topic Re: Use 12 month 0% APR card to pay baddies? in Rebuilding Your Credit

Use 12 month 0% APR card to pay baddies?

lawless05 — Sat, 12 Jan 2013 21:54:05 GMT

So I have been working on building my credit back up and i have just got to a level when i can get decent credit cards. I just went on out on a limb and applied for a Chase Sapphire card and a Bank of America Travel rewards card. Both have more than double my current cards CAPONE(750) and USAA Secured(750). BoA(1500) and CS(5000)Approved YEA! . I dont need these cards but im working on get higher limits and drop that CRAPOne card and these card help lower over all usage. Please correct me if my thinking on this topic is dead wrong or misguided. SO on to my question. Should i used these card to pay of my wife’s baddies? she has about 7 baddies and only about 4 I'm sure will work with us to do a PFD. Her score is a 550 and we are looking to buy a house in the next 2-3 years and i want to start her credit rebuilt ASPA but not sure i want to wait and pay these off one at a time over the year when i can just do it with these new cards with the 12 month 0% APR being wasted on nothing. Help me think straight! O and BTW her all debt are about 2241 before any PFD agreements.

Re: Use 12 month 0% APR card to pay baddies?

annielorie — Sun, 13 Jan 2013 02:40:51 GMT

How old is the debts? are they hers? if you have two to three years deal with companies that you know do the PFD and make sure you pay new cards on time budget the payments.

Re: Use 12 month 0% APR card to pay baddies?

lawless05 — Sun, 13 Jan 2013 04:56:09 GMT

She had like 3 of them that keep reporting KD every month and then some from 2008 but looks like they keep getting passed from one collection company to another. We have yet to reach out to them until we have a more solid plan to pay them. I dont really know the process of verifying a debt and all that. She is sure that two of the seven are hers and the rest have been passed around so she don’t know who the original creditor are.

Re: Use 12 month 0% APR card to pay baddies?

Revelate — Sun, 13 Jan 2013 05:37:09 GMT

@lawless05 wrote:
So I have been working on building my credit back up and i have just got to a level when i can get decent credit cards. I just went on out on a limb and applied for a Chase Sapphire card and a Bank of America Travel rewards card. Both have more than double my current cards CAPONE(750) and USAA Secured(750). BoA(1500) and CS(5000)Approved YEA! . I dont need these cards but im working on get higher limits and drop that CRAPOne card and these card help lower over all usage. Please correct me if my thinking on this topic is dead wrong or misguided. SO on to my question. Should i used these card to pay of my wife’s baddies? she has about 7 baddies and only about 4 I'm sure will work with us to do a PFD. Her score is a 550 and we are looking to buy a house in the next 2-3 years and i want to start her credit rebuilt ASPA but not sure i want to wait and pay these off one at a time over the year when i can just do it with these new cards with the 12 month 0% APR being wasted on nothing. Help me think straight! O and BTW her all debt are about 2,241 before any PFD agreements.

If I understand your question correctly; you wish to use this credit card to pay various chargeoffs and collections?

There may be cash advance or similar fees involved, I'd check closely before doing so. Also such usage may not qualify for the 0% APR anyway, most cash advance type transactions do not is my understanding.

Edit: have to ask, any idea what your current FICO score is?

Re: Use 12 month 0% APR card to pay baddies?

lawless05 — Sun, 13 Jan 2013 05:37:34 GMT

Yea that is my plan. I was wondering the same thing that you brought up cause under the 0% apr is says purchases and when i read the terms and conditions it doesn’t state what those transactions who count as. I might have to call and see with each new card.

Re: Use 12 month 0% APR card to pay baddies?

mirachi — Sun, 13 Jan 2013 05:42:19 GMT

Hmm I think if you're going the route of BT then maybe try applying for the Chase Slate - currently has a 0% APR on BT for 15 months; no BT fee (I did notice you have a Slate already - not sure how many you can get?)

Otherwise, I'd go for BT-ing to Sapphire (which has a 3% fee vs. BofA of 4%).

Re: Use 12 month 0% APR card to pay baddies?

lawless05 — Sun, 13 Jan 2013 05:54:13 GMT

Yea i just got approved after a recon(01/11/13) when i called to check the status for the Slate(1000). But that actually sounds like a great plan if my first plan doesnt work out to avoid the interest for a few of the baddies