Easiest way to do it without any complications. To apply for BT cards like slate, you will probably need to remove yourself as AU. It takes a while for CRAs to update that, then it takes a whole for u to apply and get the card itself. Biggest down side is there is no guarantee you can get 22k worth of credit line. That will depend on your annual income and all other factors, such as car loan payment history etc, not just your Fico score, due to the large amount.

If you apply for a card, but couldn't get such a large enough credit line, you will need to apply for more cards, or a loan at the end of the day. It will only get harder as u have more recent inquiries and new lines of credits on file.

So I suggest u get a personal loan and be done with it. Yes u gonna pay interests but rates are low now.

Re: Urgently Advice Needed

jamesdwi — Sat, 02 Mar 2013 00:00:23 GMT

I hope you are being open and honest with your sister-in-law and she understands the charges you made, it will make things easier. It would also be very helpful if she is credit savy or you will face an uphill battle explaining how you have to appear not to need credit to get credit. The sooner you can get this undercontrol the better, for your relationship and your sister-in-law. AMEX may offer great 0 percent interest for months at a time, they don't like it when you carry a balance for more than a few months, if you let this go too long they may CLD the account, also it appears that you charged the debt and not the primary card holder it may open the door to FR, so it would be best to get this off the card.

As other suggest you need to be removed as AU on the card, but be sure to explain to your sister-in-law why this is necessary.

as soon as the card is removed from the card, Apply for an Chase Slate card, hopefully you will be approved, If necessary recon the denial, not likely given the facts you stated.

Apply for any other cards that are good for BT's as quickly as possible so they don't see other new lines of credit on your reports.

If you exhaust these options, it would be good to visit your bank and/or credit union and get a loan to pay the AMEX card balance to 20% or less or what you can pay back in 2 or 3 months, while its not as nice as having 0% on a credit card its better than 15% plus interest and will hopefully keep family relations in a good standing as well.

Re: Urgently Advice Needed

LS2982 — Sat, 02 Mar 2013 00:16:17 GMT

@jamesdwi wrote:

I hope you are being open and honest with your sister-in-law and she understands the charges you made, it will make things easier. It would also be very helpful if she is credit savy or you will face an uphill battle explaining how you have to appear not to need credit to get credit. The sooner you can get this undercontrol the better, for your relationship and your sister-in-law. AMEX may offer great 0 percent interest for months at a time, they don't like it when you carry a balance for more than a few months, if you let this go too long they may CLD the account, also it appears that you charged the debt and not the primary card holder it may open the door to FR, so it would be best to get this off the card.

As other suggest you need to be removed as AU on the card, but be sure to explain to your sister-in-law why this is necessary.

as soon as the card is removed from the card, Apply for an Chase Slate card, hopefully you will be approved, If necessary recon the denial, not likely given the facts you stated.

Apply for any other cards that are good for BT's as quickly as possible so they don't see other new lines of credit on your reports.

If you exhaust these options, it would be good to visit your bank and/or credit union and get a loan to pay the AMEX card balance to 20% or less or what you can pay back in 2 or 3 months, while its not as nice as having 0% on a credit card its better than 15% plus interest and will hopefully keep family relations in a good standing as well.

Yea i'd be a little worried about that.......

Re: Urgently Advice Needed

Anonymous — Sat, 02 Mar 2013 00:37:25 GMT

With my judgement reserved, on a technical level I concur with others. Remove yourself as an AU immediately. Pay down your other balances with any remaining funds paying down the amex balance.

Wait for the AU to drop off your CR's..

Apply for a CU %0 interest card once the AU has dropped. Recon the approval to maximize your CL.

If the first approval doesn't get you near the 22k you need, apply for chase free or city simplicity. recon approval.

That should get you within striking distance.

You may need to re-add yourself as an AU on her amex card in order to do the balance transfer (im not sure of this).

You may consider, depending on your relationship with your sister-law and her situation, asking her to apply for one or more of the above cards in tandem with you.

Max out your balance transfer ability first, then if necessary, use some of her new accounts to do the same.

Attack the balances on yours (and possiblity her) new cards with a vengence, starting with a focus hers if you went that route.

Thank your sister-in-law repeatedly for her understanding and help.

Good luck...not an impossible situation, but one that will have to be VERY carefully managed and monitored.

Re: Urgently Advice Needed

vikash1986 — Sat, 02 Mar 2013 03:17:54 GMT

@ Jonny_Favorite

The account Holder is my sister in law as I stated above. We both decieded at the time that of all the credit card we had this was the card with sufficient credit for the situation. FYI its not a game, thanks for your input.

Re: Urgently Advice Needed

vikash1986 — Sat, 02 Mar 2013 03:22:15 GMT

@ Rayanbush

Living in an house own by my in laws. My Husband and I pays the bills only no rent or mortage. The deed for property is still my Mother in Laws name.I no assest that has equity that I can withdrawn from and absolutely no negatives. Start building my credit over 3 years and always pay on time. Thanks for your time and input.

Re: Urgently Advice Needed

vikash1986 — Sat, 02 Mar 2013 03:26:08 GMT

@ mauve

The credit score is from experian its a fico score. I received it when barclays ran the report for a new account last month. However last month the were higher balances on the discover, boa and Amex Cash. There is about 14 overall inquires and abour 9 within the last 12 months.

Re: Urgently Advice Needed

vikash1986 — Sat, 02 Mar 2013 03:32:05 GMT

@enharu

I was thinking about using this strategy with MCU a local credit union but I dont know if will give me 20k because of the low score and new accounts and recent inquires. My sister in law was also thinking the same that I re-finance into a personal loan but since i am a full member with usaa she was also suggesting that we try to get a large CLI with usaa current promotions and do the BT this way we will not have to worry about the interest and fees.

Re: Urgently Advice Needed

vikash1986 — Sat, 02 Mar 2013 03:47:53 GMT

@NJTurnpike

I am kind of scared if I request to be remove from the account and amex request a FR or something worst. Based on my current credit profile would you think I can get the CLI from 1500 to like 10000 with usaa and then open a personal loan with MCU credit union. I strongly believed though that i have to remove myself from the Amex blue then proceed with BT cards or the personal loan. I will call Amex and keep you guys posted.

Re: Urgently Advice Needed

Anonymous — Sat, 02 Mar 2013 03:49:12 GMT

its nice if u can get a credit card with 0% APR, but its hard to predict how much CL they're gonna give u so that's a risk u will have to take if u decide to apply for a new card. Easiest and best way is like what you said, get an increase on existing CL that has no interest. That way you know right away how much u have right away without having to risk another application.

u could try calling a few credit unions, banks for loans between 5-10k each, rather than to take 20k loan from just 1 bank.

if you have collateral (property, cars, etc), that will make the process a lot easier and also lower ur interest rate.

Re: Urgently Advice Needed

vikash1986 — Sat, 02 Mar 2013 04:04:15 GMT

@enharu

Both myself and my husband makes about 65k yearly. In addition, there is not student loans or any other loan beside the auto loan with usaa that is around 840 monthly. I dont have anything that i use as collateral. The current balance that i owe on the car loan is what the car values so not equity there. In any case thank you very much for your advice and I will post updates.

Re: Urgently Advice Needed

Revelate — Sat, 02 Mar 2013 04:31:59 GMT

Double check with Amex before doing anything. The common wisdom if dropping an AU when it's hurting your score may not apply with Amex ACM's any longer as there is a seperate account number and a poster recently reported it in a status of Terminated rather than being removed from their credit report after dissolving the ACM.

Beyond that I think your course of action is a good one; try USAA and also your credit union. You may also be able to refi your car up to 120% of the book value if you have equity in it and likely slash the interest rate.

Re: Urgently Advice Needed

gpfirestone — Sat, 02 Mar 2013 04:49:27 GMT

I would call Citi and see what you can get from them. They have those 18 month 0% APR cards which would buy you about 2 years from today. That would be your best bet. On 20k you'd probably be paying about $300/month at minimum payments.