topic Re: Help with paying off $2500 debt in Rebuilding Your Credit

Help with paying off $2500 debt

IcyCool7227 — Sat, 21 Sep 2019 23:21:48 GMT

Hi I posted earlier that I was looking for 0% intro APR balance transfer cards for at least 12 months or more. I have a fair credit score in the 630s -670s across all 3 bureaus. The UW Credit Union card that I applied for a couple days ago with a 0% Intro balance transfer APR of 18 months got denied. I want to transfer a nearly $2500 balance from my PayPal Cashback Mastercard to 0% balance transfer card. The interest on that PayPal card is really terrible. What is the next step if I've been denied? It seems all the promotional balance transfer cards are only for people without credit problems, unlike me. I feel that is really unfair. I can barely afford the high interest payments as they are. I'd like to know some alternative solutions. I think UWCU should have granted me the card anyways as I could have paid it off in 18 months with no interest.

Re: Help with paying off $2500 debt

FireMedic1 — Sat, 21 Sep 2019 23:32:17 GMT

Whats the credit line and the balance presently.

Re: Help with paying off $2500 debt

Jnbmom — Sat, 21 Sep 2019 23:35:00 GMT

What are your actual scores with each CRA? 630-670 is a little of a range, 630 scores may not get decent 0% BT approvals .

Re: Help with paying off $2500 debt

IcyCool7227 — Sat, 21 Sep 2019 23:37:53 GMT

The PayPal card balance is $2520 ($2500 limit) but $15 is in the process of being refunded from a hold. I have almost $100 to get it pout of the negative but I'm waiting on a check to clear in my bank account. I also have a $354 Amazon Store card balance ($800 limit) and $23 something on a Kohls charge with a $1000 limit but I can pay off that one by the due date of Oct. 24th.

Re: Help with paying off $2500 debt

IcyCool7227 — Sat, 21 Sep 2019 23:41:23 GMT

My TU is 671, Equifax is 653, and Experian is 631. For inquiries within the last 2 years, Exp is 25% w/ 2 inquiries (both in 2018). TU is 26% w/ 7 inqui. (only 2 this year) and Equifax is 25% w/ 1 inq (2018).

Re: Help with paying off $2500 debt

Jnbmom — Sat, 21 Sep 2019 23:42:57 GMT

Are those your only cards? When you have a card maxed out and over the limit, you are gonna have a hard time getting an approval

Unfortunately credit is usually granted when one doesn't really need it

Re: Help with paying off $2500 debt

IcyCool7227 — Sat, 21 Sep 2019 23:44:57 GMT

No, I also have 2 others with zero balances. Care Credit with $4800 CL and Fan Cash Rewards card with a $1600 CL.

Re: Help with paying off $2500 debt

FireMedic1 — Sat, 21 Sep 2019 23:48:01 GMT

Pay all that you can towards the PP card. Pay the minumins on the other 2. Having a maxed out card and your scores like @Jnbmom said wont get you anywhere really. Time to seek extra income. PT job. Whatever. Reality is. You got yourself in a pickle and only you can get yourself out of it for now. Without knowing income and such. Thats not a big amount.

Re: Help with paying off $2500 debt

Remedios — Sun, 22 Sep 2019 01:13:49 GMT

OP, like others said, you're going to have drop that balance down a bit the old fashioned way, by paying. Once utilization is down (preferably around 49%) you might have a better chance.
One caveat to the statement above, if you recent derogs such as late payments in the past two years or charge offs, it may be a lot more difficult for you.

I would suggest you throw everything you have at that card, because if you continue with minimum payments only, the interest will keep pushing you over the limit , and that can lead to card closure.

Re: Help with paying off $2500 debt

IcyCool7227 — Sun, 22 Sep 2019 01:17:09 GMT

I have 3 past charge off CCs that total up over $10K. I'm not too worried about paying those right now. One of them is in a collections account with Portfolio Recovery Associates for a little over $2000. Why can't I get a balance transfer though?

Re: Help with paying off $2500 debt

Remedios — Sun, 22 Sep 2019 01:33:20 GMT

Okay, I'll give you an honest answer

You have a maxed out card. That means you're not capable of paying off your balances.
Lenders are willing to take some risk, but you're at the verge of defaulting again, and they can see you defaulted in the past.

Even if approved, there is nothing preventing you form maxing out new card, too.
So, in a nutshell, you're too much of a high risk customer right now. You need to show a bit of financial responsibility on your end before other issues will consider lending you anything.

Charge offs are also going to be in your way as long as they remain on your CR. While you may "not be too worried about paying those", lenders are.
So, it's not just $2K in debt, but also that $10k.

I understand you're thinking if you had 0% APR, it would be easier to pay off, but what really needs to happen is how you approach credit and finances.
$2000 is quite a bit of money for some, but it's not a mountain of debt. You can do it by making lifestyle adjustments and picking up a bit of extra work if possible.
As it stands right now, I really do not see you qualifying for a BT card.

You can do this, it's going to take a bit off effort, but it can be done.

Re: Help with paying off $2500 debt

Jnbmom — Sun, 22 Sep 2019 01:59:38 GMT

@IcyCool7227 wrote:
I have 3 past charge off CCs that total up over $10K. I'm not too worried about paying those right now. One of them is in a collections account with Portfolio Recovery Associates for a little over $2000. Why can't I get a balance transfer though?

As @Remedios stated, you are not going to qualify for any BT offers with a maxed out card and 3 chargeoffs.

Re: Help with paying off $2500 debt

Anonymous — Sun, 22 Sep 2019 02:06:53 GMT

Oh wow...this is one of those occasions where I can't believe what I just read.

@IceyCool7227, what do you do for a living?

Re: Help with paying off $2500 debt

AllZero — Sun, 22 Sep 2019 02:29:18 GMT

Follow the advise given above.

Save your hard pull inquiries. You will be denied credit.

If you follow some of these rebuild post, you'll see that your debt can be paid off. It'll take time and not impossible. Come up with a plan and a budget to get your credit back in shape.

Portfolio Recovery Associates will do Pay For Delete when you're ready. There's alot of information here for that collection agency.

Good luck.

Re: Help with paying off $2500 debt

IcyCool7227 — Sun, 22 Sep 2019 04:43:25 GMT

I have a better solution. I'll just borrow several bucks from each MyFico forum member and pay you all back within 18 months time. Does that sound good? LOL.

Re: Help with paying off $2500 debt

FireMedic1 — Sun, 22 Sep 2019 07:53:21 GMT

Some will think I'm nuts. But they will understand once I post it. Depending on your weight. You can save many lives and your credit life by donating your plasma. You can earn up to around $300 for donating a month. Twice a week. Hour and a half each visit. Look into your areas donation centers. As we all said. You got to get yourself under control. Fast.

The range in compensation is related to the volume of plasma you're able to donate. The FDA sets the guidelines and the ranges are 110-149 pounds, 150-174 pounds, and 175-400 pounds. The more poundage, the more plasma, and the more cash you're paid. I know your trying to be cute with that post. But you dont want a third charge off walking the tightrope. Good Luck!

Re: Help with paying off $2500 debt

AllZero — Sun, 22 Sep 2019 07:57:51 GMT

^ You're not nuts. There's a member here doing that too. Amazing story. Debt paid off so far around $20-30k. I can't recall the exact amount.

Re: Help with paying off $2500 debt

FireMedic1 — Sun, 22 Sep 2019 08:01:21 GMT

@AllZero wrote:
^ You're not nuts. There's a member here doing that too. Amazing story. Debt paid off so far around $20-30k. I can't recall the exact amount.

Cool. Didnt know that.

Re: Help with paying off $2500 debt

Jnbmom — Sun, 22 Sep 2019 08:10:01 GMT

I honestly tried but didn't work for me, however my coworker does it and they will run a bonus every now and then too and you get extra money. She makes a few hundred a month

I apparently have "horrible veins" I went 5 times and nobody could get me, they did pay me 50.00 for my troubles, I really wanted to do it to help people and to make some extra cash.

Re: Help with paying off $2500 debt

FireMedic1 — Sun, 22 Sep 2019 08:24:06 GMT

@Jnbmom wrote:
I honestly tried but didn't work for me, however my coworker does it and they will run a bonus every now and then too and you get extra money. She makes a few hundred a month

I apparently have "horrible veins" I went 5 times and nobody could get me, they did pay me 50.00 for my troubles, I really wanted to do it to help people and to make some extra cash.

Wish I was there. I dont miss. The trick is using a BP cuff. That backs up everything. And they will pop up.