Balance Transfer $75K from Chase and AMEX

[CreditMagic7]

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@Kiesha8185 wrote:

I have 1 Capital One Journey card with $750 cc limit that is paid off. I have accounts with Victoria Secret, The Limited, Express all paid off. $13K store card with Macy's paid off. No negatives, collections or late payments on my credit. I have student loans and a home mortgage, those are the only balances on my credit (except the $75K in the 1 AMEX and 2 Chase).

Please help.

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This is one reason why i suggested maybe a BT approach that in the short term might draw you away from interest hit until exploring more aggressive means for you to tamp them down.

There was a suggestion you should look into a consolidation loan to pull out from those 3 cards with current high balances which i assume is taking front and center for what you want to deal with.

With student loans and home mortgage added to the mix the positive side of things is that you apparently have good payment history too currently so that should support some consideration to your favor if you decide on another loan approach.

To try to go with BT's also might (as also suggested) not be a realistic option available and certainly could also crowd the field for you and will in all likelihood only add to the confusion.

BT Cards specifically marketed as such are simply an illusion because 95% of the time those start limits pale in comparison to even mainline mainstream card accounts which often times come with their own 0% BT offers too.

A dilemna no doubt but we are pulling for you to make the best possbile decision and expect that the best possible approach will present itself to you real soon.

[SouthJamaica]

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@Kiesha8185 wrote:

I am in the process of trying to pay off my cc balances. Basically lost my job after being hospitalized after delivering my baby. After almost losing my life and my baby...racking up 75K in balances isn't the worst thing that could happen. We are in a much better place financially, no longer using the cards at all. But this accruing interest pretty much nullifies this.

In any case, these balances are on 3 cards. $25K in AMEX, $33K on Chase Sapphire and $20K on Chase Southwest.

We now have the ability to pay off chunks of the balances but I figured it's best to transfer to another card and not pay interest. We have been paying $3K a month and it's not making a dent! 

Please offer some direction on how I can do this. Please tell me what you need? I don't know my credit scores and I'm located in South Florida. 

I have 1 Capital One Journey card with $750 cc limit that is paid off. I have accounts with Victoria Secret, The Limited, Express all paid off. $13K store card with Macy's paid off. No negatives, collections or late payments on my credit. I have student loans and a home mortgage, those are the only balances on my credit (except the $75K in the 1 AMEX and 2 Chase).

Please help.

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Just do that: pay off chunks of the balances.

At this stage I doubt you will be able to get a great 0% balance transfer offer, but to be sure I would need to know:

(a) your FICO scores

(b) the credit limits on the 3 cards with the balances

[peghede]

Credit and good fico can be rebuild back, don't lose your health  over this mess.

Here's my suggestion

BK CH7

Some times is the only way out.

[Anonymous]

I would definitely not get a HELOC or other second mortgage. Credit cards are unsecured debt. They can't take away your home from you if you don't pay them. No way I would risk my home on them.

[Anonymous]

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@Kiesha8185 wrote:

I am in the process of trying to pay off my cc balances. Basically lost my job after being hospitalized after delivering my baby. After almost losing my life and my baby...racking up 75K in balances isn't the worst thing that could happen. We are in a much better place financially, no longer using the cards at all. But this accruing interest pretty much nullifies this. Sorry to hear that and im glad you're doing better...my wife was in a similar situation when she had our son.

In any case, these balances are on 3 cards:

$25K in AMEX - What is the CL?

$33K on Chase Sapphire - What is the CL?

$20K on Chase Southwest - What is the CL?

We now have the ability to pay off chunks of the balances - How much money in cash do you have available to pay for these balances? 

But I figured it's best to transfer to another card and not pay interest. I doubt you can get approved for a card with a high CL, what's your annual income? your CLs are really high! 

Please offer some direction on how I can do this. Please tell me what you need? I don't know my credit scores - You should buy the scores here so you know exactly where you stand

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[CreditMagic7]

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@Anonymous wrote:

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@Kiesha8185 wrote:

I am in the process of trying to pay off my cc balances. Basically lost my job after being hospitalized after delivering my baby. After almost losing my life and my baby...racking up 75K in balances isn't the worst thing that could happen. We are in a much better place financially, no longer using the cards at all. But this accruing interest pretty much nullifies this. Sorry to hear that and im glad you're doing better...my wife was in a similar situation when she had our son.

In any case, these balances are on 3 cards:

$25K in AMEX - What is the CL?

$33K on Chase Sapphire - What is the CL?

$20K on Chase Southwest - What is the CL?

We now have the ability to pay off chunks of the balances - How much money in cash do you have available to pay for these balances? 

But I figured it's best to transfer to another card and not pay interest. I doubt you can get approved for a card with a high CL, what's your annual income? your CLs are really high! 

Please offer some direction on how I can do this. Please tell me what you need? I don't know my credit scores - You should buy the scores here so you know exactly where you stand

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+1

[Kiesha8185]

Duplicated. 

[Kiesha8185]

I just called both AMEX and Chase and they said I have the lowest APR available at this time 

[Kiesha8185]

I do own a home...what's heloc? Also, how do loan consolidations work?

[Anonymous]

Have you cut down expenses? And if so details please...your more than likely have to attack these cards aggressively!!